Document:

Retirement Agreement, dated March 12, 2008 - Robert C. Joyner

 Exhibit 10.18 
 RETIREMENT AGREEMENT 
 Robert C. Joyner

 It is acknowledged that on or about September 23, 2007, you, Robert C. Joyner (hereafter “you” or “your” as the
case may be) announced your intent to retire from your General Counsel and Chief Legal Officer position and resign all officer or director positions (collectively “Position” or “Positions”) with Team Health, Inc and its
affiliated entities (the “Company”) to Dr. Lynn Massingale the Company’s Chief Executive Officer (“CEO”) to become effective in the Spring of 2008 and that the CEO at that time accepted your proposal to retire and
agreed that you would be asked to submit your resignation from the Position(s) at such time as the CEO should have identified and appointed your successor or successors, or such other date as the CEO and you should deem appropriate. The Company and
you desire to place the terms of your retirement in writing, all as is set forth herein. 
 This Retirement Agreement (this
“Agreement”) will confirm the agreement between you and the Company concerning your retirement from employment with the Company. This Agreement will supersede all discussions and/or oral or written understandings between you and the
Company which relate in any way to the subject matter of this Agreement. 
 1. Termination Date. It has been agreed that
your retirement from your employment with the Company will be effective on June 30, 2008 (the “Termination Date”), subject to the Company’s right to extend the Termination Date by up to 60 days as set forth below (“Extended
Termination Date”). Your Employment Agreement shall continue in effect until the Termination Date, unless terminated by its terms, provided however that no paid time off will accrue after March 31, 2008. Your resignation from the Positions
will be effective on the Termination Date or sooner if requested by the Company. Provided you fully comply with the terms of this Agreement, you will receive, (reduced by any FICA, taxes or other applicable amounts): (i) the COBRA benefits
provided in paragraph 2 of this Agreement, (ii) payment for your Class A Common Units and vested Restricted Units (as defined below), as provided in paragraphs 3 and 4 of this Agreement, and (iii) although Exhibit A of your Employment
Agreement provides that you “must be employed at the end of the bonus measurement period in order to be eligible to receive payment of the bonus for such period,” payout of your incentive bonus for the measurement period through
December 31, 2008 but such bonus shall be pro-rated through your last day of employment but in no event later than the Termination Date (the discretionary portion being evaluated as with all similarly situated employees) and payable at the same
time as other similar situated employees are paid such bonus, all in accordance with the Exhibit A of your Employment Agreement. The Company shall have the option to delay the Termination Date and extend the term of your employment for up to 60 days
after the Termination Date, provided it notifies you of such extension by May 15, 2008. If the Company so elects, your Employment Agreement will remain in effect during such extended period, but you acknowledge and agree that during such
extended period (i) you will not accrue any additional paid time off, (ii) no additional Restricted Units will vest and (iii) no additional time will be credited toward your pro rata portion of the 2008 incentive bonus. 
 2. COBRA Benefits. Starting with the later of the (i) Termination Date or the (ii) Extended Termination Date,
you can elect to be covered by COBRA for you and your spouse Genevieve Joyner and continue both of your health and dental insurance for eighteen (18) months with the first six (6) months cost at the then Company subsidized premium for
employees, and thereafter the cost would be the then COBRA non-Company subsidized premium for terminated employees. 
 3. Team Health Holdings, LLC Units. Our records indicate that you own Class A Common Units. Our records also indicate that, pursuant to your Restricted Unit Award Agreement (“Award Agreement”), you have been
awarded Class B Common Units and Class C Common Units (collectively, the “Restricted 

 Units”) of Team Health Holdings, LLC (“Holdings”). The number of Restricted Units that vest
will be calculated in accordance with your Award Agreement except that in no event will the date for determining the number of vested Restricted Units be later than the Termination Date even if your employment is extended by the Company as provided
herein. The remainder of the provisions, terms and conditions of the Award Agreement and the Holdings Amended and Restated Limited Liability Company Agreement (“Holdings Agreement”), not modified hereby, shall remain in full force and
effect. 
 4. Purchase of Holdings’ Class A Common Units and Vested Restricted Units. By the end of the Termination
Date, the Company will purchase and you agree you will sell (i) the Class A Common Units and (ii) the vested Restricted Units in accordance with the terms and conditions of the Holdings Agreement. The valuation of the Class A
Common Units and the vested Restricted Units to be repurchased from you will be as follows: 
 (i) Class A Common Units:
$78.89 per Unit 
 (ii) Class B Common Units: $14.37 per Unit 
 (ii) Class C Common Units: $5.46 per Unit. 
 The amount so determined will be paid by the Termination Date You agree to cooperate in the sale of the Class A Common Units and the vested Restricted Units to the extent necessary to accomplish the
purchases by the Company or its designee of such units and to execute such documents as the Company deems reasonably necessary to consummate these purchases 
 5. Confidentiality, Non-Compete, and Non-Solicitation Provisions. Pursuant to Section 7 of your Employment Agreement, the Restricted Activities provisions set forth in your Employment
Agreement shall remain in full force and effect for a period of two years from the Termination Date or the Extended Termination Date, if extended. If the service areas or business units with which you seek to affiliate do not compete with the
Company, and the Company at its sole discretion determines that such employment would not be adverse to the interest of the Company, the Company may then approve such employment, such approval only to be effective when and if communicated in writing
to you Pursuant to the terms of Section 7 of your Employment Agreement, the non-solicitation provisions set forth in your Employment Agreement shall remain in full force and effect for a period of two years from the Termination Date or the
Extended Termination Date, if extended. Pursuant to Section 7 of your Employment Agreement, the confidentiality of information provisions shall remain in full force and effect for the applicable periods. 
 6. Release of the Company by You. You acknowledge that the Company’s obligations under this Agreement are conditioned upon your agreement
to execute a release, effective as of the Termination Date or the Extended Termination Date, if extended, whereby you irrevocably and unconditionally release and discharge the Company, its past and present subsidiaries, divisions, officers,
directors, agents, employees, successors, and assigns (separately and collectively, “Releasees”) jointly and individually, from any and all claims, known or unknown, which you, your heirs, successors or assigns have or may have against
Releasees and any and all liability which Releasees may have to you whether denominated claims, demands, causes of action, obligations, damages, or liabilities arising from any and all bases, however denominated, including but not limited to, any
claims of discrimination under the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act, the Rehabilitation Act, the Family Medical Leave Act, the Americans with Disabilities Act, Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991 or any federal or state civil rights act, claims for wrongful discharge, breach of contract, or for damages under any other federal, state or local law, rule or regulation, or common law under any
theory; provided, however, that such release will not affect any claims for indemnification for acts which have occurred or may occur in your capacity as an officer or employee of the Company This release is for any relief, no matter how
denominated, including, but not limited to, back pay, front pay, compensatory damages, punitive damages, or damages for pain and suffering. You further agree that you will not file or permit to be filed on your behalf any such claim, will not permit
yourself to be a member of any class seeking relief against the Releasees and will not counsel or assist in the prosecution of claims against the Releasees, whether those claims are on behalf of yourself or others, unless you are under a court order
to do so. 
  

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 7. Release of You by the Company. The Company acknowledges that your obligations under this Agreement
are conditioned upon the Company’s agreement to execute a release, effective as of the Termination Date or the Extended Termination Date, if extended, whereby, to the fullest extent permitted by law and to the extent permitted without
invalidating or limiting any insurance coverage to which the Company is entitled, the Company irrevocably and unconditionally releases and discharges you and your heirs, successors, and assigns (separately and collectively, “Your
Releasees”), jointly and individually, from any and all claims, known or unknown, which it, its past and present subsidiaries, divisions, officers, directors, agents, employees, successors, and assigns have or may have against Your Releasees
and any and all liability which Your Releasees may have to them, whether denominated claims, demands, causes of action, obligations, damages or liabilities arising in connection with your employment with the Company prior to the Termination Date or
the Extended Termination Date, if extended, under any and all bases, however denominated, provided, however, that such release will not affect (i) any of your obligations arising under this Agreement, (ii) any of your obligations under
your Employment Agreement or any other documents which by their terms survive termination and (iii) any claims which are based on your gross negligence or dishonesty in the performance of duties as an employee of the Company, or any other acts
or omissions which would constitute Cause under Section 6 of your Employment Agreement. The Company further agrees that it will not file or permit to be filed on its behalf any claim against you which is released. 
 8. Directors and Officers Insurance Coverage; Representations. The Company agrees that you shall continue to receive the same coverage under the
Company’s Directors and Officers Insurance (“D&O”) policy and the Company’s Errors and Omissions policy (“E&O”) as is now in effect and as may be in effect from time-to-time hereafter and that the amount of such
coverage shall be no less than that afforded to any director or executive officer of the Company, past or present, under the Company’s then current D&O and E&O policies or under any successor D&O and E&O policy or professional
liability coverage as the Company may from time-to-time hereafter acquire. 
 You represent and warrant that at the execution of this Agreement
you have (and that as of the Termination Date or Extended Termination Date, if extended, you will have) disclosed to the Company in writing, and that the Company’s compliance books and records accurately reflect, all potential problems,
questionable practices, non-compliant activities or conduct by any Company employee, personnel, contractor or agent, known or suspected, which have been reported to you or about which you have become aware. You further represent and warrant that you
do not know, nor do you suspect, that the Company or any of its employees, personnel, contractors or agents have engaged in any conduct which is, or is reasonably likely to be, in violation of or inconsistent with federal or state laws, rules,
regulations, directives, rules or policies. If you become aware of any such conduct between the date of this Agreement and the Termination Date or Extended Termination Date, you will promptly disclose such conduct in writing to the Company, and the
absence of any such disclosure is an acknowledgment by you that you are not aware of any such conduct. To the extent that the Company is required to provide information to any governmental agency, including the Medicare or TennCare program, you
agree to cooperate with the Company and assist it in rendering any information to any such programs. In the event Company becomes involved in any claim, lawsuit or proceeding in which your testimony or factual knowledge is deemed necessary by
Company, you agree to cooperate and assist the Company with respect to any such matter. 
 9. Disclosure. It is understood that this
Agreement may be disclosed as required by the Securities Act of 1933 and will therefore become an exhibit to a future filed Form 10-Q or Form 10-K and may require further disclosure in the Company’s annual Proxy Statement, as the regulations
may require. 
  

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 10. Consulting Services. For one year from the Termination Date or the Extended Termination Date, if
extended, you agree to provide up to 5 days per month to the Company for consulting services. Such consulting services shall be provided at the Company’s request at times mutually agreeable to you and the Company. The Company will pay you
$[1,366] per day for your consulting services with a two day minimum. Your consulting services will be provided on an independent contractor basis and you will be responsible all taxes related to amounts paid to you by the Company for your
consulting services. 
 11. Miscellaneous. You agree that this Agreement shall be governed by federal law and the internal laws of
the State of Tennessee, irrespective of the choice of law rules of any state. This Agreement shall not be interpreted or construed either against or in favor of any party hereto based upon that party’s role in drafting this Agreement, but
rather in accordance with the fair meaning hereof All terms not otherwise defined herein shall have the meaning assigned to them in your Employment Agreement, your Award Agreement or the Holdings Agreement, as applicable. 
 ACKNOWLEDGMENT: 
 Your signature below
acknowledges that you have read this document fully, that you understand and agree to its contents, that you understand that this is a legally binding document, and that you have been advised to consult a lawyer of your choosing before signing this
Agreement, and that your have had the opportunity to do so, that you did in fact consult with a lawyer and that you have been advised and represented by a lawyer of your choosing before signing this Agreement, and that you are is entering into this
Agreement freely and voluntarily and without coercion, duress, fraud, or undue influence of any kind. 
  

	
	 /s/    Robert C. Joyner

	Robert C. Joyner
	March 10, 2008

 This Agreement presented to Robert C. Joyner on March     , 2008, and entered
into by Team Health, Inc. 
  

			
	By:	 	 /s/    H Lynn Massingale

	Its:	 	CEO, 3/12/08

  

 4Form of Warrant

 EXHIBIT 4.1 
 VERENIUM CORPORATION 
 WARRANT
TO PURCHASE COMMON STOCK 
 Warrant
No.:                           
 Number of Shares of Common Stock:                     
 Date of Issuance: October 9, 2009 (“Issuance Date”) 
 Verenium Corporation, a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
[INVESTOR NAME], the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect,
upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times on or after the date hereof (the
“Exercisability Date”), but not after 11:59 p.m., New York time, on the Expiration Date (as defined below),
[            (            )]1 fully paid nonassessable shares of Common Stock (as defined below) (the “Warrant Shares”). Except as
otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 15. This Warrant is the Warrant to purchase Common Stock (this “Warrant”) issued pursuant to (i) the
Company’s Prospectus Supplement, dated October 6, 2009 (the “Prospectus”) and (ii) the Company’s Registration Statement on Form S-3 (File number 333-147403) (the “Registration Statement”).

 1. EXERCISE OF WARRANT. 
 (a) Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder
on any day on or after the Exercisability Date, in whole or in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this
Warrant and (ii) (A) payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or
by wire transfer of immediately available funds or (B) provided the conditions for cashless exercise set forth in Section 1(d) are satisfied, by notifying the Company that this Warrant is being exercised pursuant to a Cashless
Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant
Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the first (1st) Business Day following the date on which the Company has
received each of the Exercise Notice and the Aggregate Exercise Price (or notice of a Cashless Exercise) (the “Exercise Delivery Documents”), the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of
the Exercise Delivery Documents to the Holder and American Stock Transfer & Trust Company (the Company’s “Transfer Agent”). On or before the third (3rd) Business Day following the date on which the Company has received all of the Exercise Delivery Documents (the
“Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the
Holder, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system, or
(Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise 
  
  

	1	Insert a number of shares equal to 40% of the number of Common Shares purchased. 

 
Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise
pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable
and in no event later than three Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior
to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of
Common Stock to be issued shall be rounded to the nearest whole number. The Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. 
 (b) Exercise Price. For purposes of this Warrant, “Exercise Price” means $7.59, subject to adjustment as provided
herein. 
 (c) Company’s Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no
reason to issue to the Holder within three (3) Business Days of receipt of the Exercise Delivery Documents in compliance with the terms of this Section 1, 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 to credit the Holder’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise
of this Warrant, and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise
that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days after 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, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver
such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to
the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the Closing Bid Price on the date of exercise. 
 (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement covering the Warrant Shares that are the subject of the Exercise Notice (the
“Unavailable Warrant Shares”), or an exemption from registration, is not available for the resale of such Unavailable Warrant Shares, the Holder may, with the consent of the Company (in the Company’s sole
discretion), exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, receive upon such exercise the “Net
Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 
 Net Number = (A x B)  –  (A x C) 
                                       B

 For purposes of the foregoing formula: 
  

	 	A  =	the total number of shares with respect to which this Warrant is then being exercised. 

  

	 	B  =	the arithmetic average of the Closing Sale Prices of the shares of Common Stock for the five (5) consecutive Trading Days ending on the date immediately preceding
the date of the Exercise Notice. 

  

	 	C  =	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise. 

 (e) Rule 144. For purposes of Rule 144(d) promulgated under the Securities Act, as in
effect on the date hereof, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this
Warrant was originally issued pursuant to the Prospectus. 
 (f) Disputes. In the case of a dispute as to the
determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed. 
 (g) Beneficial Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not
have the right to exercise this Warrant, to the extent that after giving effect to such exercise, the Holder (together with the Holder’s affiliates) would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the
shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining,
unexercised portion of this Warrant beneficially owned by the Holder and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder and its
affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding
shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and
Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at
any time, upon the written or oral request of the Holder, the Company shall within two (2) Business Days confirm orally and in writing 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 this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding shares of
Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such
increase 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. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 1(g) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. 
 2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT
SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows: 
 (a)
Adjustment upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or
more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately
increased. If the Company at any time on or after the Issuance Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into
a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2(a)
shall become effective at the close of business on the date the subdivision or combination becomes effective. 

 (b) Other Events. If any event occurs of the type contemplated by the provisions of
this Section 2 but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s Board of
Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided that no such adjustment pursuant to this Section 2(b) will increase the Exercise
Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2; provided further, however, that this subsection (b) shall not obligate the Company to provide for price-based or any other
anti-dilution protection for the Holder as a result of the sale or other issuances of the Company’s securities at a price below the Exercise Price. 
 3. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock,
by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or
other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case: 
 (a) any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution shall
be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Exercise Price by a fraction of which (i) the numerator shall be the Closing Bid Price of the shares of Common Stock on the Trading
Day immediately preceding such record date minus the value of the Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be the Closing Bid
Price of the shares of Common Stock on the Trading Day immediately preceding such record date; and 
 (b) the number of Warrant
Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to
receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding paragraph (a); provided that in the event that the Distribution is of shares of Common Stock (or common stock) (“Other Shares
of Common Stock”) of a company whose common shares are traded on a national securities exchange or a national automated quotation system, then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an
increase in the number of Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to the
Holder pursuant to the Distribution had the Holder exercised this Warrant immediately prior to such record date and with an aggregate exercise price equal to the product of the amount by which the exercise price of this Warrant was decreased with
respect to the Distribution pursuant to the terms of the immediately preceding paragraph (a) and the number of Warrant Shares calculated in accordance with the first part of this paragraph (b). 
 4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS. 
 (a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any Options, Convertible Securities 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 this Warrant (without regard to any limitations on the exercise of
this Warrant) 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. 

 (b) Fundamental Transactions. The Company shall not enter into or be party to a
Fundamental Transaction unless the Successor Entity assumes this Warrant in accordance with the provisions of this Section (4)(b), including agreements to deliver to each holder of Warrants in exchange for such Warrants a security of the
Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, an adjusted exercise price equal to the value for the shares of Common Stock reflected by the terms of
such Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and satisfactory to the Holder. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant 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 Warrant with the same effect as if such Successor Entity had been named as the Company herein. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to
which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to insure that
the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities,
cash, assets or other property) purchasable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription
rights) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had the Warrant been exercised immediately prior to such Fundamental Transaction. If holders of Common Stock are given any choice as to
the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The provisions
of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events and shall be applied without regard to any limitations on the exercise of this Warrant. 
 5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, 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 Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the
Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as this Warrant is outstanding, take all action necessary to reserve and keep
available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant, 100% of the number of shares of Common Stock issuable upon exercise of this Warrant then outstanding (without
regard to any limitations on exercise). 
 6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically
provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the
Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as

 
imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the
Company or by creditors of the Company. 
 7. REISSUANCE OF WARRANTS. 
 (a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being
transferred by the Holder and, if less then the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of
Warrant Shares not being transferred. 
 (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case
of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying
this Warrant. 
 (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the
Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such
new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be given. 

(d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such
new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being
issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance,
does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and
conditions as this Warrant. 
 8. NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise
provided herein, such notice shall be given in accordance with the following instructions: (a) if within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid,
or by facsimile or (b) if delivered from outside the United States, by International Federal Express or facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days after so
mailed, (ii) if delivered by nationally recognized overnight carrier, one business day after so mailed, (iii) if delivered by International Federal Express, two business days after so mailed and (iv) if delivered by facsimile, upon electronic
confirmation of receipt and will be delivered and addressed as follows: 
 (a) if to the Company, to:

 Verenium Corporation 
 55 Cambridge Parkway 
 Cambridge, MA 02142 
 Attention: Gerald M. Haines, Esq. 

Facsimile: (617) 674-5353 

 with copies to: 
 Cooley Godward Kronish LLP 
 The Prudential Building 
 800 Boylston Street 
 Boston, MA 02199 
 Attention: Marc Recht, Esq. 
 Facsimile: (617) 937-2400 

(b) if to the Investor, at its address on the Exercise Notice, annexed as Exhibit A hereto, or at such other address or addresses as may
have been furnished to the Company in writing. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefore.

 9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the
Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. 
 10. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New
York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. 
 11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of
reference and shall not form part of, or affect the interpretation of, this Warrant. 
 12. DISPUTE RESOLUTION. In the
case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two (2) Business Days of
receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three
(3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price
to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at
its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the
disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 
 13. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in
addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any
failure by the Company to comply with the terms of this Warrant. 
 14. TRANSFER. This Warrant may be offered for sale,
sold, transferred or assigned without the consent of the Company. 

 15. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings: 
 (a) “Bloomberg” means Bloomberg Financial Markets. 
 (b) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York
are authorized or required by law to remain closed. 
 (c) “Change of Control” means any Fundamental
Transaction other than (A) any reorganization, recapitalization or reclassification of the Common Stock, in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification continue
after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, the voting power of the surviving entity or entities necessary to elect a majority of the members of the board of
directors (or their equivalent if other than a corporation) of such entity or entities, or (B) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company. 
 (d) “Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing
bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the
closing trade price, as the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities
exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or
if the foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or
last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC
(formerly the National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case
may be, of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period. 
 (e) “Common Stock” means (i) the Company’s
shares of Common Stock, par value $0.001 per share, and (ii) any share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock. 
 (f) “Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or
exercisable or exchangeable for shares of Common Stock. 
 (g) “Eligible Market” means the Principal Market,
The New York Stock Exchange, Inc., The American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Capital Market. 
 (h) “Expiration Date” means the date that is sixty (60) months following the Date of Issuance or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a
“Holiday”), the next date that is not a Holiday. 
 (i) “Fundamental Transaction” means that
the Company shall, directly or indirectly, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or
otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than the 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or party to, or

 
associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the outstanding shares of Common Stock (not including any shares of
Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock purchase agreement or other business combination), (v) reorganize, recapitalize or
reclassify its Common Stock, or (vi) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock. 
 (j) “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities. 
 (k) “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose
common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of
consummation of the Fundamental Transaction. 
 (l) “Person” means an individual, a limited liability company,
a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 
 (m) “Principal Market” means The NASDAQ Global Market. 
 (n)
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with
which such Fundamental Transaction shall have been entered into. 
 (o) “Trading Day” means any day on which
the Common Stock are traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock are then traded;
provided that “Trading Day” shall not include any day on which the Common Stock are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time). 
 (p) “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for such
security on the Principal Market during the period beginning at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not
apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York
City time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers
for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing bases, the
Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such
dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any share dividend,
share split or other similar transaction during such period. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to
be duly executed as of the Issuance Date set out above. 
 VERENIUM CORPORATION 
 By:                                       
                            
         Name: 
         Title: 
  

 EXHIBIT A 
 EXERCISE NOTICE 
 TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

 WARRANT TO PURCHASE COMMON STOCK 
 VERENIUM CORPORATION 
 The undersigned holder hereby exercises the right to
purchase                                  of the shares of Common Stock
(“Warrant Shares”) of Verenium Corporation, a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Warrant. 
 1. Form of Exercise Price. The Holder intends
that payment of the Exercise Price shall be made as: 
  

	 	                        	a “Cash Exercise” with respect to
                         Warrant Shares; and/or 

  

	 	                        	a “Cashless Exercise” with respect to
                         Warrant Shares. 

 2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to
be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of
$                             to the Company in accordance with the terms of the Warrant. 

3. Delivery of Warrant Shares. The Company shall deliver to the holder
            Warrant Shares in accordance with the terms of the Warrant. 
 Date:
                                        ,
                     
  
 _____________________________________ 
 Name of
Registered Holder 
  
 By:                                       
                                        

        Name: 
         Title: 
  

 ACKNOWLEDGMENT 
 The Company hereby acknowledges this Exercise Notice and hereby directs American Stock Transfer & Trust Company to issue the above
indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated [            ], 200_ from the Company and acknowledged and agreed to by American Stock
Transfer & Trust Company. 
 VERENIUM CORPORATION 
 By:                                       
                                
         Name: 
         Title:

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