Document:

Exhibit 10.4

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

ESPORTS ENTERTAINMENT GROUP, INC.

 

	Warrant Shares:	Initial Exercise Date: August ___, 2019

  

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, ____________, or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five (5) year
anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from
Esports Entertainment Group, Inc., a Nevada corporation (the “Company”), up to ____________ shares of Common Stock (subject
to adjustment hereunder, the “Warrant Shares”). The purchase price of one Warrant Share under this Warrant shall be equal
to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that
certain Securities Purchase Agreement (the “Purchase Agreement”), dated August __, 2019, among the Company and
the Purchasers.

 

Section
2.  Exercise.

 

(a) Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date 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 facsimile copy of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the date
of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice
of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified
in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding anything herein to the contrary (although
the Holder may surrender the Warrant to, and receive a replacement Warrant from, the Company), the Holder shall not be required
to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder
and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation
within two (2) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering
the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.
The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.
The Company shall deliver any objection to any Notice of Exercise Form within one (1) Trading Day of delivery of such notice. The
Holder by acceptance of this Warrant, acknowledges and agrees that, by reason of the provisions of this paragraph, following the
purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.

 

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(b) Exercise
Price. The initial exercise price per share of the Common Stock under this Warrant shall be equal to $0.75 per share, subject
to adjustment under Section 3 (the “Exercise Price”).

 

(c) Cashless
Exercise. If at any time after the six (6) months anniversary of the Initial Exercise Date, there is no effective Registration
Statement covering the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised at the Holder’s election,
in whole or in part and in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise,
at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares
equal to the number obtained by dividing [(Ax B) - (Ax C)] by (D), where:

 

		(A) =	the number of Warrant Shares that would be issuable
upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather
than a cashless exercise;

 

		(B)	the greater of (i) the arithmetic average of the VWAPs
for the five (5) consecutive Trading Days ending on the date immediately preceding the date on which the Holder elects to exercise
this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise or (ii) the VWAP for
the Trading Day immediately prior to the date on which the Holder makes such “cashless exercise” election;

 

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		(C) =	the Exercise Price of this Warrant, as adjusted hereunder,
at the time of such exercise; and

 

		(D)	the lesser of (i) the arithmetic average of the VWAPs
for the five (5) consecutive Trading Days ending on the date immediately preceding the date on which the Holder elects to exercise
this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise or (ii) the VWAP for
the Trading Day immediately prior to the date on which the Holder makes such “cashless exercise” election.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) (or a similar organization or agency succeeding to its
functions of reporting prices), (b) if no volume weighted average price of the Common Stock is reported for the Trading Market,,
the most recent reported bid price per share of the Common Stock, or (c) in all other cases, the fair market value of a share of
Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

If Warrant
Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of
the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position
contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, if on the Termination Date (unless the Holder notifies the Company otherwise) if there is no effective
Registration Statement covering the resale of the Warrant Shares by the Holder, then this Warrant shall be automatically exercised
via cashless exercise pursuant to this Section 2(c).

 

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		(d)	Mechanics of Exercise.

 

(i) Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted to the Holder by the
Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through
its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and
either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the
Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise and Rule 144 is available, or
otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is two (2)
Trading Days after the latest of (A) the delivery to the Company of the Notice of Exercise and (B) payment of the aggregate
Exercise Price as set forth above (unless by cashless exercise, if permitted) (such date, the “Warrant Share Delivery
Date”). The Warrant 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 a holder of record of such shares for all purposes, as of the date the Warrant has
been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes
required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been
paid. The Company understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could
result in economic loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as liquidated
damages and not as a penalty) to the Holder for late issuance of Warrant Shares upon exercise of this Warrant the
proportionate amount of $10 per Trading Day (increasing to $20 per Trading Day after the fifth (5th Trading Day)
after the Warrant Share Delivery Date for each $1,000 of the value of the Warrant Shares for which this Warrant is exercised
(based on the Exercise Price) which are not timely delivered. In no event shall liquidated damages for any one
transaction exceed $1,000 for the first ten Trading Days. The Company shall pay any payments incurred under this Section
2(d)(i) in immediately available funds upon demand. Furthermore, in addition to any other remedies which may be available to
the Holder, in the event that the Company fails for any reason to effect delivery of the Warrant Shares by the Warrant Share
Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise by delivery of a notice to such effect to
the Company, whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to
the exercise of the relevant portion of this Warrant, except that the liquidated damages described above shall be payable
through the date notice of revocation or rescission is given to the Company or the date the Warrant Shares are delivered to
the Holder, whichever date is earlier.

 

(ii) Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called
for by this Warrant, which new Warrant shall in all other respects be identical to this Warrant.

 

(iii) Rescission
Rights. If the Company fails to deliver the Warrant Shares or cause the Transfer Agent to transmit to the Holder a certificate
or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder
will have the right, at any time prior to issuance of such Warrant Shares, to rescind such exercise.

 

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(iv) Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights .available to the Holder,
if the Company fails to deliver the Warrant Shares, or cause the Transfer Agent to transmit to the Holder a certificate or the
certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder
the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was
required to deliver to the Holder in connection with the exercise at issue by (2) the price at which the sell order giving rise
to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and
equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with
its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price
of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required
to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a 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 upon exercise of the Warrant as required pursuant to the terms hereof.

 

(v) No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

(vi) Charges,
Taxes and Expenses. Issuance of certificates for Warrant 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 including any charges (limited to $100
per issuance) of any clearing firm, all of which taxes and expenses shall be paid by the Company, and such certificates shall be
issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the
event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all Transfer Agent fees required for same-day processing of any Notice of Exercise.

 

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

 

(e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons
acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the 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 such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without
limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of
this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of
which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise
shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition,
a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding
shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the
Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day 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 or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect
to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior
notice to the Company, may increase the Beneficial Ownership Limitation provisions of this Section 2(e) solely with respect to
the Holder’s Warrant, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held
by the Holder and the provisions of this Section 2(e) shall continue to apply. Any such increase will not be effective until the
61st day after such notice is delivered to the Company. The Holder may also decrease the Beneficial Ownership Limitation
provisions of this Section 2(e) solely with respect to the Holder’s Warrant at any time, which decrease shall be effectively immediately
upon delivery of notice to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) 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. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.

 

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(f) Mandatory
Exercise. The Company may require the Holder to exercise the Warrants, if, after the Issuance Date, (i) the Common Stock closes
above $1.25 per share on the Principal Market each Trading Day for 10 consecutive Trading Days (the “10 Day Period”)
prior to the Termination Date, (ii) during the 10 Day Period, the average daily volume must exceed $75,000 and (iii) there is
an effective registration statement covering the shares underlying this Warrant. The Company shall give the Holder 5 days written
notice if the foregoing conditions are met, and the Holder shall have 10 days from the date of receipt of the notice to pay the
Exercise Price on the Warrants in which case the Company shall issue and deliver to the Holder the shares of Common Stock in the
time and manner required by this Warrant. Any Warrants not exercised prior to the end of such 10 day period will expire.

 

Section 3. Certain Adjustments.

 

(a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (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 (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant or pursuant to any of the other Transaction Documents), (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 Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares
of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall
be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise
of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.
Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

(b) Adjustments
for Issuance of Additional Securities. For a period of two (2) years from the Initial Exercise Date or in the event the Note
and Warrant are exercised not exercised in full, in the event that the Company shall, at any time, issue or sell any additional
shares of Common Stock or Common Stock Equivalents (hereafter defined) (“Additional Shares of Common Stock”), in a transaction
other than an Exempt Issuance, at a price per share less than the Exercise Price then in effect or without consideration (a “Dilutive
Issuance” based on a “Dilutive Issuance Price”), then the Exercise Price upon each such issuance shall be reduced
to the Dilutive Issuance Price, and the number of Warrant Shares (excluding Warrant Shares previously exercised) shall be increased
on a full ratchet basis to the number of shares of Common Stock determined by multiplying the Exercise Price then in effect immediately
prior to such adjustment by the number of Warrant Shares (excluding Warrant Shares previously exercised) acquirable upon exercise
of this Warrant immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such
adjustment. By way of example, if is the total number of Warrant Shares in effect immediately prior to such Dilutive Issuance,
F is the Exercise Price in effect immediately prior to such Dilutive Issuance, and G is the Dilutive Issuance Price, the adjustment
to the number of Warrant Shares can be expressed in the following formula: Total number of Warrant Shares after such Dilutive Issuance=
the number obtained from dividing [Ex F] by G.

 

 

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If, after
any such issuance of Common Stock Equivalents, the price per share for which Additional Shares of Common Stock may be issuable
thereafter is amended or adjusted, and such price as so amended shall be less than the applicable Exercise Price in effect at the
time of such amendment or adjustment, then the applicable Exercise Price and number of Warrant Shares shall be adjusted upon each
such issuance or amendment as provided in this Section 3(b). In case any Common Stock Equivalent is issued in connection with the
issue or sale of other securities of the Company, together comprising one integrated transaction, (x) the Common Stock Equivalents
will be deemed to have been issued for the Option Value of such Common Stock Equivalents and (y) the other securities issued or
sold in such integrated transaction shall be deemed to have been issued or sold for the difference of (I) the aggregate consideration
received by the Company less any consideration paid or payable by the Company pursuant to the terms of such other securities of
the Company, less (II) the Option Value. If any shares of Common Stock or Common Stock Equivalents are issued or sold or deemed
to have been issued or sold for cash, the amount of such consideration received by the Company will be deemed to be the net amount
received by the Company therefor. If any shares of Common Stock or Common Stock Equivalents are issued or sold for a consideration
other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except
where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company
will be the VWAP of such public traded securities on the date of receipt. If any shares of Common Stock or Common Stock Equivalents
are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity,
the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the
non-surviving entity as is attributable to such shares of Common Stock or Common Stock Equivalents, as the case may be.

 

“Common
Stock Equivalents” means any rights or warrants or options to purchase any Common Stock or Convertible Securities.

 

“Option
Value” means the value of a Common Stock Equivalent based on the Black Scholes Option Pricing model obtained from the OV function
on Bloomberg L.P. determined as of (A) the Trading Day prior to the public announcement of the issuance of the applicable Common
Stock Equivalent, if the issuance of such Common Stock Equivalent is publicly announced or (B) the Trading Day immediately following
the issuance of the applicable Common Stock Equivalent if the issuance of such Common Stock Equivalent is not publicly announced,
for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the remaining term of the applicable Common Stock Equivalent as of the applicable date of determination, (ii) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg L.P. as of (A) the Trading
Day immediately following the public announcement of the applicable Common Stock Equivalent if the issuance of such Common Stock
Equivalent is publicly announced or (B) the Trading Day immediately following the issuance of the applicable Common Stock Equivalent
if the issuance of such Common Stock Equivalent is not publicly announced, (iii) the underlying price per share used in such calculation
shall be the highest VWAP of the Common Stock during the period beginning on the Trading Day prior to the execution of definitive
documentation relating to the issuance of the applicable Common Stock Equivalent and ending on (A) the Trading Day immediately
following the public announcement of such issuance, if the issuance of such Common Stock Equivalent is publicly announced or (B)
the Trading Day immediately following the issuance of the applicable Common Stock Equivalent if the issuance of such Common Stock
Equivalent is not publicly announced, (iv) a zero cost of borrow and (v) a 360 day annualization factor.

 

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The provisions
of this Section 3(b) shall apply each time the Company, at any time after the Original Issuance Date and prior to the date that
is two (2) years from Original Issuance Date, shall issue any securities with a Dilutive Issuance Price. Notwithstanding the foregoing,
no adjustment shall be made pursuant to this Section 3(b) with respect to an Exempt Issuance (as defined in the Purchase Agreement).

 

(c) Adjustment
upon Event of Default. At any time from the Initial Exercise Date until the Termination Date that, due to the occurrence of
an Event of Default (as defined in the Note), the Default Conversion Price (as defined in the Notes) is in effect, the Exercise
Price of this Warrant shall be reduced to the Default Conversion Price. The Company shall give the Holder prompt written notice
of the occurrence of an Event of Default.

 

(d) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents 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 exercise hereof, including without limitation, the Beneficial Ownership Limitation) 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 Limitation, 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 Limitation). Notwithstanding the foregoing, no Purchase Rights will be made under this Section 3(d) in
respect of an Exempt Issuance.

  

(e) Pro
Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common
Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants
to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section 3(d)), then in each such
case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed
for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP
determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then
per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable
to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments
shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or
such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution
is made and shall become effective immediately after the record date mentioned above.

 

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		(f)	Fundamental Transaction.

 

(1) If,
at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale,
lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series
of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv)
the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
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 or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction (without regard to any limitation on the exercise of this Warrant), at
the option of the Holder 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 (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such Fundamental Transaction (without regard to any limitation on the exercise of this Warrant). For purposes of any such
exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based
on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and
the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. 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 Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall not effect
a Fundamental Transaction unless it gives the Holder at least ten (10) Trading Days prior notice together with sufficient details
so the Holder can make an informed decision as to whether it elects to accept the Alternative Consideration. If a public announcement
of the Fundamental Transaction has not been made, the notice to the Holder may be given until the Company files a Form 8-K or other
report disclosing the Fundamental Transaction. (2) Notwithstanding anything to the contrary, in the event of a Fundamental Transaction,
the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with,
or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the
Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the
consummation of such Fundamental Transaction or (ii) the positive difference between the cash per share paid in such Fundamental
Transaction minus the then in effect Exercise Price. “Black Scholes Value” means the value of the unexercised portion
of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg L.P.
determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and
the 100 day volatility obtained from the HVT function on Bloomberg L.P. as of the Trading Day immediately following the public
announcement of the applicable Funda:μiental Transaction, (C) the underlying price per share used in such calculation shall
be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered
in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of
the applicable Fundamental Transaction and the Termination Date.

 

    10

     

    

 

(3) If
Section 5(e)(l) and (2) are not applicable, the Company shall cause any successor entity in a Fundamental Transaction in which
the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under
this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares
of Common Stock acquirable and receivable upon exercise of this Warrant prior to such Fundamental Transaction (without regard to
any limitation on the exercise of this Warrant), and with an exercise price which applies the exercise price hereunder to such
shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder.

 

Upon the
occurrence of any such 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 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 Warrant and the other Transaction Documents with the same effect
as if such Successor Entity had been named as the Company herein.

 

Notwithstanding
the foregoing, no adjustment shall be made pursuant to this Section 3(f) with respect to an Exempt Issuance (as defined in the
Purchase Agreement)

 

(g) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

    11

     

    

 

(h)
Notice to Holder.

 

(i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
email to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. The Holder may supply an email address
to the Company and change such address.

 

(ii) Notice
to Allow Exercise by Holder. If (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, 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 deliver to the Holder at its last address as it shall appear
upon the Warrant Register of the Company, at least 20 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 email such notice or any defect therein or in the emailing 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 (as determined in good faith by the Company),
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall
remain entitled to exercise this Warrant 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.

 

    12

     

    

 

Section
4. Transfer of Warrant.

 

(a) Transferability.
Subject to compliance with any applicable securities laws and the provisions of the Purchase Agreement, this Warrant and all rights
hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this
Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto 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. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new
holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

(c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for
all other purposes, absent actual notice to the contrary.

 

Section 5. Miscellaneous.

 

No Rights
as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a stockholder of the Company prior to the exercise hereof other than as explicitly set forth in Section 3.

 

(a) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate
of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

    13

     

    

 

(b) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding
Trading Day.

 

(c)
Authorized Shares.

 

The Company
covenants that during the period this Warrant is outstanding, it will reserve from its authorized and unissued Common Stock, free
of preemptive rights three times the number of shares of Common Stock issuable upon exercise of this Warrant, subject to adjustment
for stock dividends, stock splits, combination and similar events. The Company further covenants that its issuance of this Warrant
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 Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will
take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of any Trading Market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, 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).

 

In addition
to any other remedies provided by this Warrant or the Purchase Agreement, if the Company at any time fails to meet this reservation
of Common Stock requirement within 45 days after written notice from the Holder, it shall pay the Holder as partial liquidated
damages and not as a penalty a sum equal to $500 per day for each $100,000 of such Holder’s Subscription Amount (or the Subscription
Amount of the original Purchaser). The Company shall not enter into any agreement or file any amendment to its Articles of Incorporation
(including the filing of a Certificate of Designation) which conflicts with this Section 5(d) while the Notes (as defined in the
Purchase Agreement) and Warrants remain outstanding.

 

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 Warrant, 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 Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant 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 nonassessable Warrant Shares upon the exercise
of this Warrant and (iii) use 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 Warrant.

 

    14

     

    

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, 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.

 

(d) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

(e) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered or if not exercised
on a cashless basis when Rule 144 is available, may have restrictions upon resale imposed by state and federal securities laws.

 

(f) Non-waiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

(g) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

(h) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

    15

     

    

 

(i) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate or that there is no irreparable harm
and not to require the posting of a bond or other security.

 

(j) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

(1) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and Holders of
75% of the outstanding Warrants issued pursuant to the Purchase Agreement.

 

(m) Severability.
Wherever possible, each prov1s1on of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

(n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

(o) Piggy-back
Registration. After the Original Exercise Date until this Warrant is no longer outstanding, the Holder shall have the right
to include the Warrant Shares issuable upon the exercise of this Warrant as part of any registration of securities filed by the
Company (other than pursuant to Form S-4, Form S-8, or any equivalent form, or any Form S-1 that the Company files with the SEC
on or before January 31, 2019 with respect to a firm commitment underwritten offering). The Company shall bear all fees and expenses
related to registering the Warrant Shares pursuant to this Section 5(o), but the Holder shall pay any and all underwriting commissions
and the expenses of any legal counsel selected by the Holder to represent it in connection with the sale of the Warrant Shares.
In the event of such a proposed registration, the Company shall furnish the then Holder with not less than thirty (30) days written
notice prior to the proposed date of filing of such registration statement. The Holder shall exercise the “piggy-back”
rights provided for herein by giving written notice within ten (10) days of the receipt of the Company’s notice of its intention
to file a registration statement.

 

********************

 

(Signature Page Follows)

 

    16

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

  

	 	ESPORTS ENTERTAINMENT GROUP, INC.
	 	 	 
	 	By:	      
	 	 	Name: Grant Johnson
	 	 	Title: Chief Executive Officer

 

    17

     

    

 

NOTICE OF EXERCISE

 

		TO:	ESPORTS ENTERTAINMENT GROUP, INC.

 

(1) The undersigned hereby elects
to purchase                        Warrant
Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment
of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box): ☐ in lawful

 

money of the United States; or

 

☐
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the
cashless exercise procedure set forth in subsection 2(c).

 

(3) Please
issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

 

(4) After
giving effect to this Notice of Exercise, the undersigned will not have exceeded the Beneficial Ownership Limitation.

 

The Warrant Shares shall be
delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

		 	________________________________

 

SIGNATURE OF HOLDER

 

Name of investing Entity:

Signature of Authorized Signatory of Investing Entity:

 

    18

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute
this form and supply required information. Do not use this form to exercise the warrant.)

 

ESPORTS ENTERTAINMENT GROUP, INC.

 

FOR VALUE
RECEIVED,           all of or         rights evidenced thereby are hereby assigned to shares
of the foregoing Warrant and all

 

_______________________________

whose address is

 

 

 

 

 

 

 

	 	Dated:	 	 

 

	 	Holder’s Signature:  	 	 
	 	 	 	 
	 	Holder’s Address:	 	 

  

Signature Guaranteed:
____________________________________

 

NOTE: The
signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting
in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.EXHIBIT 10.1

 

LOAN AND SECURITY
AGREEMENT

THIS LOAN AND SECURITY AGREEMENT is made
and dated as of August 14, 2019 and is entered into by and among Amyris, Inc., a Delaware corporation (the “Parent”),
Amyris Clean Beauty, Inc., a Delaware corporation, Amyris Fuels, LLC, a Delaware limited liability company, AB Technologies LLC,
a Delaware limited liability company, and any other Subsidiary of Parent that has delivered a Joinder Agreement (as defined herein)
(each, a “Subsidiary Guarantor” and collectively, the “Subsidiary Guarantors” and together
with Parent, collectively, “Borrower”), and Naxyris S.A., a Luxembourg société anonyme ( “Lender”).

RECITALS

A.       Borrower
has requested Lender to make available to Borrower a loan in an aggregate principal amount of up to $10,435,000 (the “Term
Loan”); and

B.       Lender
is willing to make the Term Loan on the terms and conditions set forth in this Agreement.

AGREEMENT

NOW, THEREFORE, Borrower and Lender agree
as follows:

SECTION
1. DEFINITIONS AND RULES OF CONSTRUCTION

1.1             
Unless otherwise defined herein, the following capitalized terms have the following meanings:

“Account Control Agreement(s)”
means any agreement entered into by and among the Lender, Borrower and a third party bank or other institution (including a Securities
Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which grants Lender a
perfected first priority, subject to the Intercreditor Agreement, security interest in the subject account or accounts.

“Affiliate” with respect
to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling”, “controlled by” and under “common control with”), as used with respect
to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

“Advance(s)” means any
Loan funds advanced under this Agreement.

“Advance Date” means the
funding date of any Advance.

“Advance Request” means
a request for an Advance submitted by Borrower to Lender in substantially the form of Exhibit A.

     

     

    

“Agreement” means this
Loan and Security Agreement, as amended from time to time.

“Asset Sale” means a sale,
assignment, conveyance, exclusive license (as licensor), transfer or other disposition to, or any exchange of property with, any
Person (other than another member of the Parent or its consolidated Subsidiaries), in one transaction or a series of transactions,
of all or any part of any Parent’s or a consolidated Subsidiary’s businesses, assets or properties of any kind, whether
real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, created, leased or licensed,
other than (i) dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of
business; (ii) dispositions of inventory sold, and Permitted Intellectual Property Licenses; (iii) dispositions of Cash or Cash
Equivalents to the extent not otherwise prohibited by this Agreement; and (iv) dispositions of accounts or payment intangibles
(each as defined in the UCC) resulting from the compromise or settlement thereof in the ordinary course of business for less than
the full amount thereof; and (v) licenses, strain escrows and similar arrangements for the use of Intellectual Property in the
ordinary course of business in connection with collaboration agreements, research and development agreements and joint venture
agreements and on arm’s length terms, and, solely with respect to the Collateral IP, subject, at all times to the Lien of
Lender hereunder on Borrower’s rights in such Collateral IP.

“Assignee” has the meaning
set forth in Section 10.13.

“Bankruptcy Code” means
the federal Bankruptcy Reform Act of 1978 (11 U.S.C. Sections 101 et seq.).

“Bankruptcy Laws” means,
collectively: (i) the Bankruptcy Code; and (ii) all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor-relief laws of the United
States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

“Borrower Products” means
all products, software, service offerings, technical data or technology currently being designed, manufactured or sold by Borrower
or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development,
collectively, together with all products, software, service offerings, technical data or technology that have been sold, licensed
or distributed by Borrower since its incorporation.

“Borrowing Base” means,
on the last day of each calendar quarter, with respect to Borrower, the sum of (i) all Cash and Cash Equivalents in one or more
Deposit Accounts located in the United States and subject to an Account Control Agreement in favor of Lender provided that no Account
Control Agreement shall be required to be in place until the seventh day after the Closing Date, plus (ii) the outstanding principal
amount of all Eligible Accounts Receivable, plus (iii) the current net book value of Eligible Property, Plant and Equipment, plus
(iv) $75,000,000.

“Borrowing Base Deficiency”
means, at any time, the excess, if any, of (i) the Advances outstanding over (ii) the Borrowing Base.

“Brotas 2 Facility” means
a custom-built facility for production of Borrower’s products in a location in Brotas, Brazil.

    	 	-2-	 

     

    

“Business Day” means any
day other than Saturday, Sunday and any other day on which banking institutions in the State of New York are closed for business.

“Capital Stock” means:
(i) in the case of a corporation, corporate stock or shares; (ii) in the case of an association or business entity other than a
corporation, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
(iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited);
and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into
Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

“Cash” means all cash
and liquid funds.

“Cash Equivalents” means,
as of any date of determination, any of the following: (i) marketable securities (a) issued or directly and unconditionally
guaranteed as to interest and principal by the United States Government, or (b) issued by any agency of the United States, the
obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after
such date; (ii) marketable direct obligations issued by any state of the United States of America or any political subdivision
of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the
time of the acquisition thereof, a rating of at least A-1 from Standard & Poor’s Corporation or at least P-1 from Moody’s
Investors Service; (iii) commercial paper maturing no more than one year from the date of creation thereof and having, at the time
of the acquisition thereof, a rating of at least A-1 from Standard & Poor’s Corporation or at least P-1 from Moody’s
Investors Service; (iv) certificates of deposit or bankers’ acceptances maturing within one year after such date and issued
or accepted by Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or
the District of Columbia that (a) is at least “adequately capitalized” (as defined in the regulations of its primary
federal banking regulator), and (b) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; and (v)
shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types of investments
referred to in clauses (i) and (ii) above, (b) has net assets of not less than $500,000,000, and (c) has the highest rating obtainable
from either Standard & Poor’s Corporation or Moody’s Investors Service.

“Change in Control” means
(i) any reorganization, recapitalization, consolidation or merger (or similar transaction or series of related transactions) of
Borrower, sale or exchange of outstanding shares (or similar transaction or series of related transactions) of Borrower in which
the holders of Borrower’s outstanding shares immediately before consummation of such transaction or series of related transactions
do not, immediately after consummation of such transaction or series of related transactions, retain shares representing more than
fifty percent (50%) of the voting power of the surviving entity of such transaction or series of related transactions (or the parent
of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower
is the surviving entity or (ii) sixty days after the date on which DSM International B.V. (or any affiliate thereof) ceases to
have the right to nominate at least two (2) directors to the Parent’s Board of Directors.

    	 	-3-	 

     

    

“Claims” has the meaning
set forth in Section 10.10.

“Closing Date” means the
date of this Agreement.

“Closing Date Advance”
has the meaning set forth in Section 2.1(a).

“Collateral” means the
property described in Section 3.

“Collateral IP” means
all Intellectual Property other than Excluded Intellectual Property.

“Common Stock” means the
Parent’s common stock, $0.0001 par value per share, as presently constituted under the Parent’s Certificate of Incorporation,
and any class and/or series of Parent’s capital stock for or into which such common stock may be converted or exchanged in
a reorganization, recapitalization or similar transaction.

“Confidential Information”
has the meaning set forth in Section 10.12.

“Contingent Obligation”
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i)
any Indebtedness or other obligations of another Person, including any such obligation directly or indirectly guaranteed, endorsed,
co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly
liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for
the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest
rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation
in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation”
shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent
Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined
by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations
under the guarantee or other support arrangement.

“Copyright License” means
any written agreement granting any right to use any Copyright or Copyright registration, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest.

“Copyrights” means all
copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof, or of any other
country.

“Debt Transaction” means,
with respect to Parent or any consolidated Subsidiary, any sale, issuance, placement, assumption or guaranty of funded Indebtedness
(other than pursuant to this Agreement), whether or not evidenced by a promissory note or other written evidence of Indebtedness,
other than Permitted Indebtedness.

“Deposit Accounts” means
any “deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or
certificate of deposit.

    	 	-4-	 

     

    

“Disqualified Stock” means,
with respect to any Person, any Capital Stock that by its terms (or by the terms of any security into which it is convertible or
for which it is exchangeable at the option of the holder) or upon the happening of any event:

(i)       matures
or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;

(ii)       is
convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock convertible or exchangeable solely
at the option of the issuer or a Subsidiary; provided that any such conversion or exchange will be deemed an incurrence of Indebtedness
or Disqualified Stock, as applicable); or

(iii)       is
redeemable at the option of the holder thereof, in whole or in part,

in the case of each of clauses (i), (i) and
(iii), no earlier than the 91st day after the Term Loan Maturity Date (without regard to the proviso in such definition).

“Domestic Subsidiary”
means any Subsidiary that is not a Foreign Subsidiary.

“DSM Receivable” means
a receivable owing to Borrower from any of DSM National Products AG, DSM Nutritional Products Ltd, DSM Produtos Nutricionais Brasil
S.A., or any of its Affiliates.

“Eligible Accounts Receivable”
means a receivable owing to the Borrower which: (i) is denominated and payable in U.S. Dollars; (ii) is payable by an obligor that
is not an Affiliate of Borrower (and for this purpose each DSM Receivable shall be considered payable by an obligor that is not
an Affiliate of Borrower); (iii) is not more than 90 days past due or 120 days past the original invoice date of such receivable;
(iv) arises under a duly authorized contract for the sale and delivery of goods and services in the ordinary course of Borrower’s
business that (a) is in full force and effect and that is a valid, binding and enforceable obligation of the related obligor, (b)
conforms in all material respects with all applicable laws, rulings and regulations in effect, (c) that is not the subject of any
asserted dispute, offset, hold back, defense, adverse claim or other claim, and (d) in which Borrower has good and marketable title,
and that is freely assignable by Borrower (including without any consent of the related obligor unless such consent has already
been obtained); (v) constitutes an “account” or “general intangible” (each, as defined in the UCC), and
that is not evidenced by “instruments” or “chattel paper” (each, defined in the UCC); (vi) represents amounts
earned and payable by the obligor that are not subject to any condition or subsequent deliverables; and (vii) is not otherwise
deemed ineligible as a result of risks determined by Lender in its sole discretion based on the field exam pursuant to Section
7.18 hereof and updates thereof and subsequent field exams thereafter.

“Eligible Property, Plant and Equipment”
means all Property Plant and Equipment determined in accordance with GAAP which is located in the United States and for which Borrower
has good and marketable title, free and clear of all Liens other than Permitted Liens of the types set forth in clauses (i), (iii),
(iv), (v), (x), and (xiii) of the definition thereof.

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

    	 	-5-	 

     

    

“Event of Default” has
the meaning set forth in Section 9.

“Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time.

“Excluded Intellectual Property”
means all Intellectual Property that (i) constitutes “AMYRIS Licensed IP” as defined in the License Agreement regarding
Diesel Fuel in the EU, dated as of March 21, 2016, as amended, by and among the Parent and Total Raffinage Chimie S.A., as assignee
of Total Energies Nouvelles Activités USA, but solely to the extent of the field of use granted in such agreement, (ii)
constitutes “AMYRIS Licensed IP” as defined in the Amended & Restated Jet Fuel License Agreement, dated as of March
21, 2016, as amended, by and among the Parent and Total Amyris BioSolutions B.V., but solely to the extent of the field of use
granted in such agreement, (iii) is subject to the Farnesene Intellectual Property License, dated as of November 14, 2017, by and
between DSM Nutritional Products Ltd. and Parent, but solely to the extent of the field of use granted in such license and solely
for the purposes of manufacturing Vitamin E, and in each case of clauses (i) and (ii), as such agreements were in effect as of
June 29, 2018, and in the case of clause (iii), as such agreement existed as of December 14, 2018. Notwithstanding the foregoing
“Excluded Intellectual Property” shall not include any products, substitutions or replacements of Intellectual Property
outside of the fields of use granted in the foregoing agreements and licenses or any proceeds of such Intellectual Property (unless,
in each case, such proceeds, products, substitutions or replacements would otherwise constitute Excluded Intellectual Property).

“Excluded Taxes” means
any of the following Taxes imposed on or with respect to a Lender or required to be withheld or deducted from a payment to Lender,
(i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(a) imposed as a result of Lender being organized under the laws of, or having its principal office or, in the case of Lender,
its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) imposed
as a result of a present or former connection between Lender and the jurisdiction imposing such Tax (other than connections arising
from Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned
an interest in the Term Loan or Loan Document), (ii) in the case of Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of Lender with respect to an applicable interest in the Term Loan or commitment pursuant to a law in effect
on the date on which (a) such Lender acquires such interest in the Term Loan or commitment or (b) Lender changes its lending office,
except in each case to the extent that, pursuant to Section 7.10, amounts with respect to such Taxes were payable either to Lender’s
assignor immediately before such Lender became a party hereto or to Lender immediately before it changed its lending office, and
(iii) if, upon prior written request therefor, Lender fails to provide Borrower with a duly executed IRS Form W-9 or appropriate
IRS From W-8.

“Fee Letter” means the
Fee Letter, dated August 14, 2019 between Borrower and Lender.

“Financial Statements”
has the meaning set forth in Section 7.1.

    	 	-6-	 

     

    

“Foreign Investment Conditions”
means with respect to Borrower, (i) on a consolidated basis, during the 30 days preceding the applicable Investment and on a pro
forma basis after giving effect to such Investment no Default shall have occurred and Borrower shall have and have had of at least
$15,000,000 of liquidity calculated as the sum of (a) unrestricted, unencumbered Cash and Cash Equivalents in one or more Deposit
Accounts located in the United States which are subject to an Account Control Agreement in favor of Lender in a minimum amount
equal to $10,000,000 provided that no Account Control Agreement shall be required to be in place until the seventh day after the
Closing Date and (b) the outstanding principal amount of all Eligible Accounts Receivable not required to meet the covenant set
forth in Section 7.17 of not more than $5,000,000 and (ii) no legal proceeding is continuing which is challenging or restricts
the use of the Intellectual Property related to the joint venture, collaboration or other arrangement for which such Investment
is being made.

“Foreign Subsidiary” means
any Subsidiary other than a Subsidiary organized under the laws of any state within the United States or the District of Columbia.

“Foris” means Foris Ventures,
LLC.

“Foris LSA” means the
Loan and Security Agreement, dated June 29, 2018 by and among Foris, Borrower and the several banks and other financial institutions
or entities parties thereto, as amended.

“GAAP” means generally
accepted accounting principles in the United States of America, as in effect from time to time; provided the definitions set forth
in this Agreement and any financial calculations required by the Loan Documents shall be computed to exclude any change to lease
accounting rules from those in effect pursuant to Financial Accounting Standards Board Accounting Standards Codification 840 (Leases)
and other related lease accounting guidance as in effect on the date hereof.

“Indebtedness” means indebtedness
of any kind, including (i) all indebtedness for borrowed money or the deferred purchase price of property or services (excluding
trade credit entered into in the ordinary course of business due within 90 days), including reimbursement and other obligations
with respect to surety bonds and letters of credit, (ii) all obligations evidenced by notes, bonds, debentures or similar instruments,
(iii) all capital lease obligations, (iv) all Contingent Obligations, and (v) Disqualified Stock.

“Indemnified Taxes” means
(i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower
under any Loan Document and (ii) to the extent not otherwise described in (i), Other Taxes.

“Intercreditor Agreement”
means the Intercreditor Agreement, dated as of the date hereof between the Borrower and Lender.

“Insolvency Proceeding”
is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law,
including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking
reorganization, arrangement, or other similar relief.

    	 	-7-	 

     

    

“Intellectual Property”
means all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and inventions; mask works; Borrower’s
applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing,
together with Borrower’s rights to sue for past, present and future infringement of Intellectual Property and the goodwill
associated therewith.

“Investment” means any
beneficial ownership (including stock, partnership or limited liability company interests) of or in any Person, or any loan, advance
or capital contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person or the purchase
of any assets of another Person for greater than the fair market value of such assets to solely the extent of the amount in excess
of the fair market value.

“Involuntary Disposition”
means the receipt by Parent or any consolidated Subsidiary of any cash insurance proceeds or condemnation awards payable by reason
of theft, loss, physical destruction or damage, taking or similar event with respect to any of its real or personal property.

“Joinder Agreements” means
for each Domestic Subsidiary that is required to be a Subsidiary Guarantor, a completed and executed Joinder Agreement in substantially
the form attached hereto as Exhibit H.

“Lender” has the meaning
set forth in the preamble to this Agreement.

“License” means any Copyright
License, Patent License, Trademark License or other license of rights or interests.

“Lien” means any mortgage,
deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien or charge of any kind,
whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title
retention agreement, and any lease in the nature of a security interest; provided, that for the avoidance of doubt, licenses, strain
escrows and similar provisions in collaboration agreements, research and development agreements that do not create or purport to
create a security interest, encumbrance, levy, lien or charge of any kind shall not be deemed to be Liens for purposes of this
Agreement.

“Lender Warrant” means
the Common Stock Purchase Warrant, issued on August 14, 2019, for the purchase of 2,000,000 Warrant Shares (as such term is defined
in the Lender Warrant).

“Loan” means the Advances
made under this Agreement.

“Loan Documents” means
this Agreement, the Notes (if any), the Account Control Agreements, the Joinder Agreements, the Fee Letter, all UCC financing statements,
and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same
may from time to time be amended, modified, supplemented or restated.

“Material Adverse Effect”
means a material adverse effect upon: (i) the business, operations, properties, assets, or condition (financial or otherwise) of
Borrower; or (ii) the ability of Borrower to perform the Secured Obligations in accordance with the terms of the Loan Documents,
or the ability of Lender to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the Collateral
or Lender’s Liens on the Collateral or the priority of such Liens.

    	 	-8-	 

     

    

“Maximum Rate” has the
meaning set forth in Section 2.3.

“Minimum Revenue” shall
have the meaning set forth in the Fee Letter.

“Net Cash Proceeds” means
the aggregate proceeds paid in cash or Cash Equivalents received by Parent or any of its consolidated Subsidiaries in connection
with any Asset Sale or Debt Transaction, net of (i) direct costs incurred in connection therewith (including legal, accounting
and investment banking fees and expenses, sales commissions and underwriting discounts) and (ii) estimated or other taxes paid
or payable (including sales, use or other transactional taxes and any net marginal increase in income taxes) as a result thereof,
and (iii) the amount to retire any Indebtedness secured by a Permitted Lien on the related property, and (iv) amounts which are
required to be placed in escrow unless and until such amounts are released to the Parent or one or more of its consolidated Subsidiaries.
For purposes hereof, “Net Cash Proceeds” includes any cash or Cash Equivalents received upon the disposition of any
non-cash consideration received by Parent or any of its consolidated Subsidiaries in any Asset Sale or Debt Transaction.

“Note” means each Term
Note issued hereunder.

“Other Taxes” means all
present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document.

“Parent” has the meaning
set forth in the preamble to this Agreement.

“Patent License” means
any written agreement granting any right with respect to any invention on which a Patent is in existence or a Patent application
is pending, in which agreement Borrower now holds or hereafter acquires any interest.

“Patents” means all letters
patent of, or rights corresponding thereto, in the United States or in any other country, all registrations and recordings thereof,
and all applications for letters patent of, or rights corresponding thereto, in the United States or any other country.

“Permitted Indebtedness”
means (i) Indebtedness of Borrower in favor of Lender arising under this Agreement or any other Loan Document; (ii) Indebtedness
existing on, or committed for but not yet outstanding as of the Closing Date which is disclosed in Schedule lA; (iii) Indebtedness
of up to $10,000,000 outstanding at any time secured by a Lien described in clause (vii) of the defined term “Permitted Liens,”
provided such Indebtedness does not exceed the cost of the Equipment and related expenses financed with such Indebtedness; (iv)
Indebtedness to trade creditors incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course
of business with corporate credit cards; (v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated
Indebtedness; (vii) reimbursement obligations in connection with letters of credit or similar instruments that are secured by Cash
or Cash Equivalents and issued on behalf of Borrower or a Subsidiary thereof in an amount not to exceed $500,000 at any time outstanding;
(viii) other unsecured Indebtedness in an amount not to exceed $15,000,000 at any time outstanding and with a maturity date at
least 180 days after the Term Loan Maturity Date; (ix) Indebtedness not to exceed $100 million in unsecured convertible indebtedness
which impose materially more burdensome terms than Parent’s 9.50% Convertible Senior Notes due 2019 and 6.50% Convertible
Senior Notes due 2019 but with a maturity date which is later than the Term Loan Maturity Date (without regard to the proviso in
such definition); (x) debt secured by the Brotas 2 Facility not to exceed the cost of building or acquiring the assets and related
expenses; (xi) Contingent Obligations that are guarantees of Indebtedness described in clauses (i) through (x) or other obligations
of others that do not otherwise constitute Indebtedness; (xii) extensions, refinancings and renewals of any items of Permitted
Indebtedness, provided that the principal amount is not increased or the terms modified to impose materially more burdensome terms
upon Borrower or its Subsidiary, as the case may be; and (xiii) Disqualified Stock which is issued in respect of a financing of
assets or rights relating to the Parent's Biossance business and does not require payments of cash dividends or distributions prior
to the Term Loan Maturity Date (without regard to the proviso in such definition).

    	 	-9-	 

     

    

“Permitted Intellectual Property
Licenses” means Intellectual Property (i) licenses in existence at the Closing Date and (ii) non-perpetual licenses granted
in the ordinary course of business on arm’s length terms consisting of the licensing of technology, the development of technology
or the providing of technical support which may include licenses with unlimited renewal options solely to the extent such options
require mutual consent for renewal or are subject to financial or other conditions as to the ability of licensee to perform under
the license; provided such license was not entered into during continuance of an Event of Default.

“Permitted Investment”
means: (i) Investments existing on the Closing Date which are disclosed in Schedule 1B; (ii) (a) marketable direct obligations
issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year
from the date of acquisition thereof, (b) commercial paper maturing no more than one year from the date of creation thereof and
currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors
Service, (c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing no more than one year
from the date of investment therein, and (d) money market accounts; (iii) repurchases of stock from former employees, directors,
or consultants of Borrower under the terms of applicable repurchase agreements at the original issuance price of such securities
in an aggregate amount not to exceed $250,000 in any fiscal year, provided that no Event of Default has occurred, is continuing
or would exist after giving effect to the repurchases; (iv) Investments accepted in connection with Permitted Transfers; (v)
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers
and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course
of Borrower’s business; (vi) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions,
to customers and suppliers in the ordinary course of business and consistent with past practice, provided that this subparagraph
(vi) shall not apply to Investments of Borrower in any Subsidiary; (vii) Investments consisting of loans not involving the net
transfer on a substantially contemporaneous basis of cash proceeds to employees, officers or directors relating to the purchase
of capital stock of Borrower pursuant to employee stock purchase plans or other similar agreements approved by Borrower’s
Board of Directors; (viii) Investments consisting of travel advances in the ordinary course of business; (ix) Investments
in existing Domestic Subsidiaries and newly-formed Domestic Subsidiaries, provided that each such newly-formed Domestic Subsidiary
enters into a Joinder Agreement promptly after its formation by Borrower and execute such other documents as shall be reasonably
requested by Lender; (x) Investments in Subsidiary Guarantors; (xi) Investments in Foreign Subsidiaries that are not Subsidiary
Guarantors which (A) are required in the ordinary course of business to fund the day to day operations of the Foreign Subsidiaries
in an amount not to exceed (1) $200,000 per month with respect to Amyris Bio Products Portugal, Unipessoal, Lda. and (2) $5,000,000
per month with respect to Amyris Biotecnologia do Brasil Ltda. and (B) Investments consisting of an intercompany note in form satisfactory
to Lender in its sole discretion which provides payments of interest only prior to the Term Loan Maturity Date, is contractually
subordinated in respect of payment to this Agreement and is solely for purchases of inventory in the ordinary course of business;
(xii) Investments in an amount not to exceed $1,000,000 per year with respect to the Aprinnova LLC joint venture with Nikko
Chemicals Co., Ltd.; (xiii) Permitted Intellectual Property Licenses; and (xiv) additional Investments that do not exceed
$250,000 in the aggregate.

    	 	-10-	 

     

    

“Permitted Liens” means
any and all of the following: (i) Liens in favor of Lender; (ii) Liens existing or pending on the Closing Date which are disclosed
in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent
or being contested in good faith by appropriate proceedings; provided, that Borrower maintains adequate reserves therefor in accordance
with GAAP; (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other
like Persons arising in the ordinary course of business; provided, that the payment thereof is not yet required; (v) Liens arising
from judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder; (vi) the following
deposits, to the extent made in the ordinary course of business: deposits under workers’ compensation, unemployment insurance,
social security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the repayment
of borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts
(other than for the repayment of borrowed money) or to secure statutory obligations (other than Liens arising under ERISA or environmental
Liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens on Equipment or software
or other intellectual property constituting purchase money Liens and Liens in connection with capital leases securing Indebtedness
permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred in connection with Subordinated Indebtedness;
(ix) leasehold interests in leases or subleases and licenses granted in the ordinary course of Borrower’s business and not
interfering in any material respect with the business of the licensor; (x) Liens in favor of customs and revenue authorities arising
as a matter of law to secure payment of custom duties that are promptly paid on or before the date they become due; (xi) Liens
on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become
due (provided that such Liens extend only to such insurance proceeds and not to any other property or assets); (xii) statutory
and common law rights of set-off and other similar rights as to deposits of cash and securities in favor of banks, other depository
institutions and brokerage firms; (xiii) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business so long as they do not materially impair the value or marketability
of the related property; (xiv) Liens on Cash or Cash equivalents securing obligations permitted under clause (iv) (to the extent
such Cash or Cash equivalents are in a Specified Account and subject to the limitations in the definition thereof) and (vii) of
the definition of Permitted Indebtedness; (xv) Liens securing obligations related to the Brotas 2 Facility permitted under clause
(x) of Permitted Indebtedness provided, such Liens shall be junior in priority to a Lien in favor of Lender; (xvi) Liens incurred
in connection with the extension, renewal or refinancing of the Indebtedness secured by Liens of the type described in clauses
(i) through (xv) above; provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered
by the existing Lien and the principal amount of the Indebtedness being extended, renewed or refinanced (as may have been reduced
by any payment thereon) does not increase.

    	 	-11-	 

     

    

“Permitted Transfers”
means (i) dispositions of inventory sold, and Permitted Intellectual Property Licenses, in each case, in the ordinary course of
business, (ii) licenses, strain escrows and similar arrangements for the use of Intellectual Property in the ordinary course of
business in connection with collaboration agreements, research and development agreements and joint venture agreements and on arm’s
length terms and, to the extent material to Borrower’s business, approved by the Borrower’s board of directors, and,
solely with respect to the Collateral IP, subject, at all times to the Lien of Lender on Borrower’s ownership interest therein
as granted hereunder, (iii) dispositions of worn-out, obsolete or surplus property at fair market value in the ordinary course
of business; (iv) dispositions of accounts or payment intangibles (each as defined in the UCC) resulting from the compromise or
settlement thereof in the ordinary course of business for less than the full amount thereof; (v) any Transfers of assets to any
Subsidiary Guarantor and Transfers consisting of Permitted Investments in Foreign Subsidiaries permitted under clauses (xi) and
(xii) of Permitted Investments; and (vi) other Transfers of assets to any Person other than to a Subsidiary that is not a Subsidiary
Guarantor or joint venture and which have a fair market value of not more than $250,000 in the aggregate in any fiscal year.

“Person” means any individual,
sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability
company, institution, other entity or government.

“Preferred Stock” means
at any given time any equity security issued by Borrower that has any rights, preferences or privileges senior to Borrower’s
common stock.

“Prepayment Charge” has
the meaning set forth in Section 2.5(c).

“Receivables” means (i)
all of Borrower’s Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations, letters of credit, proceeds of
any letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto.

“SEC” means the United
States Securities and Exchange Commission.

“Secured Obligations”
means Borrower’s obligations under this Agreement and any Loan Document, including any obligation to pay any amount now owing
or later arising.

“Securities Act” means
the Securities Act of 1933, as amended from time to time.

“Security Documents” means
each security agreement, all other mortgages, deeds of trust, security agreements, pledge agreements, assignments, control agreements,
financing statements and other documents as shall from time to time secure or relate to the Secured Obligations or any other obligation
arising under any Loan Document or any part thereof, in each case, executed by Parent, any Subsidiary Guarantor or any Subsidiary.

    	 	-12-	 

     

    

“Solvency Certificate”
means a certificate duly executed by an officer of Parent in the form of Exhibit I.

“Solvent” with respect
to any Person and its Subsidiaries on a consolidated basis, means that as of any date of determination, (a) the sum of the fair
value of the assets of such Person will, as of such date, exceed the sum of all debts of such Person as of such date, (b) the present
fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay
the probable liability on existing debts of such Person as such debts become absolute and matured, and (c) such Person does not
intend to incur, or believe or reasonably should believe that it will incur, debts beyond its ability to pay as they mature. For
purposes of this definition, (i) “debt” means liability on a “claim” and (ii) “claim” means
any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
unmatured, disputed, undisputed, legal, equitable, subordinated, secured or unsecured, or (y) right to an equitable remedy for
breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced
to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. For purposes of this definition,
the amount of any contingent, unliquidated and disputed claim and any claim that has not been reduced to judgment at any time shall
be computed as the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability irrespective of whether such liabilities meet the criteria for
accrual under GAAP.

“Subordinated Indebtedness”
means Indebtedness subordinated to the Secured Obligations in amounts and on terms and conditions satisfactory to Lender in its
sole discretion and subject to a subordination agreement satisfactory to Lender in its sole discretion.

“Subsidiary” means an
entity, whether corporate, partnership, limited liability company, joint venture or otherwise, in which Borrower owns or controls
50.1% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto.

“Taxes” means all present
or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges
imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto.

“Term Commitment” means
the obligation of the Lender to make an Advance to Borrower in a principal amount not to exceed $10,435,000.

“Term Loan Interest Rate”
means for any day a per annum rate of interest equal to the greater of (A) 12.00% or (B) the rate of interest payable by Borrower
with respect to any Indebtedness, including, but not limited to, the rate of interest charged pursuant to the Foris LSA, plus 25
basis points.

“Term Loan Maturity Date”
means July 1, 2022.

“Term Loan Fee” has the
meaning set forth in the Fee Letter.

    	 	-13-	 

     

    

“Term Note” means a Promissory
Note in substantially the form of Exhibit B.

“Trademark License” means
any written agreement granting any right to use any Trademark or Trademark registration, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest.

“Trademarks” means all
trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings
and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any
State thereof or any other country or any political subdivision thereof.

“UCC” means the Uniform
Commercial Code as the same is, from time to time, in effect in the State of New York; provided, that in the event that, by reason
of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Lender’s
Lien on any Collateral is governed by the Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction
other than the State of New York, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time
to time, in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority
or remedies and for purposes of definitions related to such provisions.

“Upfront Fee” has the
meaning set forth in the Fee Letter.

“Warrants” means warrants
to purchase shares of Parent capital stock from the Parent, granted by the Parent.

Unless otherwise specified, all references
in this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,” “Exhibit,”
“Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule
in or to this Agreement. Unless otherwise specifically provided herein, any accounting term used in this Agreement or the other
Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder
shall be computed in accordance with GAAP, consistently applied. Notwithstanding the foregoing, if at any time any change in GAAP
would affect the computation of any financial computations or requirement set forth in any Loan Document, and Borrower or Lender
shall so request, Lender and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original
intent thereof in light of such change in GAAP, provided that, until so amended, such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and Borrower shall provide to Lender reconciliation statements showing
the difference in such calculation, together with the delivery of monthly, quarterly and annual financial statements required hereunder.
Unless otherwise defined herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined
in the UCC shall have the meanings given to them in the UCC.

SECTION
2. THE LOAN

2.1             
Term Loan.

(a)              
Advances. Subject to the terms and conditions of this Agreement and relying upon the representations and warranties
set forth herein, Lender agrees to make in an amount not to exceed its Term Commitment, and Borrower agrees to draw an Advance
of $10,435,000 on the Closing Date (the “Closing Date Advance”). Amounts borrowed under this Section 2.1(a)
and repaid or prepaid may not be reborrowed.

    	 	-14-	 

     

    

(b)              
Advance Request. To obtain the Closing Date Advance, Borrower shall complete, sign and deliver an Advance Request
(at least one Business Day before the Advance Date occurring on the Closing Date) to Lender.

(c)              
Interest. The principal balance of the Term Loan shall bear interest thereon from the Closing Date at the Term Loan
Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed.

(d)              
Payment.

(i)                
Borrower will pay interest on the Term Loan on the first Business Day of each month, beginning with the month after the
Closing Date, provided, however, that all interest accruing from and after the Closing Date through and including December 1, 2019
shall be first due and payable on December 15, 2019.

(ii)             
The entire Term Loan principal balance and all accrued but unpaid interest hereunder, shall be due and payable on Term Loan
Maturity Date. Borrower shall make all payments under this Agreement by wire transfer in immediately available funds without setoff,
recoupment or deduction and regardless of any counterclaim or defense.

For the avoidance of doubt, Borrower and Lender confirm,
acknowledge, and agree that no invoice shall be sent in connection with collection of the above payments and receipt of an invoice
in connection therewith shall not be a condition of such payments becoming due and payable hereunder. For the sake of clarification,
the payments made pursuant to this Section 2.1(d) shall not be subject to any Prepayment Charge under Section 2.4(c)
hereof.

2.2             
Maximum Interest. Notwithstanding any provision in this Agreement or any other Loan Document, it is the parties’
intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that
a court of competent jurisdiction shall deem applicable hereto (which under the laws of the State of New York shall be deemed to
be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court
of competent jurisdiction shall finally determine that Borrower has actually paid to Lender an amount of interest in excess of
the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate,
then such excess interest actually paid by Borrower shall be applied as follows: first, to the payment of the Secured Obligations
consisting of the outstanding principal; second, after all principal is repaid, to the payment of Lender’s accrued interest,
costs, expenses, professional fees and any other Secured Obligations; and third, after all Secured Obligations are repaid, the
excess (if any) shall be refunded to Borrower.

2.3             
Default Interest. In the event any payment is not made on or prior to the third Business Day after its scheduled
payment date, an amount equal to six percent (6%) of the past due amount shall be payable on demand. In addition, upon the occurrence
and during the continuation of an Event of Default hereunder, all Secured Obligations, including principal, interest, compounded
interest, and professional fees, shall bear interest at a rate per annum equal to the rate set forth in Section 2.1(c),
plus six percent (6%) per annum. In the event any interest is not paid when due hereunder, delinquent interest shall be added to
principal and shall bear interest on interest, compounded at the rate set forth in Section 2.1(c) or Section 2.4,
as applicable.

    	 	-15-	 

     

    

2.4             
Prepayment.

(a)              
Optional Prepayment. At its option upon at least five Business Days prior notice to Lender, Borrower may prepay all,
but not less than all, of the entire principal balance of the Term Loan together with all accrued and unpaid interest thereon.

(b)              
Mandatory Prepayments.

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

(ii)             
Involuntary Dispositions. Borrower shall prepay the Term Loan no later than the fifth Business Day following receipt
of Net Cash Proceeds, in an amount equal to 100% of the Net Cash Proceeds received from any Involuntary Disposition, provided that,
so long as no Default or Event of Default shall have occurred and be continuing, Borrower shall have the option to invest up to
$10,000,000 of the Net Cash Proceeds received from any Involuntary Disposition within 180 days of receipt thereof in assets of
the type involved in such Involuntary Disposition or otherwise used in the business of the Parent and its consolidated Subsidiaries
or such greater amount as is approved by Lender in its sole discretion. In the event that such Net Cash Proceeds are not reinvested
by Borrower prior to the earlier of (A) the last day of such 180 day period and (B) the date of the occurrence of an Event of Default,
Borrower shall prepay the Term Loan in an amount equal to 100% of such Net Cash Proceeds.

(iii)           
Debt Transactions. Borrower shall prepay the Term Loan no later than the fifth Business Day following receipt of
Net Cash Proceeds, in an amount equal to 100% of the Net Cash Proceeds from any Debt Transactions.

(iv)            
Change in Control. Borrower shall prepay the outstanding amount of all principal and accrued and unpaid interest
through the prepayment date upon and concurrently with the occurrence of a Change in Control.

(v)              
Borrowing Base Deficiency. In the event that any Borrowing Base Certificate indicates a Borrowing Base Deficiency
exists, or if at any time Lender shall notify Borrower that a Borrowing Base Deficiency exists, Borrower shall prepay the Term
Loan on the Business Day following the day on which such Borrowing Base Certificate or such notice is given such that after giving
effect to such prepayment, no Borrowing Base Deficiency exists.

    	 	-16-	 

     

    

(vi)            
“Permitted Intellectual Property Licenses” Borrower shall prepay the Term Loan no later than the fifth
Business Day following receipt of proceeds paid in cash or Cash Equivalents received by Parent or any of its consolidated Subsidiaries
in respect of royalties on any Permitted Intellectual Property Licenses to the extent such proceeds were received during the continuance
of an Event of Default an amount equal to 100% such proceeds.

(c)              
Prepayment Charge. Concurrently with prepayment pursuant to Section 2.4(a) or (b), Borrower shall pay
a charge equal to one calendar year’s interest at the Term Loan Interest Rate, calculated as of the date that is three days
prior to the date of prepayment (a “Prepayment Charge”). Borrower agrees that the Prepayment Charge is a reasonable
calculation of Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting
from an early repayment of the Term Loan. The Prepayment Charge shall be due whether or not such prepayment occurred before or
after an Event of Default has occurred or is continuing, whether or not there has been an acceleration of the maturity of the Term
Loan, before or after the commencement of an insolvency proceeding, and if the Term Loan become due and payable as a result of
the acceleration of the maturity thereof in connection with an Event of Default or in connection with a voluntary or involuntary
proceeding under any bankruptcy, insolvency, examinership, receivership or similar law, an amount equal to the Prepayment Charge
with respect to the Term Loan then outstanding shall become immediately due and payable.

2.5             
End of Term Payment. Concurrently with prepayment pursuant to Section 2.4(a) or (b) or the repayment of the entire
Term Loan principal balance and accrued and unpaid interest due and payable on the Maturity Date, Borrower shall pay Lender the
Term Loan Fee.

2.6             
Notes. If so requested by Lender by written notice to Borrower, then Borrower shall execute and deliver to Lender
(and/or, if applicable and if so specified in such notice, to any Person who is an assignee of Lender pursuant to Section 10.13)
(promptly after Borrower’s receipt of such notice) a Note or Notes to evidence Lender’s Loans.

SECTION
3. SECURITY INTEREST

3.1             
As security for the prompt, complete and indefeasible payment when due (whether on the payment dates or otherwise) of all
the Secured Obligations, each Borrower grants to Lender a security interest in all of Borrower’s right, title, and interest
in and to the following personal property whether now owned or hereafter acquired or in which such Borrower now has or at any time
in the future may acquire any right, title or interest (collectively, the “Collateral”): (a) Receivables; (b)
Equipment; (c) Fixtures; (d) General Intangibles; (e) Inventory; (f) Investment Property; (g) Deposit Accounts; (h) Cash; (i) Cash
Equivalents (j) Goods; (k) Collateral IP; (l) Parent’s ownership interests in each of Aprinova, LLC, Dipa Co., LLC, Novvi
LLC, Total Amyris Biosolutions B.V.; and (m) all other tangible and intangible personal property of Borrower whether now or hereafter
owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located, and any of Borrower’s property
in the possession or under the control of Lender; and, to the extent not otherwise included, all Proceeds of each of the foregoing
and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing.

    	 	-17-	 

     

    

3.2             
Notwithstanding the broad grant of the security interest set forth in Section 3.1, above, the Collateral shall not include
(i) more than 65% of the presently existing and hereafter arising issued and outstanding shares of voting capital stock owned by
Borrower of any Foreign Subsidiary that is a “controlled foreign corporation” within the meaning of Section 957 of
the Code if, and only for so long as, a security interest in such voting capital stock in excess of 65% could reasonably be expected
to result in material adverse U.S. federal income tax consequences under Section 956 of the Code as reasonably determined by Borrower
in consultation with Lender, and (ii) any Excluded Intellectual Property.

3.3             
Parent shall, as security for the Secured Obligations, cause each Subsidiary Guarantor to grant to Lender a security interest
in all of such Subsidiary Guarantor’s assets pursuant to such Security Documents as Lender may require.

SECTION
4. CONDITIONS PRECEDENT TO LOAN

The obligations of Lender to make the Term
Loan hereunder are subject to the satisfaction by Borrower of the following conditions:

4.1             
Term Loan. On or prior to the Closing Date;

(a)              
Borrower shall have delivered to Lender the following, each in form and substance acceptable to Lender:

(i)                
Copies of executed originals of the Loan Documents,

(ii)             
Copies executed originals of the Account Control Agreements (to the extent available);

(iii)           
a legal opinion of Borrower’s counsel;

(iv)            
certified copy of resolutions of Parent’s and each Subsidiary Guarantor’s board of directors (or applicable
governing body) evidencing approval of the Term Loan and other transactions evidenced by the Loan Documents;

(v)              
certified copies of the Certificate of Incorporation and the Bylaws (or applicable organizational documents), as amended
through the Closing Date, of Parent and each Subsidiary Guarantor;

(vi)            
a certificate of good standing for Parent and each Subsidiary Guarantor from their respective states of incorporation and
similar certificates from all other jurisdictions in which it does business and where the failure to be qualified would have a
Material Adverse Effect;

(vii)         
an amendment to the (1) Foris LSA and (2) Pledge Agreement, dated June 29, 2018, as amended, between Borrower and Foris;
and

    	 	-18-	 

     

    

(viii)       
a copy of the executed original of the Lender Warrant.

(b)              
Lender shall have received information on Borrower’s operations satisfactory to it in its sole and absolute discretion
and shall have completed their business and legal due diligence to their satisfaction in their sole and absolute discretion;

(c)              
Lender shall have received approval of the transaction from its investment committee;

(d)              
payment of the Upfront Fee and reimbursement of Lender’s current expenses reimbursable pursuant to this Agreement,
which amounts may be deducted from the Closing Date Advance;

(e)              
each document (including any UCC financing statement (or similar)) required to be filed, registered or recorded in order
to create in favor of Lender, a perfected Lien on the Collateral, prior and superior, subject to the Intercreditor Agreement, in
right to any other Person (other than with respect to Permitted Liens);

(f)               
a Solvency Certificate, which demonstrates that Parent and its Subsidiaries, on a consolidated basis, are and, after giving
effect to this Agreement and the Loan Documents, will be and will continue to be, Solvent.

(g)              
such other documents as Lender may reasonably request.

4.2             
No Default. As of the Closing Date, (i) no fact or condition exists that would (or would, with the passage of time,
the giving of notice, or both) constitute an Event of Default and (ii) no event that has had or could reasonably be expected to
have a Material Adverse Effect has occurred and is continuing.

4.3             
Representations and Warranties. The representations and warranties set forth in Section 5 shall be true and correct
in all material respects (or, if already qualified by “materiality,” “Material Adverse Effect” or similar
phrases, in all respects (after giving effect to such qualification)); provided that, in the case of any representation or warranty
which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects
as of the respective date or for the respective period, as the case may be.

SECTION
5. REPRESENTATIONS AND WARRANTIES OF BORROWER

Borrower represents and warrants that as
of the Closing Date:

5.1             
Corporate Status. (a) Parent is a corporation duly organized, legally existing and in good standing under the laws
of the State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business
or location of its properties require such qualifications and where the failure to be qualified could reasonably be expected to
have a Material Adverse Effect; and (b) each Subsidiary Guarantor is a corporation duly organized, legally existing and in good
standing under the laws of the State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which
the nature of its business or location of its properties require such qualifications and where the failure to be qualified could
reasonably be expected to have a Material Adverse Effect. Parent’s and each Subsidiary Guarantor’s present names, former
names (if any), locations, place of formation, tax identification number, organizational identification number and other information
are correctly set forth in Exhibit C, as may be updated by Parent in a written notice (including any Compliance Certificate)
provided to Lender after the Closing Date.

    	 	-19-	 

     

    

5.2             
Collateral. Borrower owns the Collateral and the Excluded Intellectual Property, free of all Liens, except for Permitted
Liens. Borrower has the power and authority to grant to Lender a Lien in the Collateral as security for the Secured Obligations.

5.3             
Consents. Borrower’s execution, delivery and performance of this Agreement and all other Loan Documents, (i)
have been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of
any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement and the other Loan Documents,
(iii) do not violate (A) any provisions of Borrower’s Certificate of Incorporation, Certificate of Formation (as applicable)
or bylaws or operating agreement or other similar charter documents, as applicable, (B) any law or regulation to which Borrower
is subject, the violation of which could have a Material Adverse Effect or (C) any order, injunction, judgment, decree or writ
to which Borrower is subject and (iv) except as described on Schedule 5.3, do not violate any contract or agreement or require
the consent or approval of any other Person which has not already been obtained. The individual or individuals executing the Loan
Documents are duly authorized to do so.

5.4             
Material Adverse Effect. No event or circumstance, individually or in the aggregate, that has had or could reasonably
be expected to have a Material Adverse Effect has occurred and is continuing since December 31, 2018. Borrower is not aware of
any event or circumstance likely to occur that, individually or in the aggregate, is reasonably expected to result in a Material
Adverse Effect.

5.5             
Actions Before Governmental Authorities. Except as described on Schedule 5.5, there are no actions, suits
or proceedings at law or in equity or by or before any governmental authority now pending or, to the knowledge of Borrower, threatened
against or affecting Borrower or its property, other than actions, suits or proceedings commenced after the Closing that would
not likely be expected to result in damages of in excess of $250,000 not covered by insurance for which a claim has been made.

5.6             
Laws. Borrower is not in violation of any law, rule or regulation, or in default with respect to any judgment, writ,
injunction or decree of any governmental authority, where such violation or default is reasonably expected to result in a Material
Adverse Effect. Borrower is not in default in any material respect under any provision of any agreement or instrument evidencing
Indebtedness, or any other material agreement to which it is a party or by which it is bound.

5.7             
Information Correct and Current. No information, report, Advance Request financial statement, exhibit or schedule
furnished, by or on behalf of Borrower to Lender in connection with any Loan Document or included therein or delivered pursuant
thereto contained, contains or will contain any material misstatement of fact or omitted, omits or will omit to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not
misleading at the time such statement was made or deemed made. Additionally, any and all financial or business projections provided
by Borrower to Lender, whether prior to or after the Closing Date, shall be (i) provided in good faith and based on the most current
data and information available to Borrower, and (ii) the most current of such projections provided to Borrower’s Board of
Directors.

    	 	-20-	 

     

    

5.8             
Tax Matters. Except as described on Schedule 5.8, Borrower and each of its Subsidiaries (a) has filed all
federal, state and material local tax returns that it is required to file, (b) has duly paid or fully reserved for all taxes or
installments thereof (including any interest or penalties) as and when due, which have or may become due pursuant to such returns
other than those being contested in good faith by appropriate proceedings and for which adequate reserves have been established
in accordance with GAAP, and (c) has paid or fully reserved for any tax assessment received by Borrower for the three years preceding
the Closing Date, if any (including any taxes being contested in good faith and by appropriate proceedings).

5.9             
Intellectual Property Claims. Borrower is the sole owner of, or otherwise has the right to use (or exclude others
from using), the Intellectual Property. Except as described on Schedule 5.9, (i) each of the material Copyrights, Trademarks
and Patents is valid and enforceable, (ii) no material part of the Intellectual Property has been judged invalid or unenforceable,
in whole or in part, and (iii) no claim has been made to Borrower that any material part of the Intellectual Property violates
the rights of any third party. Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered
Trademarks, registered Copyrights, and material agreements under which Borrower licenses Intellectual Property from third parties
(other than shrink-wrap software licenses), together with application or registration numbers, as applicable, owned by Borrower
or any Subsidiary, in each case as of the Closing Date. Borrower is not in material breach of, nor has Borrower failed to perform
any material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third
party to any such contract, license or agreement is in material breach thereof or has failed to perform any material obligations
thereunder.

5.10         
Intellectual Property. Except as described on Schedule 5.10, Borrower has, or in the case of any proposed
business, will have, all material rights with respect to Intellectual Property necessary in the operation or conduct of Borrower’s
business as currently conducted and proposed to be conducted by Borrower. Without limiting the generality of the foregoing, and
in the case of Licenses, except for restrictions that are unenforceable under Division 9 of the UCC, Borrower as the right, to
the extent required to operate Borrower’s business, to freely transfer or license (except as restricted by (i) intellectual
property licenses existing on the Closing Date and (ii) Permitted Intellectual Property Licenses) or assign Intellectual Property
without condition, restriction or payment of any kind (other than license payments in the ordinary course of business) to any third
party, and Borrower owns or has the right to use, pursuant to valid licenses, all software development tools, library functions,
compilers and all other third-party software and other items that are used in the design, development, promotion, sale, license,
manufacture, import, export, use or distribution of Borrower Products.

5.11         
Borrower Products. Except as described on Schedule 5.11, no Intellectual Property owned by Borrower or Borrower
Product has been or is subject to any actual or, to the knowledge of Borrower, threatened litigation, proceeding (including any
proceeding in the United States Patent and Trademark Office or any corresponding foreign office or agency) or outstanding decree,
order, judgment, settlement agreement or stipulation that restricts in any material respect Borrower’s use, transfer or licensing
thereof or that may affect the validity, use or enforceability thereof. There is no decree, order, judgment, agreement, stipulation,
arbitral award or other provision entered into in connection with any litigation or proceeding that obligates Borrower to grant
licenses or ownership interest in any future Intellectual Property necessary to the operation or conduct of the business of Borrower
or Borrower Products. Except as described on Schedule 5.11, Borrower has not received any written notice or claim, or, to
the knowledge of Borrower, oral notice or claim, challenging or questioning Borrower’s ownership in any Intellectual Property
(or written notice of any claim challenging or questioning the ownership in any licensed Intellectual Property of the owner thereof)
or suggesting that any third party has any claim of legal or beneficial ownership with respect thereto nor, to Borrower’s
knowledge, is there a reasonable basis for any such claim. Neither Borrower’s use of its Intellectual Property nor the production
and sale of Borrower Products infringes in any material respect the Intellectual Property or other rights of others except to the
extent that such use, production or sale would not be expected to have a Material Adverse Effect.

    	 	-21-	 

     

    

5.12         
Financial Accounts. Exhibit E, as may be updated by Borrower in a written notice provided to Lender after
the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any
Subsidiary Guarantor maintains Deposit Accounts and (b) all institutions at which Borrower or any Subsidiary Guarantor maintains
an account holding Investment Property, and such exhibit correctly identifies the name, address and telephone number of each bank
or other institution, the name in which the account is held, a description of the purpose of the account, and the complete account
number therefor.

5.13         
Employee Loans. Borrower has no outstanding loans to any employee, officer or director of Borrower nor has Borrower
guaranteed the payment of any loan made to an employee, officer or director of Borrower by a third party.

5.14         
Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set forth on Schedule
5.14(a) annexed hereto, which includes a true, correct and complete list of (i) the name of the holder of each Warrant; (ii)
the number and type of shares of Parent capital stock subject to such Warrant; and (iii) the exercise price of such Warrant. Borrower
does not own any stock, partnership interest or other securities of any Person, except for Permitted Investments. Attached as Schedule
5.14(b), as may be updated by Borrower in a written notice provided after the Closing Date, is a true, correct and complete
list of each Subsidiary.

SECTION
6. INSURANCE; INDEMNIFICATION

6.1             
Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance against risks
customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including
death, property damage, personal injury, advertising injury, and contractual liability per the terms of the indemnification agreement
found in Section 6.3. Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each
occurrence. Borrower has and agrees to maintain a minimum of $2,000,000 of directors’ and officers’ insurance for each
occurrence and $5,000,000 in the aggregate. So long as there are any Secured Obligations outstanding, Borrower shall also cause
to be carried and maintained insurance upon the Collateral, insuring against all risks of physical loss or damage howsoever caused,
in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard
exceptions and deductibles.

    	 	-22-	 

     

    

6.2             
Certificates. Borrower shall deliver to Lender certificates of insurance that evidence Borrower’s compliance
with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2 no later ten days
after the Closing Date. Borrower’s insurance certificate shall state Lender is an additional insured for commercial general
liability, a designated payee for any key man life insurance policy, a lender’s loss payee for all risk property damage insurance,
subject to the insurer’s approval, and a lender’s loss payee for property insurance and additional insured for liability
insurance for any future insurance that Borrower may acquire from such insurer. Attached to the certificates of insurance will
be additional insured endorsements for liability and lender’s loss payable endorsements for all risk property damage insurance.
All certificates of insurance will provide for a minimum of 30 days advance written notice to Lender of cancellation or any other
change adverse to Lender’s interests. Any failure of Lender to scrutinize such insurance certificates for compliance is not
a waiver of any of Lender’s rights, all of which are reserved.

6.3             
Indemnity. Borrower agrees to indemnify and hold Lender and its officers, directors, employees, agents, in-house
attorneys, representatives and shareholders (each, an “Indemnified Person”) harmless from and against any and
all claims, costs, expenses, damages and liabilities (including such claims, costs, expenses, damages and liabilities based on
liability in tort, including strict liability in tort), including reasonable attorneys’ fees and disbursements and other
costs of investigation or defense (including those incurred upon any appeal) (collectively, “Liabilities”),
that may be instituted or asserted against or incurred by such Indemnified Person arising out of, in connection with, or as a result
of (a) the execution and delivery of this Agreement and the Loan Documents, (b) credit having been extended, suspended or terminated
under this Agreement and the other Loan Documents, (c) the administration of such credit, (d) the use of proceeds of the Term Loan,
(e) the disposition or utilization of the Collateral, (f) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnified
Person is a party thereto (and regardless of whether such matter is initiated by a third party or by Borrower or any of their respective
Affiliates) excluding, in all cases, Liabilities to the extent resulting solely from any Indemnified Person’s gross negligence
or willful misconduct, as determined by a court of competent jurisdiction pursuant to a final, non-appealable judgment. Borrower
agrees to pay, and to save Lender harmless from, any and all liabilities with respect to, or resulting from any delay in paying,
any and all excise, sales or other similar taxes (excluding taxes imposed on or measured by the net income of Lender) that may
be payable or determined to be payable with respect to any of the Collateral or this Agreement. In no event shall any Indemnified
Person be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of
profits, business or anticipated savings).

SECTION
7. COVENANTS OF BORROWER

As long as any Secured Obligations (other
than inchoate indemnity obligations) are outstanding, Borrower agrees as follows:

    	 	-23-	 

     

    

7.1             
Financial Reports. Borrower shall furnish to Lender the financial statements and reports listed hereinafter (the
“Financial Statements”):

(a)              
as soon as practicable (and in any event within 30 days) after the end of each calendar quarter, aged listings of accounts
receivable and accounts payable and a calculation of liquidity (in compliance with Section 7.16), all prepared and certified
to on behalf of Borrower by an authorized officer thereof acceptable to Lender;

(b)              
as soon as practicable (and in any event within 45 days) after the end of each calendar quarter, unaudited interim and year-to-date
financial statements as of the end of such calendar quarter (prepared on a consolidated and consolidating basis, if applicable),
including balance sheet and related statements of income and cash flows accompanied by a report detailing any material contingencies
(including the commencement of any material litigation by or against Borrower) or any other occurrence that would reasonably be
expected to have a Material Adverse Effect, certified by Borrower’s Chief Executive Officer or Chief Financial Officer to
the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, and (ii) that they are
subject to normal year-end adjustments;

(c)              
as soon as practicable (and in any event within 120 days after the end of each fiscal year, audited financial statements
as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related
statements of income and cash flows, and setting forth in comparative form the corresponding figures for the preceding fiscal year,
certified by a firm of independent certified public accountants selected by Borrower and reasonably acceptable to Lender, accompanied
by any management report from such accountants;

(d)              
as soon as practicable (and in any event within 15 days) after the end of each quarter, a Borrowing Base Certificate in
the form of Exhibit F;

(e)              
as soon as practicable (and in any event within 30 days) after the end of each month, a Compliance Certificate in the form
of Exhibit G;

(f)               
promptly after the sending or filing thereof, as the case may be, copies of any proxy statements, financial statements or
reports that Borrower has made available to its equity holders and copies of any regular, periodic and special reports or registration
statements that Borrower files with the Securities and Exchange Commission or any governmental authority that may be substituted
therefor, or any national securities exchange;

(g)              
at Lender’s request, at the same time as it gives to its directors, copies of all materials (other than minutes) that
Borrower provides to its directors in connection with meetings of the Board of Directors and that are relevant to Lender; provided,
however, that Borrower shall not be required to provide the materials described in this Section 7.1(g) to the extent the information
is privileged or pertains to confidential information of any third parties; and

    	 	-24-	 

     

    

(h)              
financial and business projections promptly following preparation, and in any event, no later than January 31 of each year,
as well as budgets, operating plans and other financial information reasonably requested by Lender and promptly following approval
of the any of the foregoing by Parent’s Board of Directors, confirmation of such approval and an update with respect to any
changes made to such projections, budgets or operating plans.

Borrower shall not make any change in its (a) accounting policies
or reporting practices, except as required by GAAP or (b) fiscal years or fiscal quarters. The fiscal year of Borrower shall end
on December 31. Lender hereby acknowledge and agree that the materials described in this Section 7.1 will contain material
non-public and confidential information of Borrower and its affiliates and Lender and its affiliates and representatives shall
abide by all confidentiality terms applicable under this Agreement and any confidentiality and nondisclosure agreements among the
parties hereto.

The executed Borrowing Base Certificate and
Compliance Certificate may be sent via e-mail to and provided, that if e-mail is not available or sending the Borrowing Base Certificate
and Compliance Certificate via e-mail is not possible, it shall be mailed to Lender at 6 Pall Mall East London SW1Y 58F Attn: Naxos
Capital Partners. All Financial Statements required to be delivered pursuant to clauses (b) and (c) shall be sent via e-mail to
and provided, that if email is not available or sending such Financial Statements via e-mail is not possible, they shall be mailed
to Lender at 6 Pall Mall East London SW1Y 58F Attn: Naxos Capital Partners.

7.2             
Management Rights and Inspections. Borrower shall permit any representative that Lender authorizes, including its
attorneys and accountants, to conduct site visits and inspect the Collateral, provided, that so long as no Event of Default has
occurred and is continuing, Borrower shall not be responsible for paying the expenses of Lender for more than one site visit, inspection,
and examination in any six-month period; provided such cost restriction shall not be deemed a restriction on the number of site
visits, inspections, and examinations Lender may require. In addition Borrower shall, upon request by Lender, have an independent
appraiser reasonably satisfactory to Lender provide an appraisal of Borrower’s Intellectual Property or such subset thereof
as determined by Lender; provided, that so long as no Event of Default has occurred and is continuing, Borrower shall not be responsible
for paying the expenses for more than one appraisal in any one-year period; provided such cost restriction shall not be deemed
a restriction on the number of appraisals Lender may require. In addition Borrower shall permit any representative that Lender
authorizes, including its attorneys and accountants, to examine and make copies and abstracts of the books of account and records
of Borrower or any Subsidiary applicable to the Loan Documents or the Collateral at reasonable times and upon reasonable notice
during normal business hours. In addition, any such representative shall have the right to meet with management and officers of
Borrower or any Subsidiary to discuss such books of account and records at reasonable times and upon reasonable notice during normal
business hours. In addition, Lender shall be entitled at reasonable times and intervals to consult with and advise the management
and officers of Borrower or any Subsidiary concerning significant business issues affecting Borrower. Such consultations shall
not unreasonably interfere with Borrower’s business operations. Except as expressly provided herein, any and all visits,
inspections, examinations and appraisals made while any Event of Default is continuing, shall be at Borrowers’ sole cost
and expense. The parties intend that the rights granted Lender shall constitute “management rights” within the meaning
of 29 C.F.R. Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by Lender with respect to any
business issues shall not be deemed to give Lender, nor be deemed an exercise by Lender of, control over Borrower’s management
or policies.

    	 	-25-	 

     

    

7.3             
Further Assurances. Borrower shall from time to time execute, deliver and file, alone or with Lender, any financing
statements, security agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the
highest priority to Lender’s Lien on the Collateral (other than the Liens set forth in clauses ii), (iii), (iv), (v), (vi),
(vii), (x), (xi), (xii), (xiii) or (xiv) of the definition of Permitted Liens) and subject to the Intercreditor Agreement. Borrower
shall from time to time procure any instruments or documents as may be requested by Lender, and take all further action that may
be necessary or desirable, or that Lender may reasonably request, to perfect and protect the Liens granted hereby and thereby.
In addition, and for such purposes only, Borrower hereby authorizes Lender to execute and deliver on behalf of Borrower and to
file such financing statements, collateral assignments, notices, control agreements, security agreements and other documents without
the signature of Borrower either in Lender’s name or in the name of Lender as agent and attorney-in-fact for Borrower. Borrower
shall protect and defend Borrower’s title to the Collateral and Lender’s Lien thereon against all Persons claiming
any interest adverse to Borrower or Lender other than Permitted Liens.

7.4             
Indebtedness; Amendments to Indebtedness. Borrower shall not and shall not permit any Subsidiary to: (a) create,
incur, assume, guarantee or be or remain liable with respect to any Indebtedness, other than Permitted Indebtedness; (b) pay any
principal or interest on any Indebtedness other than on Permitted Indebtedness in accordance with the terms of such Indebtedness
while the Secured Obligations are outstanding without the written consent of Lender; and (c) other than to amend or modify this
Agreement or any of the Loan Documents, amend or modify any documents or notes evidencing any Indebtedness in any manner which
imposes materially more burdensome terms upon Borrower or its Subsidiaries than exist with respect to such Indebtedness prior to
such amendment or modification without the prior written consent of Lender.

7.5             
Collateral.

(a)              
Borrower shall at all times keep the Collateral free and clear from any legal process or Liens whatsoever (except for Permitted
Liens), and shall give Lender prompt written notice of any legal process affecting the Collateral or any Liens. Borrower shall
cause its Subsidiaries to protect and defend such Subsidiary’s title to the Collateral from and against all Persons claiming
any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all times to keep such Subsidiary’s
rights in the Collateral free and clear from any legal process or Liens whatsoever (except for Permitted Liens), and shall give
Lender prompt written notice of any legal process affecting such Subsidiary’s rights in the Collateral.

(b)              
Borrower shall, at all times, keep, and shall cause its Subsidiaries to keep, the Excluded Intellectual Property free and
clear or any legal process or Liens (except for Permitted Liens and the agreements and licenses referenced in the definition of
Excluded Intellectual Property and the other rights granted thereunder to the other parties thereto). Borrower shall, and shall
cause its Subsidiaries to, protect and defend Borrower’s or such Subsidiary’s title to the Excluded Intellectual Property
from and against all Persons claiming any interest adverse to Borrower or such Subsidiary.

    	 	-26-	 

     

    

7.6             
Investments. Borrower shall not directly or indirectly acquire or own, or make any Investment in or to any Person,
or permit any of its Subsidiaries so to do, other than Permitted Investments.

7.7             
Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock
or other equity interest other than pursuant to employee, director or consultant repurchase plans or other similar agreements,
provided, however, in each case the repurchase or redemption price does not exceed the original consideration paid for such stock
or equity interest, or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other equity interest,
except that a Subsidiary may pay dividends or make distributions to Borrower or a Subsidiary Guarantor (or, in the case of a Foreign
Subsidiary that is not a Subsidiary Guarantor, a parent company that is a direct or indirect wholly owned Subsidiary of Borrower),
or (c) lend money to any employees, officers or directors (except as permitted under clauses (vii) or (viii) of the definition
of Permitted Investment), or guarantee the payment of any such loans granted by a third party in excess of $100,000 in the aggregate
or (d) waive, release or forgive any Indebtedness owed by any employees, officers or directors in excess of $100,000 in the aggregate.

7.8             
Transfers. Except for Permitted Transfers and Permitted Investments, Borrower shall not, and shall not allow any
Subsidiary to, voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial
or legal interest in any material portion of its assets.

7.9             
Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or consolidate,
with or into any other business organization (other than mergers or consolidations of (a) a Subsidiary which is not a Borrower
into another Subsidiary or into Borrower or (b) a Borrower into another Borrower), or acquire, or permit any of its Subsidiaries
to acquire, all or substantially all of the capital stock or property of another Person.

7.10         
Taxes.

(a)              
 Borrower and its Subsidiaries shall pay when due all Taxes, fees or other charges of any nature whatsoever (together with
any related interest or penalties) now or hereafter imposed or assessed against (i) Lender and related to, or in connection with,
any of the transactions contemplated hereby or by other Loan Documents (other than taxes imposed on or measured by the net income
of Lender), subject to reasonable notification thereof by Lender, as applicable, and (ii) Borrower or the Collateral or upon Borrower’s
ownership, possession, use, operation or disposition thereof or upon Borrower’s rents, receipts or earnings arising therefrom.
Borrower shall file on or before the due date therefor all personal property tax returns in respect of the Collateral. Notwithstanding
the foregoing, Borrower may contest, in good faith and by appropriate proceedings, Taxes for which Borrower maintains adequate
reserves therefor in accordance with GAAP.

    	 	-27-	 

     

    

(b)              
Any payments by or on account of any obligation of Borrower under any Loan Document shall be made without deduction or withholding
for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable
withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable
withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld
to the relevant governmental authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable
by Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions
and withholdings applicable to additional sums payable under this Section 7.10) the applicable recipient receives an amount equal
to the sum it would have received had no such deduction or withholding been made. Borrower shall timely pay to the relevant governmental
authority in accordance with applicable law any Other Taxes. Borrower shall indemnify Lender, within ten days after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this Section 7.10) payable or paid by such Lender or required to be withheld or deducted from a payment to Lender and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered
to the Borrower by a Lender shall be conclusive absent manifest error.

(c)              
The parties acknowledge and agree that the Term Loan and the Lender Warrant are intended to constitute an “investment
unit” within the meaning of Section 1273(c)(2) of the Code. For this purpose, the parties agree that the value set forth
on Schedule 7.10(c) is the fair market value of the Lender Warrant (the “Warrant Value”) and that, pursuant to Treasury
Regulation Section 1.1273-2(h), an amount equal to the Warrant Value of the issue price of the investment unit will be allocable
to the Lender Warrant and the balance shall be allocable to the Term Loan. Each party agrees to prepare its U.S. federal income
tax returns, if required, in a manner consistent with the foregoing unless otherwise required by a change in law occurring after
the date hereof, a closing agreement with an applicable governmental authority or a judgment of a court of competent jurisdiction.

7.11         
Corporate Changes. Neither Borrower nor any Subsidiary shall change its corporate name, legal form or jurisdiction
of formation without 20 days’ prior written notice to Lender. Neither Borrower nor any Subsidiary shall suffer a Change in
Control. Neither Borrower nor any Subsidiary shall relocate its chief executive office or its principal place of business unless:
(i) it has provided prior written notice to Lender; and (ii) such relocation shall be within the continental United States. Neither
Borrower nor any Subsidiary shall relocate any item of Collateral (other than (x) sales of Inventory in the ordinary course of
business, (y) relocations of Equipment having an aggregate value of up to $150,000 in any fiscal year, and (z) relocations of Collateral
from a location described on Exhibit C to another location described on Exhibit C) unless (i) it has provided prompt
written notice to Lender, (ii) such relocation is within the continental United States and, (iii) if such relocation is to a third
party bailee, it has delivered a bailee agreement in form and substance reasonably acceptable to Lender.

    	 	-28-	 

     

    

7.12         
Deposit Accounts. Borrower shall not maintain any Deposit Accounts, or accounts holding Investment Property, except
with respect to which Lender has an Account Control Agreement; provided however, that no Account Control Agreement shall be required
to be in place until the seventh day after the Closing Date.

7.13         
Domestic Subsidiaries. Borrower shall notify Lender of each Domestic Subsidiary formed subsequent to the Closing
Date or to the extent AB Technologies LLC, a Delaware limited liability company (“AB Technologies”) acquires
any assets or commences any operations other than as are in effect on the Closing Date and, in each case, within 15 days of such
formation or change, shall cause any such Domestic Subsidiary (including AB Technologies) to execute and deliver to Lender a Joinder
Agreement and such other documentation as Lender may require, and for the sake of clarification, no such joinder shall be required
with respect to any Foreign Subsidiary.

7.14         
Notification of Default or Event of Default. Borrower shall notify Lender immediately in writing via email and by
telephone pursuant to Section 10.2 after Borrower acquires knowledge of any breach or default in the performance of any
covenant or Secured Obligation under this Agreement, any Loan Document or any other agreement between Borrower and Lender, or occurrence
of any Event of Default.

7.15         
Minimum Revenue. As of the last day of each fiscal quarter, Parent and its Subsidiaries shall have revenue (determined
in accordance with GAAP) of not less than the Minimum Revenue.

7.16         
Minimum Liquidity. On the last day of each calendar month, Borrower shall have, on a consolidated basis, liquidity
calculated as (i) unrestricted, unencumbered Cash and Cash Equivalents denominated in U.S. Dollars in one or more Deposit
Accounts located in the United States which are subject to an Account Control Agreement in favor of Lender (provided that no Account
Control Agreement shall be required to be in place until the seventh day after the Closing Date) in a minimum amount equal to the
amount specified in the Fee Letter, plus (ii) any additional amount of available credit, borrowings, or investments readily convertible
to cash to the extent necessary so that the sum of the amounts described in clause (i) and this clause (ii) of Section 7.16
is not less than the amount specified in the Fee Letter.

7.17         
Minimum Asset Coverage. On the last day of each calendar quarter starting with the calendar quarter ending on December
31, 2019, the ratio of Borrowing Base to the then-outstanding Term Loan and any outstanding Indebtedness pursuant to the Foris
LSA shall be not less than 1.00 to 1.00.

7.18         
Anti-Layering. No Borrower or Subsidiary Guarantor will create or incur any Indebtedness which is subordinated or
junior in right of payment or security to the Senior Obligations (as defined in the Intercreditor Agreement) of such Borrower,
unless such Indebtedness is also subordinated or junior in right of payment or security, as applicable, in the same manner and
to the same extent, to the Secured Obligations.

7.19         
Post-Closing. Borrower shall:

    	 	-29-	 

     

    

(a)              
use its reasonable best efforts to obtain the consents listed on Schedule 7.19(a) within ten days of the Closing Date; and

(b)              
deliver to Lender the Lien releases and IP releases set forth on Schedule 7.19(b) within ten days of the Closing Date, or
such longer time period as is acceptable to Lender in its sole discretion.

SECTION
8. EVENTS OF DEFAULT

Any one or more of the following events shall
be an Event of Default:

8.1             
Payments. Borrower fails to pay any amount due under this Agreement or any of the other Loan Documents on its payment
date whether scheduled, upon acceleration or otherwise; or

8.2             
Covenants. Borrower breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement,
or any of the other Loan Documents or any other agreement between Borrower and Lender; or

8.3             
Representations. Any representation or warranty made by Borrower in any Loan Document shall have been false or misleading
in any material respect when made or furnished or deemed made or furnished; or

8.4             
Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or (ii) shall be unable to pay
its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall
file a voluntary petition in bankruptcy; or (iv) shall file any petition, answer, or document seeking for itself any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or
regulation pertinent to such circumstances; or (v) shall seek or consent to or acquiesce in the appointment of any trustee, receiver,
or liquidator of Borrower or of all or any substantial part (i.e., 33 1/3% or more) of the assets or property of Borrower; or (vi)
shall cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees;
or (vii) Borrower its directors or majority shareholders shall take any action initiating any of the foregoing actions described
in clauses (i) through (vi); or (B) either (i) the commencement of an involuntary action against Borrower seeking reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or
regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business
of Borrower being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting
it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the material allegations
of a petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings are pending shall enter
a decree or order granting the relief sought in any such proceedings; or (v) the appointment, without the consent or acquiescence
of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower
without such appointment being vacated; or

8.5             
Attachments; Judgments. Any portion of Borrower’s assets are attached or seized, or a levy is filed against
any such assets, or a judgment or judgments is/are entered for the payment of money, individually or in the aggregate, of at least
$250,000, or Borrower is enjoined or in any way prevented by court order from conducting any part of its business; or

    	 	-30-	 

     

    

8.6             
Other Obligations. The occurrence of any default under any agreement or obligation of Borrower involving any Indebtedness
in excess of $250,000, or receipt of written notice of the occurrence of any default under any other agreement or obligation of
Borrower with annual payments or receipts in excess of $250,000.

8.7             
Loan Documents. (a) The occurrence of any default under any Loan Document or any other agreement between Borrower
and Lender, (b) (i) the guaranty set forth in Section 11 of this Agreement ceases to be in full force and effect for any
reason whatsoever, including, without limitation, a determination by any governmental authority that this Agreement is invalid,
void or unenforceable or (ii) any Subsidiary Guarantor or any Person acting on behalf of such Subsidiary Guarantor shall contest
in any manner the validity, binding nature or enforceability of this Agreement or (iii) the obligations of any Subsidiary Guarantor
under any Loan Document are not or cease to be legal, valid, binding and enforceable in accordance with the terms of such Loan
Document, or (c) (x) any security interest purported to be created by any Loan Document shall cease to be, or shall be asserted
in writing by Borrower not to be, a valid, perfected, security interest having the priority required by the Intercreditor Agreement
or any other intercreditor agreement delivered under this Agreement (except as otherwise expressly provided in this Agreement,
the Intercreditor Agreement or such Security Document) in any material portion of the Collateral covered thereby, or (y) the Secured
Obligations shall cease to constitute Indebtedness senior in right of security under and subject to the terms of any intercreditor
agreement delivered under this Agreement in respect of the Liens securing Indebtedness ranking junior in right of security to the
Term Loan or, in any case, such intercreditor provisions shall be invalidated or otherwise cease to be legal, valid and binding
obligations of the parties thereto, enforceable in accordance with their terms.

8.8             
Change in Control. The occurrence of any Change of Control.

SECTION
9. REMEDIES

9.1             
General. Upon and during the continuance of any one or more Events of Default, (i) Lender may, at its option, accelerate
and demand payment of all or any part of the Secured Obligations together with the Prepayment Charge and the End of Term Payment
and declare them to be immediately due and payable (provided, that upon the occurrence of an Event of Default of the type described
in Section 8.4, all of the Secured Obligations shall automatically be accelerated and made due and payable, in each case
without any further notice or act), (ii) Lender may, at its option, sign and file in Borrower’s name any and all collateral
assignments, notices, control agreements, security agreements and other documents it deems necessary or appropriate to perfect
or protect the repayment of the Secured Obligations, and in furtherance thereof, Borrower hereby grants Lender an irrevocable power
of attorney coupled with an interest, and (iii) Lender may notify any of Borrower’s account debtors to make payment directly
to Lender, compromise the amount of any such account on Borrower’s behalf and endorse Lender’s name without recourse
on any such payment for deposit directly to Lender’s account. Subject to the Intercreditor Agreement, Lender may exercise
all rights and remedies with respect to the Collateral under the Loan Documents or otherwise available to it under the UCC and
other applicable law, including the right to release, hold, sell, lease, liquidate, collect, realize upon, or otherwise dispose
of all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. All Lender’s
rights and remedies shall be cumulative and not exclusive.

    	 	-31-	 

     

    

9.2             
Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default, Lender may, subject
to the Intercreditor Agreement, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or
otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation
or processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business
or elsewhere. Borrower agrees that any such public or private sale may occur upon ten calendar days’ prior written notice
to Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender
that is reasonably convenient to Lender and Borrower. Subject to the Intercreditor Agreement, the proceeds of any sale, disposition
or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities:

First, to Lender in an amount sufficient to pay in full
Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 10.11;

Second, to Lender in an amount equal to the then unpaid
amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as
Lender may choose in its sole discretion; and

Finally, after the full, final, and indefeasible payment
in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives
or as a court of competent jurisdiction may direct.

Lender shall be deemed to have acted reasonably in the custody,
preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.

9.3             
No Waiver. Lender shall be under no obligation to marshal any of the Collateral for the benefit of Borrower or any
other Person, and Borrower expressly waives all rights, if any, to require Lender to marshal any Collateral.

9.4             
Cumulative Remedies. The rights, powers and remedies of Lender hereunder shall be in addition to all rights, powers
and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies
provided herein shall not be construed as a waiver of or election of remedies with respect to any other rights, powers and remedies
of Lender.

SECTION
10. MISCELLANEOUS

10.1         
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision
shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

    	 	-32-	 

     

    

10.2         
Notice. Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service
of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted
under the Loan Documents or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly
served, given, delivered, and received upon the earlier of: (i) the day of hand delivery or delivery by an overnight express service
or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States mails, with proper first
class postage prepaid, in each case addressed to the party to be notified as follows:

	 	(a)	If to Lender:
	 	 	 
	 	 	Naxyris S.A.
	 	 	c/o Naxos Capital Partners
	 	 	Attention:  Robert Frost
	 	 	6 Pall Mall East
	 	 	London SW1Y 5BF
	 	 	 
	 	 	with a copy (which shall not constitute notice) to: 
	 	 	 
	 	 	Jones Day
	 	 	250 Vesey Street
	 	 	New York, New York 10281
	 	 	Phone: (212) 326-3939
	 	 	Attention: Robert A. Profusek
	 	 	Katharine Donaldson
	 	 	Email: raprofusek@jonesday.com
	 	 	kdonaldson@jonesday.com
	 	 	 
	 	(b)	If to Borrower:
	 	 	 
	 	 	AMYRIS, INC.
	 	 	Attention:  General Counsel
	 	 	5885 Hollis Street, Suite 100
	 	 	Emeryville, CA 94608
	 	 	Attn:  General Counsel
	 	 	Phone: (510) 450-0761
	 	 	 
	 	 	with a copy (which shall not constitute notice) to: 
	 	 	 
	 	 	Fenwick & West LLP
	 	 	Silicon Valley Center
	 	 	801 California Street
	 	 	Mountain View, CA 94041
	 	 	Attn:  David Michaels
	 	 	Phone:  650-988-8500
	 	 	Email:  dmichaels@fenwick.com

    	 	-33-	 

     

    

or to such other address as each party may
designate for itself by like notice.

10.3         
Entire Agreement; Amendments.

(a)              
This Agreement and the other Loan Documents constitute the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure
or confidentiality agreements, letters, negotiations or other documents or agreements, whether written or oral, with respect to
the subject matter hereof or thereof.

(b)              
Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified
except in accordance with the provisions of this Section 10.3(b). The Lender and Borrower may, from time to time, (i) enter
into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions
to this Agreement or the other Loan Documents or changing in any manner the rights of Lender or of Borrower hereunder or thereunder
or (ii) waive, on such terms and conditions as Lender may specify in such instrument, any of the requirements of this Agreement
or the other Loan Documents or any default or Event of Default and its consequences. Any such waiver and any such amendment, supplement
or modification shall be binding upon Borrower, Lender and all future holders of the Term Loan.

10.4         
No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement.

10.5         
No Waiver. The powers conferred upon Lender by this Agreement are solely to protect its rights hereunder and under
the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Lender to exercise any such powers.
No omission or delay by Lender at any time to enforce any right or remedy reserved to it, or to require performance of any of the
terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such right or remedy to which
Lender is entitled, nor shall it in any way affect the right of Lender to enforce such provisions thereafter.

10.6         
Survival. All agreements, representations and warranties contained in this Agreement and the other Loan Documents
or in any document delivered pursuant hereto or thereto shall be for the benefit of Lender and shall survive the execution and
delivery of this Agreement and the expiration or other termination of this Agreement.

    	 	-34-	 

     

    

10.7         
Successors and Assigns. The provisions of this Agreement and the other Loan Documents shall inure to the benefit
of and be binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement
or any of the other Loan Documents without Lender’s express prior written consent, and any such attempted assignment shall
be void and of no effect. Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without
prior notice to Borrower, and all of such rights shall inure to the benefit of Lender’s successors and permitted assigns,
provided, that, except during the continuance of an Event of Default, Lender shall not assign, transfer or endorse its rights hereunder
or under any other Loan Document to (i) any entity which is a direct a competitor of Borrower, (ii) an entity which operates a
business in the same industry as Borrower or (iii) an affiliate of any entity meeting the criteria set forth in the preceding clause
(i) or (ii), excluding, in each case, any entities which, together with their consolidated affiliates, at the time of assignment
have equity investments in such a competitor, business or affiliate of Borrower not in excess of 10.0% of the total equity investments
owned by such entities and their consolidated affiliates.

10.8         
Governing Law. This Agreement and the other Loan Documents have been negotiated and delivered to Lender in the State
of New York, and shall have been accepted by Lender in the State of New York. Payment to Lender by Borrower of the Secured Obligations
is due in the State of New York. This Agreement and the other Loan Documents shall be governed by, and construed and enforced in
accordance with, the laws of the State of New York, excluding conflict of laws principles that would cause the application of laws
of any other jurisdiction.

10.9         
Consent to Jurisdiction and Venue. All judicial proceedings (to the extent that the reference requirement of Section
10.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents shall be brought in
the courts of the State of New York sitting in the borough of Manhattan in New York City, the courts of the United States for the
Southern District of New York, and, in each case, appellate courts thereof. By execution and delivery of this Agreement, each party
hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in such courts; (b) waives any objection
as to jurisdiction or venue in such courts; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the
aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement or
the other Loan Documents. Service of process on any party hereto in any action arising out of or relating to this Agreement shall
be effective if given in accordance with the requirements for notice set forth in Section 10.2, and shall be deemed effective and
received as set forth in Section 10.2. Nothing herein shall affect the right to serve process in any other manner permitted by
law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction.

10.10     
Mutual Waiver of Jury Trial / Judicial Reference.

    	 	-35-	 

     

    

(a)              
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by
an experienced and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules),
the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER AND LENDER SPECIFICALLY
WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY
OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST LENDER OR ITS ASSIGNEE OR BY LENDER OR ITS ASSIGNEE
AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons other than Borrower and Lender;
Claims that arise out of or are in any way connected to the relationship between Borrower and Lender; and any Claims for damages,
breach of contract, tort, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement, any
other Loan Document.

(b)              
In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in Section 10.9,
any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent
permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial reference.

10.11     
Professional Fees. Borrower promises to pay Lender’s fees and expenses necessary to finalize the loan documentation,
including but not limited to reasonable attorneys’ fees, UCC searches, filing costs, and other miscellaneous expenses, all
as set forth on a summary invoice provided to Borrower. In addition, Borrower promises to pay any and all reasonable attorneys’
and other professionals’ fees and expenses (including fees and expenses of in-house counsel) incurred by Lender after the
Closing Date in connection with or related to: (a) the Term Loan; (b) the administration, syndication, distribution, collection,
or enforcement of the Term Loan; (c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or
termination under the Loan Documents; (e) the enforcement, collection or protection of Lender’s rights in connection with
this Agreement and the Loan Documents, including the protection, preservation, audit, field exam, sale, lease, liquidation, or
disposition of Collateral or the exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative,
arbitration, or out of court proceeding in connection with or related to Borrower or the Collateral, and any appeal or review thereof;
(g) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action
related to Borrower, the Collateral, the Loan Documents, including representing Lender in any adversary proceeding or contested
matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof.

    	 	-36-	 

     

    

10.12     
Confidentiality. Lender acknowledges that certain items of Collateral and information provided to Lender by Borrower
are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as confidential
by Borrower at the time of disclosure, or (y) should reasonably be understood to be confidential (the “Confidential Information”).
Accordingly, Lender agrees that any Confidential Information it may obtain pursuant to Section 7.1 of this Agreement, in
the course of acquiring, administering, or perfecting Lender’s security interest in the Collateral or otherwise shall not
be disclosed to any other Person or entity in any manner whatsoever, in whole or in part, without the prior written consent of
Borrower, except that Lender may disclose any such information: (a) to its own directors, officers, employees, accountants, counsel
and other professional advisors and to its affiliates if Lender in its sole discretion determines that any such party should have
access to such information in connection with such party’s responsibilities in connection with the Term Loan or this Agreement
and, provided that such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions
of this paragraph or (ii) is otherwise subject to confidentiality restrictions that reasonably protect against the disclosure of
Confidential Information; (b) if such information is generally available to the public (other than as a result of Lender’s
breach of its obligations under this Section 10.12); (c) if required or appropriate in any report, statement or testimony
submitted to any governmental authority having or claiming to have jurisdiction over Lender; (d) if required or appropriate in
response to any summons or subpoena or in connection with any litigation, to the extent permitted or deemed advisable by Lender’s
counsel; (e) to comply with any legal requirement or law applicable to Lender; (f) to the extent reasonably necessary in connection
with the exercise of any right or remedy under any Loan Document, including Lender’s sale, lease, or other disposition of
Collateral after default; (g) to any participant or assignee of Lender or any prospective participant or assignee; provided, that
such participant or assignee or prospective participant or assignee agrees in writing to be bound by this Section prior to disclosure;
or (h) otherwise with the prior consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not
affect the obligations of Borrower or any of its affiliates or any guarantor under this Agreement or the other Loan Documents.

10.13     
Assignment of Rights. Borrower acknowledges and understands that Lender may sell and assign all or part of its interest
hereunder and under the Loan Documents to any Person or entity (an “Assignee”), subject to the restrictions
set forth in Section 10.7. After such a permitted assignment the term “Lender” as used in the Loan Documents
shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Lender hereunder
with respect to the interest so assigned; but with respect to any such interest not so transferred, Lender shall retain all rights,
powers and remedies hereby given. No such assignment by Lender shall relieve Borrower of any of its obligations hereunder. Lender
agrees that in the event of any transfer by it of the Note(s)(if any), it will endorse thereon a notation as to the portion of
the principal of the Note(s), which shall have been paid at the time of such transfer and as to the date to which interest shall
have been last paid thereon. Borrower shall maintain a register (the “Register”) for the recordation of the
name and address of any Lender and the principal amount of and stated interest on the amount owing to each Lender pursuant to the
terms hereof from time to time. The entries in the Register shall be conclusive absent manifest error, and Borrower and each Lender
shall treat each person or entity whose name is recorded in the Register as a Lender for all purposes of this Agreement. In the
event that any Lender sells a participation interest in any Term Loan, such Lender shall maintain a similar register. The parties
shall take any other action necessary from time to time to establish that this Term Loan (and any Note(s) evidence the Term Loan)
and the amounts otherwise owing hereunder are in registered form under section 5f.103-1(c) of the Treasury Regulations.

    	 	-37-	 

     

    

10.14     
Revival of Secured Obligations. This Agreement and the Loan Documents shall remain in full force and effect and continue
to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent
or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s
assets, or if any payment or transfer of Collateral is recovered from Lender. The Loan Documents and the Secured Obligations and
Collateral security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment
and performance of the Secured Obligations or any transfer of Collateral to Lender, or any part thereof is rescinded, avoided or
avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Lender or by any obligee of the
Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as
though such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof,
is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall
be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final,
and indefeasible payment to Lender in Cash.

10.15     
Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number
of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original,
but all of which counterparts shall constitute but one and the same instrument.

10.16     
No Third-Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be interpreted, to provide
or create any third-party beneficiary rights or any other rights of any kind in any Person other than Lender and Borrower unless
specifically provided otherwise herein, and, except as otherwise so provided, all provisions of the Loan Documents will be personal
and solely between Lender and Borrower.

10.17     
Publicity.

(a)              
So long as Lender provides Borrower prior written notice and a reasonable opportunity to review, Borrower consents to the
publication and use by Lender and any of its member businesses and Affiliates of (i) Borrower’s name (including a brief description
of the relationship between Borrower and Lender) and logo and a hyperlink to Borrower’s web site, separately or together,
in written and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or
on its web site (together, the “Lender Publicity Materials”); (ii) the names of officers of Borrower in the
Lender Publicity Materials; and (iii) Borrower’s name, trademarks or servicemarks in any news release concerning Lender.

(b)              
Neither Borrower nor any of its member businesses and Affiliates shall, without Lender’s consent (which shall not
be unreasonably withheld or delayed), publicize or use (i) Lender’s name (including a brief description of the relationship
between Borrower and Lender), logo or hyperlink to Lender’s web site, separately or together, in written and oral presentations,
advertising, promotional and marketing materials, client lists, public relations materials or on its web site (together, the “Borrower
Publicity Materials”); (ii) the names of officers of Lender in the Borrower Publicity Materials; and (iii) Lender’s
name, trademarks, servicemarks in any news release concerning Borrower, provided, however, that this provision shall not restrict
Borrower from disclosing or using any such information as required by applicable law or regulation.

10.18     
ORIGINAL ISSUE DISCOUNT LEGEND. THE TERM LOAN HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR U.S. FEDERAL INCOME
TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, AND YIELD TO MATURITY OF SUCH LOANS MAY BE OBTAINED
BY WRITING TO BORROWER AT THE ADDRESS SET FORTH IN SECTION 10.2.

SECTION
11. GUARANTY; WAIVERS.

    	 	-38-	 

     

    

(a)              
Guaranty. Each Subsidiary Guarantor unconditionally and irrevocably guarantees to Lender the full and prompt payment
when due (whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise) and performance of
the Secured Obligations (the “Guaranteed Obligations”). The Guaranteed Obligations include interest that, but
for a proceeding under any Insolvency Proceeding, would have accrued on such Guaranteed Obligations, whether or not a claim is
allowed against Borrower for such interest in any such proceeding.

(b)              
Separate Obligation. Each Subsidiary Guarantor acknowledges and agrees that: (i) the Guaranteed Obligations are separate
and distinct from any Indebtedness arising under or in connection with any other document, including under any provision of this
Agreement other than this Section 11, executed at any time by such Subsidiary Guarantor in favor of Lender; and (ii) such
Subsidiary Guarantor shall pay and perform all of the Guaranteed Obligations as required under this Section 11, and Lender
may enforce any and all of its rights and remedies hereunder, without regard to any other document, including any provision of
this Agreement other than this Section 11, at any time executed by such Subsidiary Guarantor in favor of Lender, irrespective
of whether any such other document, or any provision thereof or hereof, shall for any reason become unenforceable or any of the
Indebtedness thereunder shall have been discharged, whether by performance, avoidance or otherwise. Each Subsidiary Guarantor acknowledges
that, in providing benefits to Borrower and Lender is relying upon the enforceability of this Section 11 and the Guaranteed
Obligations as separate and distinct Indebtedness of such Subsidiary Guarantor, and each Subsidiary Guarantor agrees that Lender
would be denied the full benefit of its bargain if at any time this Section 11 or the Guaranteed Obligations were treated
any differently. The fact that the guaranty is set forth in this Agreement rather than in a separate guaranty document is for the
convenience of Borrower and Subsidiary Guarantors and shall in no way impair or adversely affect the rights or benefits of Lender
under this Section 11. Each Subsidiary Guarantor agrees to execute and deliver a separate document, immediately upon request
at any time of Lender, evidencing such Subsidiary Guarantor’s obligations under this Section 11. Upon the occurrence
of any Event of Default, a separate action or actions may be brought against such Subsidiary Guarantor, whether or not Borrower,
any other Subsidiary Guarantor or any other Person is joined therein or a separate action or actions are brought against Borrower,
any such other Subsidiary Guarantor or any such other Person.

(c)              
Limitation of Guaranty. To the extent that any court of competent jurisdiction shall impose by final judgment under
applicable Laws (including sections 544 and 548 of the Bankruptcy Code) any limitations on the amount of any Subsidiary Guarantor’s
liability with respect to the Guaranteed Obligations that Lender can enforce under this Section 11, Lender by its acceptance
hereof accepts such limitation on the amount of such Subsidiary Guarantor’s liability hereunder to the extent needed to make
this Section 11 fully enforceable and nonavoidable.

(d)              
Liability of Subsidiary Guarantors. The liability of any Subsidiary Guarantor under this Section 11 shall
be irrevocable, absolute, independent and unconditional, and shall not be affected by any circumstance that might constitute a
discharge of a surety or guarantor other than the indefeasible payment and performance in full of all Guaranteed Obligations. In
furtherance of the foregoing and without limiting the generality thereof, each Subsidiary Guarantor agrees as follows:

    	 	-39-	 

     

    

(i)                
such Subsidiary Guarantor’s liability hereunder shall be the immediate, direct, and primary obligation of such Subsidiary
Guarantor and shall not be contingent upon Lender’s exercise or enforcement of any remedy it may have against Borrower or
any other Person, or against any collateral or other security for any Guaranteed Obligations;

(ii)             
this Guaranty is a guaranty of payment when due and not merely of collectability;

(iii)           
Lender may enforce this Section 11 upon the occurrence of an Event of Default notwithstanding the existence of any
dispute between Lender, on the one hand, and Borrower or any other Person, on the other hand, with respect to the existence of
such Event of Default;

(iv)            
such Subsidiary Guarantor’s payment of a portion, but not all, of the Guaranteed Obligations shall in no way limit,
affect, modify or abridge such Subsidiary Guarantor’s liability for any portion of the Guaranteed Obligations remaining unsatisfied;
and

(v)              
such Subsidiary Guarantor’s liability with respect to the Guaranteed Obligations shall remain in full force and effect
without regard to, and shall not be impaired or affected by, nor shall such Subsidiary Guarantor be exonerated or discharged by,
any of the following events:

(A)            
any proceeding under any Insolvency Proceeding;

(B)             
any limitation, discharge, or cessation of the liability of Borrower or any other Person for any Guaranteed Obligations
due to any statute, regulation or rule of law, or any invalidity or unenforceability in whole or in part of any of the Guaranteed
Obligations or the Loan Documents;

(C)             
any merger, acquisition, consolidation or change in structure of Borrower or any Subsidiary Guarantor or any other guarantor
or Person, or any sale, lease, transfer or other disposition of any or all of the assets or shares of Borrower or any other Person;

(D)            
any assignment or other transfer, in whole or in part, of Lender’s interests in and rights under this Agreement (including
this Section 11) or the other Loan Documents;

(E)             
any claim, defense, counterclaim or setoff, other than that of prior performance, that Borrower, such Subsidiary Guarantor,
any other Guarantor or any other Person may have or assert, including any defense of incapacity or lack of corporate or other authority
to execute any of the Loan Documents;

    	 	-40-	 

     

    

(F)             
Lender’s amendment, modification, renewal, extension, cancellation or surrender of any Loan Document or any Guaranteed
Obligations;

(G)            
Lender’s exercise or non-exercise of any power, right or remedy with respect to any Guaranteed Obligations or any
collateral;

(H)            
Lender’s vote, claim, distribution, election, acceptance, action or inaction in any proceeding under any Bankruptcy
Law; or

(I)               
any other guaranty, whether by such Subsidiary Guarantor or any other Person, of all or any part of the Guaranteed Obligations
or any other Indebtedness, obligations or liabilities of Borrower to Lender.

(e)              
Consents of Subsidiary Guarantors. Each Subsidiary Guarantor hereby unconditionally consents and agrees that, without
notice to or further assent from such Subsidiary Guarantor:

(i)                
the principal amount of the Guaranteed Obligations may be increased or decreased and additional Indebtedness or obligations
of Borrower under the Loan Documents may be incurred and the time, manner, place or terms of any payment under any Loan Document
may be extended or changed, by one or more amendments, modifications, renewals or extensions of any Loan Document or otherwise;

(ii)             
the time for Borrower’s (or any other Person’s) performance of or compliance with any term, covenant or agreement
on its part to be performed or observed under any Loan Document may be extended, or such performance or compliance waived, or failure
in or departure from such performance or compliance consented to, all in such manner and upon such terms as Lender (as applicable
under the relevant Loan Documents) may deem proper;

(iii)           
Lender may request and accept other guaranties and may take and hold security as collateral for the Guaranteed Obligations,
and may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate, modify, waive, rescind, compromise
or extend such other guaranties or security and may permit or consent to any such action or the result of any such action, and
may apply such security and direct the order or manner of sale thereof; and

(iv)            
Lender may exercise, or waive or otherwise refrain from exercising, any other right, remedy, power or privilege even if
the exercise thereof affects or eliminates any right of subrogation or any other right of such Subsidiary Guarantor against Borrower.

(f)               
Subsidiary Guarantor’s Waivers. Each Subsidiary Guarantor waives and agrees not to assert:

    	 	-41-	 

     

    

(i)                
any right to require Lender to proceed against Borrower, any other Guarantor or any other Person, or to pursue any other
right, remedy, power or privilege of Lender whatsoever;

(ii)             
the defense of the statute of limitations in any action hereunder or for the collection or performance of the Guaranteed
Obligations;

(iii)           
any defense arising by reason of any lack of corporate or other authority or any other defense of Borrower, such Guarantor
or any other Person;

(iv)            
any defense based upon Lender’s errors or omissions in the administration of the Guaranteed Obligations;

(v)              
any rights to set offs and counterclaims;

(vi)            
without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits that
may be derived from or afforded by applicable laws limiting the liability of or exonerating guarantors or sureties, or that may
conflict with the terms of this Section 11; and

(vii)         
any and all notice of the acceptance of this guaranty, and any and all notice of the creation, renewal, modification, extension
or accrual of the Guaranteed Obligations, or the reliance by Lender upon this Guaranty, or the exercise of any right, power or
privilege hereunder.

The Guaranteed Obligations shall conclusively be deemed
to have been created, contracted, incurred and permitted to exist in reliance upon this Guaranty. Each Subsidiary Guarantor waives
promptness, diligence, presentment, protest, demand for payment, notice of default, dishonor or nonpayment and all other notices
to or upon Borrower, each Guarantor or any other Person with respect to the Guaranteed Obligations.

(g)              
Financial Condition of Borrower. No Subsidiary Guarantor shall have any right to require Lender to obtain or disclose
any information with respect to: the financial condition or character of Borrower or the ability of Borrower to pay and perform
the Guaranteed Obligations; the Guaranteed Obligations; any collateral or other security for any or all of the Guaranteed Obligations;
the existence or nonexistence of any other guarantees of all or any part of the Guaranteed Obligations; any action or inaction
on the part of Lender or any other Person; or any other matter, fact or occurrence whatsoever. Each Subsidiary Guarantor hereby
acknowledges that it has undertaken its own independent investigation of the financial condition of Borrower and all other matters
pertaining to this Guaranty and further acknowledges that it is not relying in any manner upon any representation or statement
of Lender with respect thereto.

    	 	-42-	 

     

    

(h)              
Subrogation. Until the Guaranteed Obligations shall be satisfied in full and the Aggregate Commitments shall be terminated,
each Subsidiary Guarantor shall not have, and shall not directly or indirectly exercise: (i) any rights that it may acquire by
way of subrogation under this Section 11, by any payment hereunder or otherwise; (ii) any rights of contribution, indemnification,
reimbursement or similar suretyship claims arising out of this Section 11; or (iii) any other right that it might otherwise
have or acquire (in any way whatsoever) that could entitle it at any time to share or participate in any right, remedy or security
of Lender as against any Borrower or other Guarantors or any other Person, whether in connection with this Section 11, any
of the other Loan Documents or otherwise. If any amount shall be paid to any Subsidiary Guarantor on account of the foregoing rights
at any time when all the Guaranteed Obligations shall not have been paid in full, such amount shall be held in trust for the benefit
of Lender and shall forthwith be paid to Lender to be credited and applied to the Guaranteed Obligations, whether matured or unmatured,
in accordance with the terms of the Loan Documents.

(i)                
Subordination. All payments on account of all Indebtedness, liabilities and other obligations of Borrower to any
Subsidiary Guarantor, whether now existing or hereafter arising, and whether due or to become due, absolute or contingent, liquidated
or unliquidated, determined or undetermined (the “Subsidiary Guarantor Subordinated Indebtedness”) shall be
subject, subordinate and junior in right of payment and exercise of remedies, to the extent and in the manner set forth herein,
to the prior payment in full in Cash or Cash Equivalents of the Guaranteed Obligations. As long as any of the Guaranteed Obligations
(other than unasserted contingent indemnification obligations) shall remain outstanding and unpaid, each Subsidiary Guarantor shall
not accept or receive any payment or distribution by or on behalf of Borrower or any other Subsidiary Guarantor, directly or indirectly,
or assets of Borrower or any other Subsidiary Guarantor, of any kind or character, whether in cash, property or securities, including
on account of the purchase, redemption or other acquisition of Subsidiary Guarantor Subordinated Indebtedness, as a result of any
collection, sale or other disposition of collateral, or by setoff, exchange or in any other manner, for or on account of the Subsidiary
Guarantor Subordinated Indebtedness (“Subsidiary Guarantor Subordinated Indebtedness Payments”), except that,
so long as an Event of Default does not then exist, any Subsidiary Guarantor shall be entitled to accept and receive payments on
its Subsidiary Guarantor Subordinated Indebtedness, in accordance with past business practices of such Subsidiary Guarantor and
Borrower (or any other applicable Subsidiary Guarantor) and not in contravention of any law or the terms of the Loan Documents.

If any Subsidiary Guarantor Subordinated Indebtedness Payments
shall be received in contravention of this Section 11, such Subsidiary Guarantor Subordinated Indebtedness Payments shall
be held in trust for the benefit of Lender and shall be paid over or delivered to Lender for application to the payment in full
in Cash or Cash Equivalents of all Guaranteed Obligations remaining unpaid to the extent necessary to give effect to this Section
11 after giving effect to any concurrent payments or distributions to Lender in respect of the Guaranteed Obligations.

    	 	-43-	 

     

    

(j)                
Continuing Guaranty. This Guaranty is a continuing guaranty and agreement of subordination and shall continue in
effect and be binding upon each Subsidiary Guarantor until termination of the Term Commitment and payment and performance in full
of the Guaranteed Obligations, including Guaranteed Obligations which may exist continuously or which may arise from time to time
under successive transactions, and each Subsidiary Guarantor expressly acknowledges that this guaranty shall remain in full force
and effect notwithstanding that there may be periods in which no Guaranteed Obligations exist. This Guaranty shall continue in
effect and be binding upon each Subsidiary Guarantor until actual receipt by Lender of written notice from such Subsidiary Guarantor
of its intention to discontinue this Guaranty as to future transactions (which notice shall not be effective until noon on the
day that is five Business Days following such receipt); provided that no revocation or termination of this guaranty shall affect
in any way any rights of Lender hereunder with respect to any Guaranteed Obligations arising or outstanding on the date of receipt
of such notice, including any subsequent continuation, extension, or renewal thereof, or change in the terms or conditions thereof,
or any Guaranteed Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment
of Lender in existence as of the date of such revocation (collectively, “Existing Guaranteed Obligations”),
and the sole effect of such notice shall be to exclude from this Guaranty Guaranteed Obligations thereafter arising which are unconnected
to any Existing Guaranteed Obligations.

(k)              
Reinstatement. This Guaranty shall continue to be effective or shall be reinstated and revived, as the case may be,
if, for any reason, any payment of the Guaranteed Obligations by or on behalf of Borrower (or receipt of any proceeds of collateral)
shall be rescinded, invalidated, declared to be fraudulent or preferential, set aside, voided or otherwise required to be repaid
to Borrower, its estate, trustee, receiver or any other Person (including under any Bankruptcy Law), or must otherwise be restored
by Lender, whether as a result of proceedings under any bankruptcy law or otherwise. All losses, damages, costs and expenses that
Lender may suffer or incur as a result of any voided or otherwise set aside payments shall be specifically covered by the indemnity
in favor of Lender contained in Section 11.

(l)                
Substantial Benefits. The Term Loan provided to or for the benefit of Borrower hereunder by Lender has been and is
to be contemporaneously used for the benefit of Borrower and each Subsidiary Guarantor and their respective Subsidiaries. It is
the position, intent and expectation of the parties that Borrower and each Subsidiary Guarantor have derived and will derive significant
and substantial benefits from the Term Loan to be made available by Lender under the Loan Documents. Each Subsidiary Guarantor
has received at least “reasonably equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and
in comparable provisions of other applicable Laws) and more than sufficient consideration to support its obligations hereunder
in respect of the Guaranteed Obligations. Immediately prior to and after and giving effect to the incurrence of each Subsidiary
Guarantor’s obligations under this Guaranty, such Subsidiary Guarantor will be solvent and will not be subject to any Insolvency
Proceedings.

    	 	-44-	 

     

    

(m)            
KNOWING AND EXPLICIT WAIVERS. EACH SUBSIDIARY GUARANTOR ACKNOWLEDGES THAT IT EITHER HAS OBTAINED THE ADVICE OF LEGAL
COUNSEL OR HAS HAD THE OPPORTUNITY TO OBTAIN SUCH ADVICE IN CONNECTION WITH THE TERMS AND PROVISIONS OF THIS SECTION 12.
EACH SUBSIDIARY GUARANTOR ACKNOWLEDGES AND AGREES THAT EACH OF THE WAIVERS AND CONSENTS SET FORTH HEREIN IS MADE WITH FULL KNOWLEDGE
OF ITS SIGNIFICANCE AND CONSEQUENCES, THAT ALL SUCH WAIVERS AND CONSENTS HEREIN ARE EXPLICIT AND KNOWING AND THAT EACH SUBSIDIARY
GUARANTOR EXPECTS SUCH WAIVERS AND CONSENTS TO BE FULLY ENFORCEABLE.

If, while any Subsidiary Guarantor Subordinated Indebtedness
is outstanding, any proceeding under any Bankruptcy Law is commenced by or against Borrower or its property, Lender is hereby irrevocably
authorized and empowered (in the name of Borrower or in the name of any Subsidiary Guarantor or otherwise), but shall have no obligation,
to demand, sue for, collect and receive every payment or distribution in respect of all Subsidiary Guarantor Subordinated Indebtedness
and give acquittances therefor and to file claims and proofs of claim and take such other action (including voting the Subsidiary
Guarantor Subordinated Indebtedness) as it may deem necessary or advisable for the exercise or enforcement of any of the rights
or interests of Lender; and each Subsidiary Guarantor shall promptly take such action as Lender may reasonably request: (A) to
collect the Subsidiary Guarantor Subordinated Indebtedness for the account of Borrower and any Subsidiary Guarantor and to file
appropriate claims or proofs of claim in respect of the Subsidiary Guarantor Subordinated Indebtedness; (B) to execute and deliver
to Lender such powers of attorney, assignments and other instruments as it may request to enable it to enforce any and all claims
with respect to the Subsidiary Guarantor Subordinated Indebtedness; and (C) to collect and receive any and all Subsidiary Guarantor
Subordinated Indebtedness Payments.

(n)              
Any payment on account of an amount that is payable hereunder or under any other Loan Document must be made in United States
Dollars.

(SIGNATURES TO FOLLOW)

 

 

 

    	 	-45-	 

     

    

IN WITNESS WHEREOF, Borrower and Lender have
duly executed and delivered this Loan and Security Agreement as of the day and year first above written.

BORROWER:

AMYRIS, INC.

Signature: /s/ Kathleen Valiasek

Print Name: Kathleen Valiasek

Title: Chief Business Officer

AMYRIS CLEAN BEAUTY, INC.

Signature: /s/ John Melo

Print Name: John Melo

Title: President and CEO

AMYRIS FUELS, LLC

Signature: /s/ Kathleen Valiasek

Print Name: Kathleen Valiasek

Title: Chief Financial Officer

AB TECHNOLOGIES LLC

Signature: /s/ Kathleen Valiasek

Print Name: Kathleen Valiasek

Title: Vice-President

 

[SIGNATURE PAGE TO LOAN AND SECURITY AGREEMENT]

    	 		 

     

    

Lender:

NAXYRIS S.A.

Signature: /s/ Christoph Piel

Print Name: Christoph Piel

Title: Director

Signature: /s/ Jacques Reckinger

Print Name: Jacques Reckinger

Title: Director

 

 

[SIGNATURE PAGE TO LOAN AND SECURITY AGREEMENT]

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