Document:

EX-10.29

 Exhibit 10.29 

FIRST AMENDMENT TO 
 NOTE
PURCHASE AGREEMENT 
 THIS FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Amendment”) is made as of February
3rd , 2020 (the “Effective Date”), by and between Micromidas, Inc., a Delaware corporation (the “Company”), and the undersigned Required Noteholders, as such term is defined in the Note Purchase
Agreement dated November 8, 2019, by and between the Company and the other parties thereto, as amended (the “NPA”). Capitalized terms used herein but not otherwise defined shall have the respective meanings given to them
in the NPA. 
 RECITALS 

A.    The Company previously approved the issuance and sale of up to $6,000,000 of Notes pursuant to the NPA. 

B.    Substantially concurrently herewith, Company plans to enter into that certain Joinder to Note Purchase Agreement, by
and among Company, Gary Bechtel, trustee of the Bechtel 2017 Revocable Trust (“Bechtel”), Evan R. Lundin, an individual (“Lundin”) and Wayne Riley, trustee of the Riley 2006 Revocable Trust
(“Riley” and together with Bechtel and Lundin, the “Joining Purchasers”), whereby the Joining Purchasers will acquire Notes in an aggregate principal amount not to exceed $180,000.00 (the
“Additional Note Amount”). 
 C.    The Joining Purchasers were unintentionally omitted from the
NPA. 
 D.    Section 10.6 of the NPA provides that the NPA may be amended with the written consent of the Company and
the Required Noteholders. 
 E.    The Company and the undersigned, which constitute the Required Noteholders, desire to
amend the NPA to allow the Joining Purchasers to contribute their pro rata share of the First Borrowing (as hereinafter defined). 
 Now,
THEREFORE, in consideration of the foregoing recitals and for other consideration, the adequacy and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

AGREEMENT 

1.    Second Borrowing. On November 14, 2019, Company submitted a Notice of Borrowing under the NPA for a
borrowing in the principal amount of One Million United States Dollars ($1,000,000.00) (the “First Borrowing”). At the time of Company’s next borrowing under the NPA (the “Second Borrowing”),
Company agrees to allow the Joining Purchasers to contribute their pro rata share of the First Borrowing, which pro rata amount is equal to an aggregate amount of Forty Three Thousand Seven Hundred Sixty Three and 68/100 United States
Dollars ($43,763.68), and the remainder of the amount requested under the Second Borrowing shall be contributed by all Purchasers, including the Joining Purchasers, pro rata based on each Purchaser’s Loan Commitment as compared to the Total
Loan Commitment. 
 2.    Schedule of Purchasers. In connection with the acquisition of the Additional Note
Amount by the Joining Purchasers, the Schedule of Purchasers in the NPA is hereby deleted in its entirety and replaced with the Schedule of Purchasers attached hereto as Exhibit A. 

3.    Severability. Any term or provision of this Amendment that is invalid or unenforceable in any situation in
any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

4.    Entire Agreement. The Agreement, as amended by this Amendment, and the other agreements referred to therein,
constitute the entire understanding and agreement among the parties with respect to the subject matter thereof and hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants
and agreements except as specifically set forth therein and herein. Except as modified by this Amendment, the Agreement shall remain in full force and effect in all respects without any modification. 

 5.    Governing Law. The provisions of Sections 10.1 of
the NPA are hereby incorporated by reference as if fully set forth herein. 
 6.    Counterparts. This Amendment
may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Counterparts may also be delivered via facsimile, electronic mail (including, PDF or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be
valid and effective for all purposes. 
 [SIGNATURE PAGES FOLLOW] 

  
 2 

 IN WITNESS WHEREOF, the
parties hereto have executed this FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT as of the date first written above. 

 

			
	 COMPANY:

	
	 MICROMIDAS, INC.,

a Delaware corporation

		
	By:	 	 /s/ John Bissell

	Name:	 	John Bissell
	Title:	 	President
	
	 COLLATERAL AGENT:

	
	 PM OPERATING, LTD.,
 a Texas
limited partnership,

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 REQUIRED NOTEHOLDERS:

	
	 PM OPERATING, LTD.,

a Texas limited partnership,

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 PEPSICO, INC.,

a North Carolina corporation,

		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO NOTE PURCHASE AGREEMENT] 

 IN WITNESS
WHEREOF, the parties hereto have executed this FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT as of the date first written above. 

 

			
	 COMPANY:

	
	 MICROMIDAS, INC.,

a Delaware corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 COLLATERAL AGENT:

	
	 PM OPERATING, LTD.,

a Texas limited partnership,

		
	By:	 	 /s/ Anne M. Smelling

	Name:	 	Anne M. Smelling
	Title:	 	
	
	 REQUIRED NOTEHOLDERS:

	
	 PM OPERATING, LTD.,

a Texas limited partnership,

		
	By:	 	 /s/ Anne M. Smelling

	Name:	 	Anne M. Smelling
	Title:	 	
	
	 PEPSICO, INC.,

a North Carolina corporation,

		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO NOTE PURCHASE AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT as of the date first written above. 

 

			
	 COMPANY:

	
	 MICROMIDAS, INC.,

a Delaware corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 COLLATERAL AGENT:

	
	 PM OPERATING, LTD.,
 a Texas
limited partnership,

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 REQUIRED NOTEHOLDERS:

	
	 PM OPERATING, LTD.,

a Texas limited partnership,

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 PEPSICO, INC.,

a North Carolina corporation,

		
	By:	 	 /s/ Christopher A. Saikus

	Name:	 	Christopher A. Saikus
	Title:	 	VP Technology Ventures

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO NOTE PURCHASE AGREEMENT] 

 EXHIBIT A 

SCHEDULE OF PURCHASERS 
  

					
	 Name and Address
	  	Committed Loan Amount	 
		
	 Alex & Kristin Millar
	  	$	100,000	 
		
	 Buff, Amanda Trust Under Deed of Trust Dated January 11, 1997
	  	$	30,000	 
		
	 Buff Investments L.P.
	  	$	30,000	 
		
	 Buff, Jonathan David Trust Under Deed of Trust Dated January 11, 1997
	  	$	25,000	 
		
	 Buff, Jon Charles
	  	$	65,000	 
		
	 Istock Family Trust as Amended and Restated in 2016
	  	$	100,000	 
		
	 PM Operating Ltd. c/o HM International
	  	$	1,500,000	 
		
	 OM Funding I, LLC
	  	$	400,000	 
		
	 PepsiCo, Inc.
	  	$	1,500,000	 
		
	 Richard Fownes
	  	$	88,000	 
		
	 Richard J. Riley Separate Property Trust
	  	$	250,000	 
		
	 Todd C. Vanett and Barbara S. Vanett
	  	$	25,000	 
		
	 Bechtel 2017 Revocable Trust
	  	$	50,000	 
		
	 Evan R. Lundin
	  	$	30,000	 
		
	 Riley 2006 Revocable Trust
	  	$	100,000EX-10.30

 Exhibit 10.30 

THIS SENIOR SECURED CONVERTIBLE PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED
EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR UNLESS SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT. 

SENIOR SECURED CONVERTIBLE PROMISSORY NOTE 

$[                       
                  ] 
 October [    
], 2019 
 FOR VALUE RECEIVED, MICROMIDAS, INC., a
Delaware corporation (the “Company”), hereby promises to pay to the order of
[                                         ,
a                                        ] (the
“Purchaser”), in lawful money of the United States of America and in immediately available funds, the principal sum of
[                                         ]
United States Dollars
(US$[                                         ])
(or such lesser amount as is then outstanding) (the “Loan”) with simple interest accruing on the outstanding principal amount thereof at the rate of 10% per annum. Interest shall commence with the date hereof and shall
continue on the outstanding principal until paid in full or converted. Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed. All unpaid interest and principal shall be due and payable on June 30, 2020
(the “Maturity Date”). 
 1.    Defined Terms. All capitalized terms used herein
and not otherwise defined herein shall have the respective meanings given to them or used in the Note Purchase Agreement described below. 

2.    Series of Notes. This Senior Secured Convertible Promissory Note (as amended, restated, supplemented
or otherwise modified, this “Note”) is issued as part of a series of similar notes to be issued pursuant to the terms of that certain Note Purchase Agreement dated as of October [ ], 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), to the persons and entities listed on the Schedule of Purchasers thereof. 

3.    Loan. The Purchaser shall make available the Loan to the Company on the terms and subject to the
conditions set forth in the Note Purchase Agreement. The Purchaser shall make or cause to be made, an appropriate notation on the Exhibit A attached hereto reflecting the amount of each borrowing and repayment on the Maturity Date;
provided, that the failure of the Purchaser to make or cause to be made any such notation shall not result in any liability of the Purchaser. The outstanding amount of this Note set forth on such Exhibit A shall be prima facie evidence
of the principal amount thereof outstanding, but the failure to record, or any error in so recording, shall not limit or otherwise affect the obligations of the Company to make payments of principal of or interest on this Note when due. 

  
 1. 

 4.    Basic Terms 

4.1    Payments. All payments of interest and principal shall be in lawful money of the United States of
America and shall be made pro rata among all Holders. 
 4.2    No Prepayment. The Company may not
voluntarily prepay this Note at any time. 
 4.3    Place of Payment. All amounts payable hereunder shall
be payable at the office of the Purchaser, [         ], unless another place of payment shall be specified in writing by the Purchaser. 

4.4    Application of Payments. Payment on this Note shall be applied as set forth in Section 6.3 of
the Note Purchase Agreement. 
 4.5    Use of Proceeds. The Company shall use the proceeds of the Loan as
set forth in Section 8.2(c) of the Note Purchase Agreement. 
 4.6    Maturity. Unless this Note has
been converted in accordance with the terms of Section 5 below, the entire outstanding principal balance and all unpaid accrued interest and other Obligations shall become fully due and payable on the Maturity Date. 

4.7    Security. The Obligations of the Company evidenced by this Note shall be guaranteed by the
Subsidiaries and secured by a Lien on substantially all of each Note Party’s assets as described in the other Loan Documents. 

4.8    Acceleration. If an Event of Default occurs and is continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price and with the effect provided in the Note Purchase Agreement. 

5.    Conversion upon a Qualified Financing; Liquidation. 

5.1    Conversion. In the event that the Company issues and sells shares of the Series D Preferred Stock of
the Company (the “Series D Preferred Shares”) to investors (the “Investors”) in a Qualified Financing (as defined below) that is consummated prior to the Maturity Date (or if the Notes are not repaid
in full on the Maturity Date, such later date prior to the repayment of the Notes in full as may be specified in writing from time to time by the Required Noteholders), then the outstanding principal amount of this Note and any unpaid accrued
interest shall automatically convert in whole without any further action by the Holder into Series D Preferred Shares at a conversion price equal to the cash price paid per share paid for the Series D Preferred Shares by the Investors in the
Qualified Financing multiplied by 0.70. The issuance of Series D Preferred Shares pursuant to the conversion of this Note shall be upon and subject to the same terms and conditions applicable to Series D Preferred Shares in the Qualified Financing
(except that the Notes shall be converted into Series D Preferred Shares at the conversion price specified in the immediately preceding sentence). As used herein, the term “Qualified Financing” means a bona fide arms-length
equity financing in which the Company issues Series D Preferred Shares to Investors in exchange for total cash proceeds received by the Company equal to not less than $50,000,000 (including the outstanding principal amount of the Notes and the
unpaid accrued 

  
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interest thereon that are converted into Series D Preferred Shares pursuant to this Section 5.1 and the corresponding conversion provisions of the Notes); provided, however, that such
an equity financing shall only be deemed a Qualified Financing if (i) such financing has been approved by and on behalf of the Company by the Board of Directors of the Company in accordance with the applicable requirements set forth in the
organizational documents of the Company and meets all of the other conditions described in the certificate to be delivered pursuant to Section 5.3 and (ii) the proceeds from such equity financing are available in full to the Company as of
the date of consummation thereof (with no portion of such proceeds being withheld or placed in escrow or subject to any other holdback or deferred payment arrangement) for purposes of funding the growth and development of the business of the Company
and its subsidiaries in accordance with the operating budget of the Company in effect as of such date that has been approved by the Board of Directors of the Company. 

5.2    Liquidation Event. Upon the occurrence of a Liquidation Event (as defined below) while this Note
remains outstanding, the Company shall repay the Purchaser in cash in an amount equal to (i) the outstanding principal amount of this Note plus any unpaid accrued interest on the outstanding principal, plus (ii) a repayment premium equal
to 200% of the outstanding principal amount of this Note (the “Liquidation Preference”). For purposes of this Note, a “Liquidation Event” means (i) the voluntary or involuntary liquidation,
dissolution or winding up of the Company or any other event or condition described in clauses (d) or (e) of Section 9.1 of the Note Purchase Agreement; or (ii) a Change of Control. Any repayment pursuant to this paragraph in
connection with a Liquidation Event shall be subject to any required tax withholdings, and may be made by the Company following the Liquidation Event in connection with payment procedures established in connection with such Liquidation Event. 

5.3    Procedure for Conversion. In connection with the conversion of this Note into Series D Preferred
Shares, the Company shall deliver to the Purchaser a certificate of an officer of the Company certifying that (a) the Series D Preferred Shares are being issued in a Qualified Financing, and attaching a description of such Qualified Financing,
together with copies the documents and instruments to be executed and entered into in connection with the same (including, but not limited to, any certificate of designation and share purchase or similar agreement), (b) the issuance of Series D
Preferred Shares in the Qualified Financing will not (i) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or governmental authority applicable to
the Company or any Subsidiary or (ii) violate any provision of any statute or other rule, restriction or regulation of any governmental authority applicable to the Company or any Subsidiary, (c) the Company has obtained all consents and
approvals so that the consummation of the Qualified Financing will not contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien (as defined in the Company Security Agreement) in respect of any
property of the Company or any Subsidiary under, any offtake supply agreement, license agreement, indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, regulations or
by-laws, shareholders agreement or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound
or affected; (d) after giving effect to the issuance of Series D Preferred Shares to the Purchaser upon conversion of this Note (the “Conversion Securities”), the Purchaser will have all of the same rights, privileges and
interests in respect of the Conversion Securities as will be granted to the Investors who are making cash payments to the Company in consideration of the issuance of Series D Preferred Shares in the 

  
 3 

 
Qualified Financing and (e) the Conversion Securities issued to the Purchaser will be validly issued, fully paid and nonassessable and will not be issued in violation of any preemptive or
similar rights in favor of any person. Within five business days after the delivery of the foregoing certificate (which shall include each of the requirement representations referred to in the immediately preceding sentence), the Purchaser shall
surrender this Note to the Company and deliver to the Company any documentation reasonably requested by the Company to give effect to the conversion thereof in accordance with this Section 5 (including, in the case of a Qualified Financing, all
financing documents executed by the Investors in connection with such Qualified Financing). The Company shall not be required to issue or deliver the Conversion Securities into which this Note may convert until the Purchaser has surrendered this
Note to the Company and delivered to the Company any such documentation. 
 6.    Waiver of Damages. In no
event shall the Purchaser or the Collateral Agent be liable for punitive, exemplary or consequential damages, including, without limitation, lost profits, whatever the nature of a breach by the Purchaser of its obligations under this Note or any of
the other Loan Documents, and the Company for itself and the Subsidiaries waives all claims for punitive, exemplary or consequential damages. 

7.    Miscellaneous. 

7.1    Amendment and Waiver. Any term of this Note may be amended or waived with the written consent of the
Purchaser and the Company, subject to the of Section 10.6 of the Note Purchase Agreement. 

7.2    Governing Law. This Note and each other Loan Document shall be governed by, construed under 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. Section 10.2 of the Note Purchase Agreement is hereby incorporated,
mutatis mutandi. 
 7.3    Successors and Assigns. The provisions of this Note shall inure to the
benefit of and be binding on any successor to the Company and the Purchaser, except that the Company may not assign or otherwise transfer any of its rights or obligations under this Note without the prior written consent of the Purchaser. 

7.4    Severability. In the event one or more of the provisions of this Note should, for any reason, be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Note, and this Note shall be construed as if such invalid, illegal or unenforceable provision had
never been contained herein. 
 7.5    Mutilated, Destroyed, Lost or Stolen Note. In case this Note shall
become mutilated or defaced, or be destroyed, lost or stolen, the Company shall execute and deliver a new Note of like principal amount in exchange and substitution for the mutilated or defaced Note, or in lieu of and in substitution for the
destroyed, lost or stolen Note. In the case of a mutilated or defaced Note, the Purchaser shall surrender the Note to the Company. In the case of any destroyed, lost or stolen Note, the Purchaser shall furnish to the Company: (i) evidence of
the destruction, loss or theft of such Note and (ii) a customary indemnity as may be reasonably required by the Company. 

  
 4 

 7.6    Waiver. The Company hereby expressly waives
presentment, demand for payment, dishonor, notice of dishonor, protest, notice of protest and any other formality. 
 [signature page
follows] 

  
 5 

							
	COMPANY	 		 	               MICROMIDAS,
INC.,

		 		 	               a Delaware
corporation

							
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Signature Page to Senior Secured Convertible Promissory Note 

 EXHIBIT A 

PRINCIPAL BORROWINGS SCHEDULE 
  

													
	 DATE
	 	
BORROWING
	 	 	
REPAYMENT
	 	 	
PRINCIPAL BALANCE

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