Document:

Amendment to Lease Agreement, dated March 31, 2008

 Exhibit 10.19 
 THIRD AMENDMENT TO LEASE 
 This Third Amendment to Lease (“Amendment”) is entered into, and dated
for reference purposes, as of March 31, 2008 (the “Execution Date”) by and between METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (“Metropolitan”), as Landlord (“Landlord”), and Codexis, Inc. a
Delaware corporation (“Codexis”), as Tenant (“Tenant”), with reference to the following facts (“Recitals”): 
 A. Landlord and Tenant are the parties to that certain written lease which is comprised of the following: that certain written Lease, dated as of October, 2003, by and between Landlord and Tenant (the “Original Lease”) “) for
certain premises described therein and commonly known as 501 Chesapeake Drive in Building 3 and all the rentable area of Building 4 (consisting of 200 and 220 Penobscot Drive (collectively, the “Original Premises”), all as more
particularly described in the Original Lease, as amended by that certain First Amendment to Lease, dated as of June 1, 2004, by and between Landlord and Tenant (the “First Amendment”), as amended by that certain Second Amendment to
Lease, dated as of March 9, 2007, by and between Landlord and Tenant (the “Second Amendment”) for certain premises described therein and commonly known as 640 Galveston Drive, which is part of Building 5 (the “640 Galveston
Premises”), all as more particularly described in the Second Amendment. The Original Lease, as amended, is referred to as the “Existing Lease” and the Original Premises plus the 640 Galveston Premises is collectively referred to as
the “Existing Premises”. 
 B. Landlord and Tenant desire to provide for (i) the lease to Tenant of the Building 2 Space
(defined below) for a term longer than the term applicable respectively to each of the Original Premises and the 640 Galveston Premises; and (ii) other amendments of the Existing Lease as more particularly set forth below. 
 NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants set forth herein and of other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Scope of Amendment; Defined
Terms. Except as expressly provided in this Amendment, the Existing Lease shall remain in full force and effect. Should any inconsistency arise between this Amendment and the Existing Lease as to the specific matters which are the subject of
this Amendment, the terms and conditions of this Amendment shall control. The term “Lease” as used herein and in the Existing Lease shall refer to the Existing Lease as modified by this Amendment. All capitalized terms used in this
Amendment and not defined herein shall have the meanings set forth in the Existing Lease unless the context clearly requires otherwise. 
 Section 2. Confirmation of Term. Landlord and Tenant acknowledge and agree that notwithstanding any provision of the Existing Lease to the contrary: (a) as contemplated by the Existing Lease, the Expiration Date
of the Term of the Lease of the Original Premises is January 31, 2011; (b) as contemplated by the Existing Lease, the 640 Galveston Expiration Date is April 30, 2012; and (c) the initial Term of the Lease of the Building 2 Space
shall expire later as provided below. 
 Section 3. Lease of Building 2 Space. 
 (a) Landlord hereby leases to Tenant and Tenant hereby hires from Landlord the Building 2 Space (defined below) upon and subject to all of the terms,
covenants and conditions of the Existing Lease except as expressly provided herein. “Building 2 Space” is the entire rentable area of Building Number 2 located in Phase I of Seaport Centre at the street address of 400 Penobscot Drive,
Redwood City, California 94063, as shown on Exhibit A to this Amendment. Landlord and Tenant hereby agree that the Building 2 Space is conclusively presumed to be 37,856 rentable square feet. 
 (b) Delivery; Construction & Construction Period; Commencement Date; Term; Other Provisions. Notwithstanding any provision of the
Existing Lease to the contrary, the following provisions shall govern the Building 2 Space: 
 (1) Delivery; Construction;
Construction Period; Commencement Date; Term. Landlord shall tender to Tenant possession of the Building 2 Space in the condition specified in the Workletter (Exhibit B to this Amendment) no later than one (1) business day after
execution of this Amendment by both Tenant and Landlord (the “Projected Commencement Date”). The date on which Landlord actually tenders to Tenant possession of the Building 2 Space shall be the “Building 2 Commencement Date” on
which the Term of this Lease of the Building 2 Space commences, and on and after such date all the terms and conditions of the Lease shall apply, and Tenant shall observe and perform all terms and conditions of the Lease, except that until
April 1, 2008 (the “Building 2 Rent Start Date”), Tenant shall not be obligated to pay Monthly Base Rent or Rent Adjustments. The Term of this Lease of the Building 2 Space (“Building 2 Term”) shall start on the
Building 2 Commencement Date and end March 31, 2013 (the “Building 2 Expiration Date”). 
  

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 (2) Tenant Additions/Tenant Improvements. Subject to Section 4 below, all
improvements permanently affixed to or on Building Number 2 by Tenant under this Amendment or hereafter under this Lease, including, without limitation: (a) walls, ceilings, flooring, building fixtures (such as plumbing, power, lighting and
HVAC systems), including without limitation, all improvements made as part of the Special Tenant Work (described in Exhibit B-2 to the Workletter); (b) all lab benches and corresponding casework, lab sinks, lab or fume hoods,
supplemental or special ventilating and air conditioning equipment, and any and all lab installations and fixtures, shall, without compensation or credit to Tenant, become part of the Building 2 Space and the property of Landlord at the
time of their installation and shall remain in Building Number 2, unless pursuant to Subsection 4 below, other express provision of this Lease or a subsequent written agreement between the parties hereto, Tenant is permitted or required to
remove them. For the avoidance of doubt, the term “permanently affixed” shall not be construed to mean otherwise free-standing equipment that has been secured to the Premises for the primary purpose of seismic stability and/or the
prevention of theft. 
 (3) Confirmation of Commencement Date. Upon request by Landlord, Tenant and Landlord shall
enter into an agreement (the form of which is Exhibit C to this Amendment) confirming the Building 2 Commencement Date and the Building 2 Expiration Date. If within ten (10) business days after Landlord’s request enclosing the
proposed agreement, Tenant fails either (i) to enter into such agreement, or (ii) to give Landlord written notice of any item(s) therein which Tenant believes are incorrect, the corrections(s) proposed by Tenant and reasons therefor, then
the Building 2 Commencement Date and the Building 2 Expiration Date shall be the dates designated by Landlord in such agreement. 
 (4) Failure to Deliver Possession. If Landlord shall be unable to give possession of the Building 2 Space on the Projected Commencement Date by reason of the following: (i) the holding over or retention of possession of any
tenant, tenants or occupants, or (ii) for any other reason, then Landlord shall not be subject to any liability for the failure to give possession on said date. Under such circumstances, by operation of Subsection (1) above, the
Commencement Date is automatically adjusted and determined in relation to the date Landlord actually tenders possession of the Building 2 Space to Tenant. If Landlord tenders possession after March 31, 2008, the Building 2 Rent Start Date
shall be the date on which Landlord tenders possession. Failure to deliver possession on the originally scheduled Projected Commencement Date shall not affect the validity of this Lease or the obligations of the Tenant hereunder. 
 (5) Premises. From and after the delivery of the Building 2 Space to Tenant, the term “Premises” as used in the Lease
shall mean the Existing Premises together with the Building 2 Space. 
 (c) Monthly Base Rent for Building 2 Space. Notwithstanding
any provision of the Existing Lease to the contrary, Monthly Base Rent for the Building 2 Space shall be payable on the Building 2 Rent Start Date and thereafter on the first day of each calendar month of the Building 2 Term, in the manner 

  

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required for Monthly Base Rent in the Existing Lease, but the amounts are additional to rent payable under the Existing Lease, and the amount of Monthly Base
Rent due and payable by Tenant for the Building 2 Space and monthly schedule therefor starting on the Building 2 Commencement Date shall be as set forth in the schedule below: 
  

								
	 Period from/to
	  	Monthly	  	Annual Rate/SF of Rentable Area	 
	 Commencement Date – 03/31/08
	  	*$	0.00	  	$	0.00	 
	 04/01/08 – 09/30/08
	  	$	32,400.00	  	 	(negotiated initial amount	)
	 10/01/08 – 03/31/09
	  	$	68,140.80	  	$	21.60	 
	 04/01/09 – 03/31/10
	  	$	70,191.33	  	$	22.25	 
	 04/01/10 – 03/31/11
	  	$	72,304.96	  	$	22.92	 
	 04/01/11 – 03/31/12
	  	$	74,450.13	  	$	23.60	 
	 04/01/12 – 03/31/13
	  	$	76,689.95	  	$	24.31	 

  

	*	If, and only if, this Amendment is executed and the Premises delivered to Tenant before April 1, 2008, the early occupancy period before April 1, 2008 will be free of
Monthly Base Rent and Rent Adjustments. Tenant shall pay Landlord the initial installment of Monthly Base Rent (for April, 2008) concurrently with execution of this Amendment. 

 (d) Tenant’s Share of Operating Expenses. Notwithstanding any provision of the Existing Lease to the contrary, in addition to Tenant’s
payment of Rent Adjustment Deposits and Rent Adjustments with respect to the Existing Premises, Tenant shall pay Rent Adjustment Deposits and Rent Adjustments with respect to the Building 2 Space starting on the Building 2 Rent Start Date and
continuing during the Building 2 Term, which shall be payable as set forth in the Existing Lease, except that for such purposes Tenant’s Building 2 Share shall be as set forth below, and Tenant’s Phase Share and Tenant’s Project Share
shall be modified as set forth below: 
  

			
	 Tenant’s Building 2 Share:
	  	         100.0%

	 Tenant’s Phase 1 Share:
	  	 28.712%* (see provision below)

	 Tenant’s Project Share:
	  	 16.147%* (see provision below)

  

	*	If the Term of the Original Premises is not extended, then from the later of such expiration or the date Tenant vacates the Original Premises for the remaining Building 2 Term,
Tenant’s Phase 1 Share shall be reduced by 13.05% and Tenant’s Project Share shall be reduced by 7.33%. If the Term of the 640 Galveston Space is not extended, then from the later of such expiration or the date Tenant vacates the 640
Galveston Space for the remaining Building 2 Term, Tenant’s Phase 1 Share shall be reduced by 3.112% and Tenant’s Project Share shall be reduced by 1.747%. 

 (e) Parking. Notwithstanding any provision of the Existing Lease to the contrary, on and after the Building 2 Commencement Date during the
Building 2 Term, Tenant shall have the right to use, on an unassigned basis, an additional one hundred twenty-five (125) Parking Spaces 
 (f) Signage. 
 (1) Grant of Right. Notwithstanding any provision of the Existing Lease to the
contrary, on and after the Building 2 Commencement Date for the Building 2 Term, Tenant shall have the right to (1) place its company name and logo on the door(s) at the main entry to Building Number 2 (the “Entry Signage”); and
(2) only for so long as Tenant leases, is continuously conducting regular, active, ongoing business in, and is in occupancy (and occupancy by a subtenant, licensee or other party permitted or suffered by Tenant shall not satisfy such condition)
of not less than fifty percent (50%) of the entire Building 2 Space, place its company name and logo on its pro-rata share of the signage area on the existing, exterior monument sign for Building Number 2, subject to the terms and
conditions set forth in this Section (“Monument Signage”)(collectively, the Entry Signage and Monument Signage are referred to as the “Exterior Sign Right”). 
  

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 (2) General Conditions & Requirements. The size, type, style, materials,
color, method of installation and exact location of the sign, and the contractor for and all work in connection with the sign, contemplated by this Section shall (i) be subject to Tenant’s compliance with all applicable laws, regulations
and ordinances and with any covenants, conditions and restrictions of record which affect the Property; (ii) be subject to Tenant’s compliance with all requirements of Landlord’s current Project signage criteria at the time of
installation; (iii) be consistent with the design of Building Number 2 and the Project; (iv) be further subject to Landlord’s prior written consent. Tenant shall, at its sole cost and expense, procure, install, maintain in first
class appearance and condition, and remove such sign. 
 (3) Removal & Restoration. Upon the expiration or
termination of the Exterior Sign Right, but in no event later than the expiration of the Building 2 Term or earlier termination of the Lease, Tenant shall, at its sole cost and expense, remove such sign and shall repair and restore the area in which
the sign was located to its condition prior to installation of such sign. 
 (4) Right Personal. The right to Monument
Signage under this Section is personal to Codexis and may not be used by, and shall not be transferable or assignable (voluntarily or involuntarily) to, any person or entity. 
 Section 4. Certain Provisions Re Equipment & Trade Fixtures Entirely Paid for by Tenant; Lender Access
Rights. Notwithstanding any of the foregoing to the contrary, with respect to any part of the Premises (both the Building 2 Space and Existing Premises): 
 (a) if so requested by Tenant in writing (and prominently in all capital and bold lettering which also states that such request is pursuant to Section 4 of the Third Amendment) at the time Tenant requests
approval of any Tenant Work or Tenant Alterations, Landlord shall advise Tenant at the time of Landlord’s approval of such Tenant Work or Tenant Alterations as to whether Landlord will require that such Tenant Work or Tenant Alterations be
removed by Tenant; provided, however, regardless of the foregoing, in any event, Landlord may require removal of any Tenant Work or Tenant Alterations containing Hazardous Material, Tenant’s trade fixtures, and, subject to Section 6.03 of
the Original Lease, cabling and wiring installed for Tenant’s personal property or trade fixtures; 
 (b) with respect to equipment or
trade fixtures (but not walls, ceilings, flooring or building fixtures, such as plumbing, power, lighting, HVAC systems) hereafter permanently affixed and paid for entirely by Tenant (without reimbursement in full or part out of any funds provided
by Landlord), which items are specifically identified in writing delivered by Tenant to Landlord, including the building address and location within the building where the items are located, with substantiation by Tenant that such items have been
paid for entirely by Tenant, then such equipment and trade fixtures shall become the property of Landlord upon the expiration or earlier termination of the Term of the Lease as to the part of the Premises in which such item is located, and Landlord
will not unreasonably withhold its consent to a written request by Tenant that such items be part of the Limited Collateral covered by a Landlord’s Consent to Encumbrance of Limited Collateral (more particularly described in Section 4(c)
below). 
 (c) in the event that Tenant borrows money and/or obtains other financial accommodations up to an aggregate indebtedness or line
of credit in the amount of Fifteen Million Dollars ($15,000,000.00) from General Electric Capital Corporation (“GECC”) (for its own account and/or as agent for a group of lenders) or an institutional lender which is its successor or
assign, or which provides substitute or replacement financing (“Lender”), and in connection therewith grants the Lender a security interest in “Limited Collateral” (as defined in the form of “Landlord’s Consent to
Encumbrance of Limited Collateral” which is set forth in Exhibit D to this Amendment) (and any agreement evidencing the foregoing loan and security agreement is referred to as a “Loan Agreement”), provided that there shall
be no more than one such Lender with a security interest in the Limited Collateral at any one time, then upon written request from Tenant, during the term of any such Loan Agreement Landlord agrees that it will enter into an agreement providing
Lender access to the Premises for the sole purpose of enforcing and perfecting the security interest of such Lender in the Limited Collateral, on those terms and conditions contained in the form of “Landlord’s Consent to Encumbrance of
Limited Collateral” which is set forth as Exhibit D to this Amendment. 
  

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 Section 5. Increase in the Security. Notwithstanding any provision of the
Existing Lease to the contrary: 
 (a) Tenant and Landlord acknowledge that pursuant to Section 5.02 of the Existing Lease, Tenant
elected to deliver the Letter of Credit in lieu of cash Security Deposit, and immediately prior to execution of this Amendment, the amount of the Letter of Credit required under the Existing Lease and held by Landlord is Four Hundred Fifty-three
Thousand Six Hundred Twenty-four Dollars ($453,624); 
 (b) The amount of Security Deposit and Letter of Credit required as of the Execution
Date of this Amendment is hereby increased by One Hundred Fifty-three Thousand Three Hundred Eighty Dollars ($153,380) and simultaneously with delivering to Landlord this Amendment signed by Tenant, Tenant shall deliver to Landlord an amendment or
replacement of the Letter of Credit which increases the amount of the Letter of Credit to Six Hundred Seven Thousand and Four Dollars ($607,004); 
 (c) The text of Section 5.02(c) of the Existing Lease (as amended by Section 4(c) of the Second Amendment) is deleted and the following is inserted in its place: 
 “Notwithstanding anything to the contrary contained herein, after the Execution Date of the Third Amendment to Lease, the following reduction
provisions shall apply. If Tenant is not in Default under the Lease on February 1, 2008, an amendment or replacement of the Letter of Credit may be issued which decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of
Credit to the revised total amount of Five Hundred Sixty-two Thousand and Four Dollars ($562,004). If Tenant is not in Default under the Lease on February 1, 2009, an amendment or replacement of the Letter of Credit may be issued which
decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to the revised total amount of Five Hundred Seventeen Thousand and Four Dollars ($517,004). If Tenant is not in Default under the Lease on February 1, 2010,
an amendment or replacement of the Letter of Credit may be issued which decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to the revised total amount of Four Hundred Seventy-two Thousand and Four Dollars
($472,004).” 
 (d) The second sentence of Section 5.02(a) (as amended by Section 4(d) of the Second Amendment) is deleted and
the following is inserted in its place: “The Letter of Credit shall be maintained in effect until the “LOC Expiration Date”, which shall mean the date which is ninety (90) days after the last to occur of the four events specified
in Section 5.02(d) of the Existing Lease or the 640 Galveston Expiration Date or the Building 2 Expiration Date, and provided that on the LOC Expiration Date, Tenant shall not be in Default, Landlord shall return to Tenant the Letter of Credit
and any Letter of Credit Proceeds then held by Landlord (other than those held for application by Landlord on account of a Default as provided below)” 
 Section 6. Excess Rent. Notwithstanding anything to the contrary contained the Existing Lease, solely with respect only to the Building 2 Space, in determining “Excess Rent” in
conjunction with the sublease or assignment of any of the Building 2 Space, Section 10.03 of the Existing Lease is amended to add the following to the end of the first sentence thereof: “; and (4) Excess Initial Improvements. For
purposes of this Section 10.03, “Excess Initial Improvements” shall mean (w) the amount of actual out-of-pocket costs incurred by Tenant to build the Tenant Work in or on Building Number 2 (excluding Tenant’s moveable
personal property) in excess of the Allowance (in the aggregate, including the allowances provided for specific purposes), provided that Tenant has provided Landlord with a detailed itemization of such costs and receipts therefor, (x) which sum
shall be divided by the Rentable Area of the Building 2 Space, (y) which quotient shall be further divided by sixty (60), and (z) which quotient shall be multiplied by the rentable area of the portion of the Building 2 Space being assigned
or subleased.” 
  

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 Section 7. Negotiation Right. 
 (a) Landlord hereby grants Tenant a one-time right to negotiate the lease of the 600 Galveston Negotiation Space (defined below). if and to the extent
such space is Available (defined below) during the period beginning on the Execution Date of this Amendment and expiring twenty-four (24) months prior to the Expiration Date of the Building 2 Term (the “Negotiation Period”), upon and
subject to the terms and conditions of this Section (the “Negotiation Right”), and provided that at the time of exercise of such right: (i) Tenant must be conducting regular, active, ongoing business in, and be in occupancy (and
occupancy by a subtenant, licensee or other party permitted or suffered by Tenant shall not satisfy such condition) of the entire Building 2 Space; and (ii) there has been no material adverse change in Tenant’s financial position from
such position as of the date of execution of the Lease, as certified by Tenant’s independent certified public accountants, and as supported by Tenant’s certified financial statements, copies of which shall be delivered to Landlord with
Tenant’s written notice exercising its right hereunder. Without limiting the generality of the foregoing, Landlord may reasonably conclude there has been a material adverse change if Tenant’s independent certified public accountants do not
certify there has been no such change. 
 (b) The “600 Galveston Negotiation Space” shall mean the leaseable space with a street
address of 600 Galveston Drive and Rentable Area of approximately 25,438 square feet. For purposes of this Negotiation Right, the term “Available” shall mean that the space in question is either: (1) vacant and free and clear of all
“Prior Rights” (defined below); or (2) space as to which Landlord has received a proposal, or Landlord is making a proposal, for a lease or rights of any nature applicable in the future when such space would be free and clear of all
Prior Rights. For purposes of this Negotiation Right, the term “Prior Rights” shall mean rights of other parties, including without limitation, a lease, lease option, or option or other right of extension, renewal, expansion, refusal,
negotiation or other right, either: (i) pursuant to any lease or written agreement which is entered into on or before the Execution Date of this Amendment; or (ii) pursuant to any extensions or renewal of any of the foregoing, whether or
not set forth in such lease or written agreement, and Landlord shall be free at any time to enter such extension or renewal; or (iii) pursuant to any amendment or modification of any of the foregoing, and Landlord shall be free at any time to
enter such amendment or modification. 
 (c) Nothing herein shall be deemed to limit or prevent Landlord from marketing, discussing or
negotiating with any other party for a lease of, or rights of any nature as to, any part of the Negotiation Space, but during the Negotiation Period before Landlord makes any written proposal to any other party (other than a party with Prior Rights)
for any Negotiation Space which becomes Available (including giving a written response to any proposal or offer received from another party), or contemporaneously with making any such proposal, and in any event within thirty (30) days after
such space becomes vacant and free and clear of all Prior Rights, Landlord shall give Tenant written notice (“Landlord’s Notice”), which notice identifies the space Available and Landlord’s estimate of the projected date such
space will be vacant and deliverable to Tenant. Notwithstanding any of the foregoing to the contrary, Tenant acknowledges that: (i) Landlord has disclosed that as of the Execution Date of this Amendment, the 600 Galveston Negotiation Space is
vacant and free and clear of all Prior Rights, and that after the Execution Date of this Lease, Landlord has the right at any time to give Landlord’s Notice with respect to such space. For a period of five (5) business days after Landlord
gives Landlord’s Notice (the “Election Notice Period”), Tenant shall have the right to initiate negotiations in good faith for the lease of all (and not less than all) the space identified in Landlord’s Notice by giving Landlord
written notice (“Election Notice”) of Tenant’s election to exercise its Negotiation Right to lease such space. 
 (d) If
Tenant timely and properly gives the Election Notice, Landlord and Tenant shall, during the five (5) business day period (the “Second Period”) following Landlord’s receipt of the Election Notice, negotiate in good faith for the
lease of the Negotiation Space which is the subject of the Landlord Notice as set forth below. Any lease by Tenant pursuant to this Negotiation Right: (1) shall be for all (and not less than all) the Negotiation Space which is the subject of
the Landlord Notice; (2) the subject Negotiation Space shall, upon delivery, be part of the Premises under the Lease, such that the term “Premises” thereafter shall include the subject Negotiation Space; (3) starting on such
delivery date, with respect to the subject Negotiation Space Tenant shall additionally pay Tenant’s Share of Operating Expenses, with 

  

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Tenant’s Share recalculated to reflect addition of the Negotiation Space; (4) the number of parking spaces applicable to the subject Negotiation
Space shall be calculated at the rate of 3.3 spaces per 1000 square feet of Rentable Area of the subject Negotiation Space, and the type of, location of and charge for such spaces shall be as otherwise provided in the Lease; and (5) such lease
shall be upon and subject to all the other terms, covenants and conditions provided in the Lease, except that the following terms shall be subject to such negotiation and agreement of the parties: (aa) the amount of the Monthly Base Rent with
respect to the Negotiation Space; (bb) the term of the lease of the Negotiation Space shall be subject to negotiation, but shall not be less than the Term of the Lease of the Building 2 Space (including any extension pursuant to the Option to
Extend); (cc) any improvements or alterations to be done, or allowance therefor, if any, specifically agreed upon, and absent such agreement, Tenant shall accept the Negotiation Space in its then AS IS condition without any obligation of Landlord to
repaint, remodel, improve or alter the subject Negotiation Space for Tenant’s occupancy or to provide Tenant any allowance therefor, but such space shall be delivered broom clean and free of all tenants or occupants (and their personal
property); (dd) increase in the Security; and (ee) Landlord shall deliver the subject Negotiation Space to Tenant in such AS IS condition no later than thirty (30) days after Landlord regains possession of such space, but in no event shall
Landlord have any liability for failure to deliver the subject Negotiation Space to Tenant on any projected delivery date due to the failure of any occupant to timely vacate and surrender such space or due to Force Majeure, and such failure shall
not be a default under the Lease or impair its validity. The foregoing obligation of Landlord to negotiate is non-exclusive and nothing herein shall be deemed to prevent Landlord from negotiating with any other party for the Negotiation Space,
whether or not Landlord and Tenant are negotiating for the same, but any other such negotiation shall be subject to the aforesaid obligation to negotiate with Tenant in good faith. 
 (e) If Tenant either fails or elects not to exercise its Negotiation Right as to the Negotiation Space covered by Landlord’s Notice by not giving
its Election Notice within the Election Notice Period, or if Tenant gives Tenant’s Election Notice but Tenant and Landlord do not execute (1) a written letter of intent reflecting the significant business terms for the lease of the
Negotiation Space within five (5) business days after delivery of the Election Notice, and (2) a corresponding amendment prepared by Landlord within five (5) days after Landlord gives Tenant such proposed amendment, then in any such
event Tenant’s Negotiation Right shall terminate, and be null and void, as to the subject space identified in the applicable Landlord’s Notice (but not as to any Negotiation Space subject to this Negotiation Right which has not become
Available and been included in a Landlord’s Notice), and at any time thereafter Landlord shall be free to lease and/or otherwise grant options or rights to the subject space on any terms and conditions whatsoever free and clear of the
Negotiation Right. 
 (f) During any period that Tenant does not occupy the entire Premises or that there is an uncured default by Tenant
under the Lease, or any state of facts which with the passage of time or the giving of notice, or both, would constitute such a default, the Negotiation Right shall not apply and shall be ineffective and suspended, and Landlord shall not be
obligated to give a Landlord’s Notice as to any space which becomes Available during such suspension period, and Landlord shall not be obligated to negotiate (or enter into any amendment) with respect to any Negotiation Space which was the
subject of a pending Landlord’s Notice for which an amendment has not been fully executed, and during such suspension period Landlord shall be free to lease and/or otherwise grant options or rights to such space on any terms and conditions
whatsoever free and clear of the Negotiation Right. The Negotiation Right shall terminate upon any of the following: (1) the termination of the Lease, whether by Landlord upon the occurrence of a Tenant default or otherwise; or (2) the
failure of Tenant timely to exercise, give any notices, perform or agree, within any applicable time period specified above, with respect to any Negotiation Space which was the subject of any Landlord’s Notice. 
 (g) The Negotiation Right is personal to Codexis and may not be used by, and shall not be transferable or assignable (voluntarily or involuntarily) to
any person or entity. 
 Section 8. Option to Extend. The Option to Extend set forth in Section 26.21 of the
Existing Lease shall apply to the Building 2 Space as part of the Premises, but as to only the Building 2 Space the Option to Extend shall be modified as follows (such Option, as modified, may be referred to as the “Building 2 Option to
Extend”): (a) there shall be a separate and distinct Option Term with respect to the 

  

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Building 2 Space which shall commence immediately after the Building 2 Expiration Date and shall expire five years thereafter (the “Building 2 Option
Term”), and Tenant and Landlord acknowledge and agree that the Building 2 Option Term shall expire later than the expiration of the Option Terms respectively for each of the Original Premises and the 640 Galveston Space; (b) the Prevailing
Market Rent for the Building 2 Option Term shall be determined for the Building 2 Space and the type and quality of tenant improvements for it, but the monthly rate of the Option Term Rent for the Building 2 Space shall be not less than the monthly
rate of the Preceding Rent for the last month of the initial Building 2 Term; and (c) the period within which the Building 2 Option to Extend may be exercised shall be calculated in reference to the Building 2 Expiration Date. 
 Section 9. Brokers. Notwithstanding any other provision of the Existing Lease to the contrary, Tenant represents that in
connection with this Amendment it is represented by CB Richard Ellis (“Tenant’s Broker”) and, except for Tenant’s Broker and Cornish and Carey Commercial (“Landlord’s Broker”) identified below, Tenant has not dealt
with any real estate broker, sales person, or finder in connection with this Amendment, and no such person initiated or participated in the negotiation of this Amendment. Tenant hereby indemnifies and agrees to protect, defend and hold Landlord and
Landlord’s Broker harmless from and against all claims, losses, damages, liability, costs and expenses (including, without limitation, attorneys’ fees and expenses) by virtue of any broker, agent or other person claiming a commission or
other form of compensation by virtue of alleged representation of, or dealings or discussions with, Tenant with respect to the subject matter of this Amendment, except for Landlord’s Broker and except for a commission payable to Tenant’s
Broker to the extent provided for in a separate written agreement between Tenant’s Broker and Landlord’s Broker. Tenant is not obligated to pay or fund any amount to Landlord’s Broker, and Landlord hereby agrees to pay such
commission, if any, to which Landlord’s Broker is entitled in connection with the subject matter of this Amendment pursuant to Landlord’s separate written agreement with Landlord’s Broker. Such commission shall include an amount to be
shared by Landlord’s Broker with Tenant’s Broker as agreed to by Tenant’s Broker and Landlord’s Broker in a separate agreement between themselves to share the commission paid to Landlord’s Broker by Landlord such that
Tenant’s Broker will receive a commission equal to one dollar ($1.00) per rentable square foot per year of the Building 2 Term. The provisions of this Section shall survive the expiration or earlier termination of the Lease. 
 Section 10. Attorneys’ Fees. Each party to this Amendment shall bear its own attorneys’ fees and costs incurred in
connection with the discussions preceding, negotiations for and documentation of this Amendment. In the event that either party brings any suit or other proceeding with respect to the subject matter or enforcement of this Amendment or the Lease, the
parties acknowledge and agree that the provisions of Section 11.03 of the Existing Lease shall apply. 
 Section 11.
Effect of Headings; Recitals: Exhibits. The titles or headings of the various parts or sections hereof are intended solely for convenience and are not intended and shall not be deemed to or in any way be used to modify, explain or place
any construction upon any of the provisions of this Amendment. Any and all Recitals set forth at the beginning of this Amendment are true and correct and constitute a part of this Amendment as if they had been set forth as covenants herein.
Exhibits, schedules, plats and riders hereto which are referred to herein are a part of this Amendment. 
 Section 12. Entire
Agreement; Amendment. is Amendment taken together with the Existing Lease, together with all exhibits, schedules, riders and addenda to each, constitutes the full and complete agreement and understanding between the parties hereto and shall
supersede all prior communications, representations, understandings or agreements, if any, whether oral or written, concerning the subject matter contained in this Amendment and the Existing Lease, as so amended, and no provision of the Lease as so
amended may be modified, amended, waived or discharged, in whole or in part, except by a written instrument executed by all of the parties hereto. 
 Section 13. Authority. Each person executing this Amendment represents and warrants that he or she is duly authorized and empowered to execute it, and does so as the act of and on behalf of the party indicated below.
Each party represents and warrants to the other that it has full authority and power to enter into and perform its obligations under this Amendment, that the person executing this Amendment 

  

 Page 8 

 
is fully empowered to do so, and that no consent or authorization is necessary from any third party. Landlord may request that Tenant provide Landlord
evidence of due authorization and execution of this Amendment. 
 Section 14. Counterparts. This Amendment may be executed
in duplicates or counterparts, or both, and such duplicates or counterparts together shall constitute but one original of the Amendment. Each duplicate and counterpart shall be equally admissible in evidence, and each original shall fully bind each
party who has executed it. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set forth above.

  

							
	TENANT:	 		 	CODEXIS, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Alan Shaw

		 		 	Print Name:	 	Alan Shaw
		 		 	Title:	 	 President & CEO
 (Chairman of Board, President or
Vice President)

				
		 		 	By:	 	 /s/ Robert S. Breuil

		 		 	Print Name:	 	Robert S. Breuil
		 		 	Title:	 	 CFO & SVP
 (Secretary, Assistant Secretary, CFO or
Assistant Treasurer)

			
	LANDLORD:	 		 	METROPOLITAN LIFE INSURANCE COMPANY,
		 		 	a New York corporation
				
		 		 	By:	 	 /s/ Joel R. Redmon

		 		 	Print Name:	 	Joel R. Redmon
		 		 	Title:	 	Director

  

 Page 9 

 Exhibit A 
 Site Plan Showing Building 2 Space & Project 
 The Building 2 Space is generally shown as the
Building labeled Building 2 below. Phase III, 
 its Buildings, land and improvements are not a part of the Project as defined in this
Lease, & 
 are shown in this Exhibit for illustration only. 
  

 Exhibit A - Page 1 

 EXHIBIT B 
 WORKLETTER AGREEMENT 
 (TENANT BUILD WITH ALLOWANCE) 
 This Workletter Agreement (“Workletter”) is attached to and a part of a certain Third Amendment to Lease by and between Metropolitan Life
Insurance Company, a New York corporation, as Landlord, and Codexis, Inc., a Delaware corporation, as Tenant, for the Building 2 Space (the “Amendment” and the original lease, as amended shall be referred to as the “Lease”). All
references below to the Premises shall instead be deemed to mean the Building 2 Space and all references to the Building shall instead be deemed to mean Building Number 2. Terms used herein but not defined herein shall have the meaning of such terms
as defined elsewhere in the Lease. For purposes of this Workletter, references to “State” and “City” shall mean the State and City in which the Building is located. 
  

	1.	AS IS Condition; Delivery. 

 Landlord shall deliver
the Premises broom clean in its current “as built” configuration with existing build-out of the tenant space, with the Premises and the Building (including the “Base Building”, as defined below) in their AS IS condition, without
any express or implied representations or warranties of any kind by Landlord, its brokers, manager or agents, or the employees of any of them; and Landlord shall not have any obligation to construct or install any tenant improvements or alterations
or to pay for any such construction or installation except to the extent expressly provided in the Amendment and all exhibits thereto. For purposes hereof, the “Base Building” (sometimes also referred to as the “Base Building
Work”) shall mean the improvements made and work performed during the Building’s initial course of construction and modifications thereto, excluding all original and modified build-outs of any tenant spaces. Notwithstanding any provision
of this Workletter or the Lease to the contrary, to the extent that within three (3) days after the Commencement Date (i) the roof and roof membrane above the Premises, (ii) foundation and structural components of the Base Building,
(iii) Landlord’s fire sprinkler and life-safety systems, if any, of the Base Building, and (iv) the electrical, water, sewer and plumbing systems of the Base Building serving the Premises (but only from the local utility’s
systems to the point of entry into the Premises or to the meter or other point after which such system serves exclusively the Premises) are not in good working condition, except to the extent any of the foregoing are to be removed, demolished or
altered by Tenant, and within three (3) days after the Commencement Date Tenant gives Landlord written notice specifying what is not in good working condition, Landlord shall make necessary repairs to put such item or items in good working
condition at Landlord’s sole cost and expense. Further, Tenant acknowledges and agrees that Tenant has been afforded ample opportunity to inspect the Premises, the Building and the Project, and has investigated their condition to the extent
Tenant desires to do so. 
  

	2.	Landlord Work. 

 2.1. Notwithstanding any of the
foregoing to the contrary, subject to delays caused by Force Majeure or Tenant Delay (defined below), Landlord, at Landlord’s sole cost and expense, shall perform the work set forth on Exhibit B-1 hereto (“Landlord Work”),
and within ninety (90) days after the Commencement Date shall Substantially Complete (defined below) the Landlord Work and leave the affected area in broom-clean condition with respect to Landlord Work (but Landlord shall not be obligated to do
any clean-up or refuse removal related to construction of Tenant Work). 
 2.2. Tenant acknowledges and agrees that in order to deliver the
Premises to Tenant on the schedule contemplated by this Lease, preparation for and performance of the Landlord Work will require access, work and construction within the Premises after delivery of possession to Tenant, and that 

  

 Exhibit B - Page 1 

 
Landlord and Landlord’s representatives and contractors shall have the right to enter the Premises at all times to perform such work until the Landlord
Work is completed, and that such entry and work shall not constitute an eviction of Tenant in whole or in part and shall in no way excuse Tenant from performance of its obligations under the Lease. Tenant and Landlord acknowledge and agree that the
Landlord Work and necessary coordination and cooperation to accomplish it will cause certain unavoidable level of disturbance, inconvenience, annoyance to Tenant’s use and enjoyment of the Premises, and that in performing such Landlord Work
Landlord shall use commercially reasonable efforts not to unreasonably and materially interfere with Tenant’s construction, installations and business operations. Tenant shall cooperate with Landlord and Landlord’s contractors(s) to allow
the Landlord Work and shall move Tenant’s trade fixtures, furnishings and equipment as reasonably requested by Landlord or Landlord’s contractor(s). The costs of such cooperation and moving, and any related disconnections and installations
of Tenant’s trade fixtures, equipment, phones, furnishings and other personal property, shall be at Tenant’s sole cost and expense. To the extent that Tenant, its contractors or subcontractors delay the Substantial Completion of the
Landlord Work, such delay shall be a “Tenant Delay” and the Landlord Work shall be deemed Substantially Complete on the date such Landlord Work would have been completed but for the delay caused by Tenant, its contractors or
subcontractors. 
 2.3. For purposes of this Workletter, “Substantially Complete” and “Substantial Completion” of the
Landlord Work shall mean the completion of the Landlord Work, except for minor insubstantial details of construction, decoration or mechanical adjustments which remain to be done and which shall not unreasonably and materially interfere with
Tenant’s regular business operations in the Premises. Substantial Completion shall be deemed to have occurred notwithstanding a requirement to complete “punchlist” or similar minor corrective work. Contemporaneously with or promptly
after Substantial Completion of the Landlord Work, Tenant shall have the right to submit a written “punch list” to Landlord, setting forth any incomplete or defective item of construction. Landlord shall complete with reasonable diligence
“punch list” items mutually agreed upon by Landlord and Tenant with respect to the Landlord Work. In addition, Landlord shall repair all latent defects in workmanship and materials of the Landlord Work, provided that Tenant gives Landlord
written notice of any such latent defects within six (6) months after the date of Substantial Completion of the Landlord Work. For purposes of this Section, the term “latent defects” shall mean defects which were not readily apparent
at the time the “punchlist” was formulated. All construction and installation resulting from the Landlord Work shall immediately become and remain the property of Landlord. 
  

	3.	Tenant’s Plans. 

 3.1. Description. At
its expense, Tenant shall employ: 
 (i) one or more architects reasonably satisfactory to Landlord and licensed by the State
(“Tenant’s Architect”) to prepare architectural drawings and specifications for all layout and Premises improvements not included in, or requiring any change or addition to, the AS IS condition and Landlord Work, if any. 

(ii) one or more engineers reasonably satisfactory to Landlord and licensed by the State (“Tenant’s Engineers”) to
prepare structural, mechanical and electrical working drawings and specifications for all Premises improvements not included in, or requiring any change or addition to, the AS IS condition and Landlord Work, if any. 
 All such drawings and specifications are referred to herein as “Tenant’s Plans”. Tenant’s Plans shall be in form and detail sufficient to secure all
applicable governmental approvals. Tenant’s Architect shall be responsible for coordination of all engineering work for Tenant’s Plans and shall coordinate with any consultants of Tenant (the use of which is subject to Landlord’s
consent), and Landlord’s space planner or architect to assure the consistency of Tenant’s Plans with the Base Building Work and Landlord Work (if any). 
  

 Exhibit B - Page 2 

 Tenant shall pay Landlord, within forty-five (45) days of receipt of each invoice from Landlord, the cost incurred
by Landlord for Landlord’s architects and engineers to review Tenant’s Plans for consistency of same with the Base Building Work and Landlord Work, if any. Tenant’s Plans shall also include the following: 
 (a) Final Space Plan: The “Final Space Plan” for the Premises shall include a full and accurate description of room titles,
floor loads, alterations to the Base Building or Landlord Work (if any) or requiring any change or addition to the AS IS condition, and the dimensions and location of all partitions, doors, aisles, plumbing (and furniture and equipment to the extent
same affect floor loading). The Final Space Plan shall (i) be compatible with the design, construction, systems and equipment of the Base Building and Landlord Work, if any; (ii) specify only materials, equipment and installations which
are new and of a grade and quality no less than existing components of the Building when they were originally installed (collectively, (i) and (ii) may be referred to as “Building Standard” or “Building Standards”);
(iii) comply with Laws, (iv) be capable of logical measurement and construction, and (v) contain all such information as may be required for the preparation of the Mechanical and Electrical Working Drawings and Specifications
(including, without limitation, a capacity and usage report, from engineers designated by Landlord pursuant to Section 3.1(b). below, for all mechanical and electrical systems in the Premises). 
 (b) Mechanical and Electrical Working Drawings and Specifications: Tenant shall employ engineers approved by Landlord to prepare
Mechanical and Electrical Working Drawings and Specifications showing complete plans for electrical, life safety, automation, plumbing, water, and air cooling, ventilating, heating and temperature control (collectively, the “Mechanical and
Electrical Working Drawings and Specifications”) and shall employ engineers designated by Landlord to prepare for Landlord a capacity and usage report (“Capacity Report”) for all mechanical and electrical systems in the Premises.

 (c) Issued for Construction Documents: The “Issued for
Construction Documents” shall consist of all drawings ( 1/8” scale) and specifications necessary to construct all
Premises improvements including, without limitation, architectural and structural working drawings and specifications and Mechanical and Electrical Working Drawings and Specifications and all applicable governmental authorities plan check
corrections. 
 3.2. Approval by Landlord. Tenant’s Plans and any revisions thereof shall be subject to Landlord’s
approval, which approval or disapproval: 
 (i) shall not be unreasonably withheld, provided however, that Landlord may
disapprove Tenant’s Plans in its sole and absolute discretion if they (a) adversely affect the structural integrity of the Base Building, including applicable floor loading capacity; (b) adversely affect any of the Building Systems
(as defined below), the Common Areas or any other tenant space (whether or not currently occupied); (c) fail to fully comply with Laws, (d) affect the exterior appearance of the Building; (e) provide for improvements which do not meet
or exceed the Building Standards; or (f) involve any installation on the roof, or otherwise affect the roof, roof membrane or any warranties regarding either. Building Systems collectively shall mean the structural, electrical, mechanical
(including, without limitation, heating, ventilating and air conditioning), plumbing, fire and life-safety (including, without limitation, fire protection system and any fire alarm), communication, utility, gas (if any), and security (if any)
systems in the Building. 
  

 Exhibit B - Page 3 

 (ii) shall not be delayed beyond ten (10) business days with respect to initial
submissions and major change orders (those which impact Building Systems or any other item listed in subpart (i) of Section 3.2 above) and beyond five (5) business days with respect to required revisions and any other change orders.

 If Landlord disapproves of any of Tenant’s Plans, Landlord shall advise Tenant of what Landlord disapproves in reasonable detail. After being so
advised by Landlord, Tenant shall submit a redesign, incorporating the revisions required by Landlord, for Landlord’s approval. The approval procedure shall be repeated as necessary until Tenant’s Plans are ultimately approved. Approval by
Landlord shall not be deemed to be a representation or warranty by Landlord with respect to the safety, adequacy, correctness, efficiency or compliance with Laws of Tenant’s Plans. Tenant shall be fully and solely responsible for the safety,
adequacy, correctness and efficiency of Tenant’s Plans and for the compliance of Tenant’s Plans with any and all Laws. 
 3.3.
Landlord Cooperation. Landlord shall cooperate with Tenant and make good faith efforts to coordinate Landlord’s construction review procedures to expedite the planning, commencement, progress and completion of Tenant Work. Landlord shall
complete its review of each stage of Tenant’s Plans and any revisions thereof and communicate the results of such review within the time periods set forth in Section 3.2 above. 
 3.4. City Requirements. Any changes in Tenant’s Plans which are made in response to requirements of the applicable governmental authorities
and/or changes which affect the Base Building Work shall be immediately submitted to Landlord for Landlord’s review and approval. 
 3.5. “As-Built” Drawings and Specifications. A CADD-DXF file on CD-ROM, pdf versions of the drawings on CD-ROM, and a set of “Xerox” type blackline on bond prints of all “as-built” drawings and
specifications of the Premises (reflecting all field changes and including, without limitation, architectural, structural, mechanical and electrical drawings and specifications) prepared by Tenant’s Architect and Engineers or by Contractors
(defined below) shall be delivered by Tenant at Tenant’s expense to the Landlord within thirty (30) days after completion of the Tenant Work. If Landlord has not received such drawings and CD-ROM(s) within thirty (30) days, Landlord
may give Tenant written notice of such failure. If Tenant does not produce such drawings and CD-ROM(s) within ten (10) days after Landlord’s written notice, Landlord may, at Tenant’s sole cost which may be deducted from the Allowance,
produce such drawings and CD-ROM(s) using Landlord’s personnel, managers, and outside consultants and contractors. Landlord shall receive an hourly rate reasonable for such production. 
  

	4.	Tenant Work. 

 4.1. Tenant Work Defined.

 (a) All tenant improvement work required by the Issued for Construction Documents (including, without limitation, any approved changes,
additions or alterations pursuant to Section 7 below) is referred to in this Workletter as “Tenant Work.” 
 (b) As part of the
Tenant Work Tenant shall perform the work set forth on Exhibit B-2 hereto. 
 4.2. Tenant to Construct. Tenant shall
construct all Tenant Work pursuant to this Workletter, and except to the extent modified by or inconsistent with express provisions of this Workletter, pursuant with the provisions of the terms and conditions of Article Nine of the Lease, governing
Tenant Alterations (except to the extent modified by this Workletter) and all such Tenant Work shall be considered “Tenant Alterations” for purposes of the Lease. 
  

 Exhibit B - Page 4 

 4.3. Construction Contract. All contracts and subcontracts for Tenant Work shall include any
commercially reasonable terms and conditions required by Landlord. 
 4.4. Contractor. Tenant shall select one or more contractors to
perform the Tenant Work (“Contractor”) subject to Landlord’s prior written approval, which shall not unreasonably be withheld. 
 4.5. Division of Landlord Work and Tenant Work. Tenant Work is defined in Section 4.1. above and Landlord Work, if any, is defined in Section 2. 
  

	5.	Tenant’s Expense; Allowance; Special Allowances. 

 5.1. Tenant agrees to pay for all Tenant Work, including, without limitation, the costs of design thereof, whether or not all such costs are included in the “Permanent Improvement Costs” (defined below). Subject to the terms and
conditions of this Workletter, Tenant shall apply the “Allowance” (defined below) to payment of the Permanent Improvement Costs. The term “Permanent Improvement Costs” shall mean the actual and reasonable costs of construction of
that Tenant Work which constitutes permanent improvements to the Premises, actual and reasonable costs of design thereof and governmental permits therefor, costs incurred by Landlord for Landlord’s architects and engineers pursuant to
Section 3.1, and Landlord’s construction administration fee (defined in Section 8.10 below). Provided, however, Permanent Improvement Costs shall exclude costs of “Tenant’s FF& E” (defined below). For purposes of
this Workletter, “Tenant’s FF& E” shall mean furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof. Landlord shall provide Tenant a tenant
improvement allowance (“Allowance”) in the amount equal to Ten Dollars ($10.00) per square foot of the Rentable Area of the Premises (a total of Three Hundred Seventy-eight Thousand Five Hundred Sixty Dollars [$378,560.00]). The Allowance
shall be used solely to reimburse Tenant for the Permanent Improvement Costs. 
 5.2. In addition to the Allowance set forth above, Landlord
shall provide Tenant those certain allowances to be used solely to reimburse Tenant for the actual and reasonable costs incurred by Tenant for the Tenant Work specified on Exhibit B-2 hereto, which allowances consist of the following:
the Special AC Allowance, Special Chiller/Boiler/Air Handler Allowance, Special Energy Management Allowance and Special Compressor and Vacuum Pump Allowance (collectively, the “Special Allowances”). 
 5.3 If Tenant does not utilize one hundred percent (100%) of the Allowance for Permanent Improvement Costs and one hundred percent (100%) of
the Special Chiller/Boiler/Air Handler Allowance, Special Energy Management Allowance and Special Compressor and Vacuum Pump Allowance for the purposes for which each is permitted within one (1) year after the Commencement Date of the Premises,
Tenant shall have no right to the unused portion of the respective Allowance. If Tenant does not utilize one hundred percent (100%) of the Special AC Allowance for the purposes for which it is permitted within two (2) years after the
Commencement Date of the Premises, Tenant shall have no right to the unused portion of the Special AC Allowance. 
  

	6.	Application and Disbursement of the Allowance. 

 6.1. Landlord acknowledges that Tenant will perform the Tenant Work in phases, and that for each phase, Tenant may apply a portion of the Allowance and a portion of one or more of the Special Allowances until either such Allowance or
Special Allowance is exhausted or the time period 

  

 Exhibit B - Page 5 

 
during which such Allowance or Special Allowance may be used has expired. Tenant shall prepare a budget for each phase of the Tenant Work, including the
Permanent Improvement Costs and all other costs of the Tenant Work (a “Budget”) prior to the commencement of such phase, which Budget shall be subject to the reasonable approval of Landlord. Each such Budget shall be supported by such
documentation as Landlord reasonably may require to evidence the total costs for such phase (Landlord and Tenant hereby acknowledge and agree that Tenant will not be required to deliver guaranteed maximum price construction contracts in support of
the Budgets, but instead will deliver a Budget for each phase with built-in contingencies to address potential cost overruns). To the extent the Budget for a phase requires funds in excess of the available Allowance and available Special Allowances
that are applicable to such phase (such excess, an “Excess Cost”), Tenant shall be solely responsible for payment of such Excess Cost. Further, prior to any disbursement of the Allowance by Landlord with respect to a phase, Tenant shall
pay and disburse its own funds for all that portion of the Permanent Improvement Costs included in such phase equal to the sum of (a) such Permanent Improvement Costs in excess of the then-available Allowance allocated to such phase, to the
extent that there is any such excess; plus (b) the amount of “Landlord’s Retention” (defined below). “Landlord’s Retention” shall mean an amount equal to fifteen percent (15%) of the portion of the Allowance
allocated to the phase in question, which Landlord shall retain out of the Allowance and shall not be obligated to disburse unless and until after Tenant has completed the applicable phase of the Tenant Work and complied with Section 6.4 below.
Further, with respect to each phase, Landlord shall not be obligated to make any disbursement of the Allowance unless and until Tenant has provided Landlord with (a) bills and invoices covering all labor and material expended and used,
(b) an affidavit from Tenant stating that all of such bills and invoices have either been paid in full by Tenant or are due and owing, and all such costs qualify as Permanent Improvement Costs, (c) contractors affidavit covering all labor
and materials expended and used, (d) Tenant, contractors and architectural completion affidavits (as applicable), and (e) valid mechanics’ lien releases and waivers pertaining to any completed portion of the Tenant Work which shall be
conditional or unconditional, as applicable, all as provided pursuant to Section 6.2 and 6.4 below. 
 6.2. With respect to each phase
of the Tenant Work and upon Tenant’s full compliance with the provisions of Section 6 for such phase, and if Landlord determines that there are no applicable or claimed stop notices (or any other statutory or equitable liens of anyone
performing any of the Tenant Work for such phase or providing materials for such phase of the Tenant Work) or actions thereon, Landlord shall disburse the applicable portion of the Allowance and/or the Special Allowances, as applicable, as follows:

 (a) In the event of conditional releases, to the respective contractor, subcontractor, vendor, or other person who has
provided labor and/or services in connection with such phase of the Tenant Work, upon the following terms and conditions: (i) such costs are included in the Budget for such phase, are Permanent Improvement Costs, are covered by the Allowance or
Special Allowances, as applicable, and Tenant has completed and delivered to Landlord a written request for payment, in form reasonably acceptable to Landlord, setting forth the exact name of the contractor, subcontractor or vendor to whom payment
is to be made and the date and amount of the bill or invoice, (ii) the request for payment is accompanied by the documentation set forth in Section 6.1; and (iii) Landlord, or Landlord’s appointed representative, has inspected
and approved the work for which Tenant seeks payment; or 
 (b) In the event of unconditional releases, directly to Tenant
upon the following terms and conditions: (i) Tenant seeks reimbursement for costs of Tenant Work which have been paid by Tenant, are included in the Budget for such phase, are Permanent Improvement Costs, and are covered by the Allowance or
Special Allowances, as applicable; (ii) Tenant has completed and delivered to Landlord a request for payment, in form reasonably acceptable to Landlord, setting 

  

 Exhibit B - Page 6 

 
forth the name of the contractor, subcontractor or vendor paid and the date of payment, (iii) the request for payment is accompanied by the
documentation set forth in Section 6.1; and (iv) Landlord, or Landlord’s appointed representative, has inspected and approved the work for which Tenant seeks reimbursement. 
 6.3. Provided that Tenant provides Landlord with the aforementioned documents by the 15th of any month, payment shall be made by Landlord by the 30th day
of the month following the month in which such documentation is provided. Notwithstanding any provision of this Workletter to the contrary, Tenant shall make requests for disbursement of the Allowance or Special Allowances, as applicable, and
Landlord shall be obligated to pay to Tenant such amounts as are payable, no more often than once per calendar month and only if the disbursement is for $100,000.00 or more, and otherwise such requests and payments shall be as set forth above.

 6.4. Prior to Landlord disbursing the Landlord’s Retention to Tenant for a particular phase of the Tenant Work, Tenant shall submit
to Landlord the following items within sixty (60) days after completion of such phase of the Tenant Work: (i) “As Built” drawings and specifications pursuant to Section 3.5 above, (ii) all unconditional lien releases
for all work performed for such phase by all general contractor(s) and subcontractor(s) performing work for such phase, (iii) a “Certificate of Completion” for such phase prepared by Tenant’s Architect, and (iv) a final
report for such phase with supporting documentation detailing all actual costs associated with the Permanent Improvement Costs incurred for such phase. 
  

	7.	Changes, Additions or Alterations. 

 If Tenant
desires to make any non-de minimis change, addition or alteration or desires to make any change, addition or alteration to any of the Building Systems after approval of the Issued for Construction Documents, Tenant shall prepare and submit to
Landlord plans and specifications with respect to such change, addition or alteration. Any such change, addition or alteration shall be subject to Landlord’s approval in accordance with the provisions of Section 3.2 of this Workletter.
Tenant shall be responsible for any submission to and plan check and permit requirements of the applicable governmental authorities. Tenant shall be responsible for payment of the cost of any such change, addition or alteration if it would increase
the Budget and Excess Cost previously submitted and approved pursuant to Section 6 above. 
  

	8.	Miscellaneous. 

 8.1. Scope. Except as
otherwise set forth in the Lease, this Workletter shall not apply to any space added to the Premises by Lease option or otherwise. 
 8.2.
Tenant Work shall include (at Tenant’s expense) for all of the Premises: 
 (a) Landlord approved lighting sensor controls as necessary
to meet applicable Laws; 
 (b) Building Standard fluorescent fixtures in all Premises office areas; 
 (c) Building Standard meters for each of electricity and chilled water used by Tenant shall be connected to the Building’s system and shall be tested
and certified prior to Tenant’s occupancy of the Premises by a State certified testing company; 
 (d) Building Standard ceiling systems
(including tile and grid) and; 
  

 Exhibit B - Page 7 

 (e) Building Standard air conditioning distribution and Building Standard air terminal units. 

8.3. Sprinklers. Subject to any terms, conditions and limitations set forth herein, Landlord shall provide an operative sprinkler system
consisting of mains, laterals, and heads “AS IS” on the date of delivery of the Premises to Tenant. Tenant shall pay for piping distribution, drops and relocation of, or additional, sprinkler system heads and Premises firehose or firehose
valve cabinets, if Tenant’s Plans and/or any applicable Laws necessitate such. 
 8.4. Floor Loading. Floor loading
capacity shall be within building design capacity. Tenant may exceed floor loading capacity with Landlord’s consent, at Landlord’s sole discretion and must, at Tenant’s sole cost and expense, reinforce the floor as required for such
excess loading. 
 8.5. Work Stoppages. If any work on the Real Property other than Tenant Work is delayed, stopped or
otherwise affected by construction of Tenant Work, Tenant shall immediately take those actions necessary or desirable to eliminate such delay, stoppage or effect on work on the Real Property other than Tenant Work. 
 8.6. Life Safety. Tenant (or Contractor) shall employ the services of a fire and life-safety subcontractor reasonably satisfactory to Landlord for
all fire and life-safety work at the Building. 
 8.7. Locks. Tenant agrees to purchase from Landlord or its representative all
cylinders and keys used in locks used in the Premises. 
 8.8. Authorized Representatives. Tenant has designated Loren Barrett to act
as Tenant’s representative with respect to the matters set forth in this Workletter. Such representative(s) shall have full authority and responsibility to act on behalf of Tenant as required in this Workletter. Tenant may add or delete
authorized representatives upon five (5) business days notice to Landlord. 
 8.9. Access to Premises. Promptly after execution
of this Amendment, Tenant and its architects, engineers, consultants, and contractors shall have access at reasonable times and upon advance notice and coordination with the Building management, to the Premises for the purpose of planning and
conducting Tenant Work. Such access shall not in any manner interfere with Landlord Work, if any. Such access, and all acts and omissions in connection with it, shall be subject to and governed by all other provisions of the Lease, including,
without limitation, Tenant’s indemnification obligations, insurance obligations, etc, except for the payment of Base Rent and Additional Rent. To the extent that such access by Tenant delays the Substantial Completion of the Landlord Work (if
any), such delay shall be a Tenant Delay and the Landlord Work shall be deemed Substantially Complete on the date such Landlord Work would have been completed but for such access. 
 8.10. Fee. Landlord shall receive a construction administration fee equal to one percent (1.0%) of the Allowance in connection with the
construction of the Tenant Work. Such fee is in addition to Tenant’s reimbursement of costs incurred by Landlord pursuant to other provisions hereof, including, without limitation, for Landlord’s architects and engineers to review
Tenant’s Plans. 
  

	9.	Force and Effect. 

 The terms and conditions of this
Workletter shall be construed to be a part of the Lease and shall be deemed incorporated in the Lease by this reference. Should any inconsistency arise between this Workletter and the Lease as to the specific matters which are the subject of this
Workletter, the terms and conditions of this Workletter shall control. 
  

 Exhibit B - Page 8 

 EXHIBIT B-1 
 TO WORKLETTER AGREEMENT 
 LANDLORD WORK 
 Landlord Work shall mean the following work, to be performed by Landlord’s contractor(s): 
 1. Landlord shall make
necessary repairs and/or replacements to put in good working condition the existing Building lighting and existing exit signs (on emergency battery power, and add such emergency battery power for exit signs to the extent it does not exist as of the
Commencement Date). 
 2. Landlord shall make necessary repairs and/or replacements to put in good working condition the power to operate Landlord’s
existing fire sprinkler system and sprinkler heads, including repair of any sagging ceilings and insulation obstructing operation of sprinkler heads; and Landlord shall provide a copy of an updated 5-year certificate of the fire sprinkler system.

 3. Landlord shall make necessary repairs and/or replacements of: (a) copper condensate drain lines that have been removed (prior to the Commencement
Date) from the Building; (b) copper cabling from the main power supply to the chiller that has been removed (prior to the Commencement Date) from the Building. 
 4. If and to the extent that the City of Redwood City requires, as a condition of approval of Tenant Plans or Tenant Work, installation of additional building exit ramp(s) to comply with Title III of the ADA, Landlord
shall build such required ramp(s). If the City does not require installation of such additional ramp(s), Landlord shall install a new step at one exit door location to be specified by Tenant. Notwithstanding any other provision of this Workletter to
the contrary, such work shall be performed within a reasonable time after the City orders such additional ramp(s) or in the event the step is to be installed, after the time has passed within which the City can order such additional ramp(s) and
Tenant has specified the exit door location. 
 5. Notwithstanding any of the foregoing to the contrary, the Landlord Work described above shall be reduced
to the extent any of the foregoing items described in Sections 1 – 3 above (for example only and without limitation, lighting, power cabling, ceiling or insulation components) are to be removed, demolished or altered by Tenant in connection
with anticipated Tenant Work. 
  

 Exhibit B-1 - Page 1 

 EXHIBIT B-2 
 TO WORKLETTER AGREEMENT 
 SPECIAL TENANT WORK 
 SPECIAL ALLOWANCES FOR SUCH WORK ONLY 
 Special Tenant Work shall mean the work set forth below, ,
subject to reimbursement by Landlord to the extent of the Special Allowances as specified below. All such work, including the design thereof, plans and specifications, contractors, work and procedure for reimbursement to Tenant of costs of such
work, shall be subject to and governed by the provisions of the Workletter applicable to Tenant Work and the Allowance, except that the amounts of the Special Allowances, time such allowances shall be available and purposes for which each such
allowance may be used, shall be as specified below. Upon installation, all such Special Tenant Work shall be deemed to be part of the Building and owned by Landlord. 
 1. Replacement of 13 Package AC Units on the Building’s Roof. Within 2 years after the Commencement Date, Tenant shall, subject to reimbursement by Landlord to the extent of the “Special AC
Allowance” specified below, replace the existing thirteen (13) rooftop air conditioning (“AC”) units serving the Building with new equipment of good quality (which includes rooftop AC units, certain associated controls and
ductwork, and related materials and expenses) (“AC Units”), sufficient to provide AC cooling capacity for the entire Building (no less than eighty-two [82] tons of AC cooling capacity in the aggregate). The vendors, contractors and
contracts for such AC Unit replacement shall be subject to Landlord’s prior written approval, including among other things, providing for warranties acceptable to Landlord and that such warranties shall name Landlord and be issued directly for
the benefit of and enforceable by Landlord. Tenant shall provide a replacement schedule to Landlord. Landlord shall provide the amount of One Hundred Fifty-three Thousand Six Hundred Dollars ($153,600) solely to reimburse Tenant’s actual and
reasonable costs of such AC replacement, and only for such purpose (“Special AC Allowance”). If Tenant does not utilize one hundred percent (100%) of the Special AC Allowance for the specified purpose within two (2) years after
the Commencement Date, Tenant shall have no right to the unused portion of the Special AC Allowance. The Special AC Allowance shall be in addition to, and shall not diminish the Tenant’s Allowance. 
 2. Chillers, Boilers, Boilers Exhaust Fans and Air Handlers on the Building’s Roof. Within one (1) year after the Commencement Date, Tenant shall,
subject to reimbursement by Landlord to the extent of the “Special Chiller/Boiler/Air Handler Allowance” specified below, repair and/or replace the existing chillers, boilers, exhaust fans and air handlers on the roof of the Building in
order to put such items in good working condition (the “Chiller/Boiler/Air Handler Work”). The vendors, contractors and contracts for such Chiller/Boiler/Air Handler Work shall be subject to Landlord’s prior written approval,
including among other things, providing for warranties acceptable to Landlord and that such warranties shall name Landlord and be issued directly for the benefit of and enforceable by Landlord. Landlord shall provide the amount of Forty-nine
Thousand Seven Hundred Forty-four Dollars ($49,744) solely to reimburse Tenant’s actual and reasonable costs of such Chiller/Boiler/Air Handler Work, and only for such purpose (“Special Chiller/Boiler/Air Handler Allowance”). If
Tenant does not utilize one hundred percent (100%) of the Special Chiller/Boiler/Air Handler Allowance for the specified purpose within one (1) year after the Commencement Date, Tenant shall have no right to the unused portion of the
Special Chiller/Boiler/Air Handler Allowance. The Special Chiller/Boiler/Air Handler Allowance shall be in addition to, and shall not diminish the Tenant’s Allowance. 
 3. Building Energy Management System. Within one (1) year after the Commencement Date, Tenant shall, subject to reimbursement by Landlord to the extent of the “Special Energy Management
Allowance” specified below, repair and/or replace the existing Building Energy Management System in 

  

 Exhibit B-2 - Page 1 

 
order to put such items in good working condition (the “Energy Management Work”). The vendors, contractors and contracts for such Energy Management
Work shall be subject to Landlord’s prior written approval, including among other things, providing for warranties acceptable to Landlord and that such warranties shall name Landlord and be issued directly for the benefit of and enforceable by
Landlord. Landlord shall provide the amount of Twelve Thousand Four Hundred Ninety-three Dollars ($12,493) solely to reimburse Tenant’s actual and reasonable costs of such Energy Management Work, and only for such purpose (“Special Energy
Management Allowance”). If Tenant does not utilize one hundred percent (100%) of the Special Energy Management Allowance for the specified purpose within one (1) year after the Commencement Date, Tenant shall have no right to the
unused portion of the Special Energy Management Allowance. The Special Energy Management Allowance shall be in addition to, and shall not diminish the Tenant’s Allowance. 
 4. Air Compressor and Vacuum Pump on the Building’s Roof. Within one (1) year after the Commencement Date, Tenant shall, subject to reimbursement by Landlord to the extent of the “Special
Compressor and Vacuum Pump Allowance” specified below, inspect, repair and/or replace the existing air compressor and vacuum pump on the roof of the Building in order to put such items in good working condition (the “Compressor and Vacuum
Pump Work”). The vendors, contractors and contracts for such Compressor and Vacuum Pump Work shall be subject to Landlord’s prior written approval, including among other things, providing for warranties acceptable to Landlord and that such
warranties shall name Landlord and be issued directly for the benefit of and enforceable by Landlord. Landlord shall provide the amount of Seven Thousand Five Hundred Dollars ($7,500) solely to reimburse Tenant’s actual and reasonable costs of
such Compressor and Vacuum Pump Work, and only for such purpose (“Special Compressor and Vacuum Pump Allowance”). If Tenant does not utilize one hundred percent (100%) of the Special Compressor and Vacuum Pump Allowance for the
specified purpose within one (1) year after the Commencement Date, Tenant shall have no right to the unused portion of the Special Compressor and Vacuum Pump Allowance. The Special Compressor and Vacuum Pump Allowance shall be in addition to,
and shall not diminish the Tenant’s Allowance. 
  

 Exhibit B-2 - Page 2 

 EXHIBIT C 
 COMMENCEMENT DATE AGREEMENT 
 METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (“Landlord”), and
CODEXIS, INC., a Delaware corporation (“Tenant”), have entered into a certain Third Amendment to Lease, which Amendment is dated as of ________, 2008 (the “Amendment”). The original Lease, as amended by the Amendment, may be
referred to as the “Lease”. 
 WHEREAS, Landlord and Tenant wish to confirm and memorialize the Building 2 Commencement Date and Building 2
Expiration Date; 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein and in the Amendment, Landlord and Tenant
agree as follows: 
 1. Unless otherwise defined herein, all capitalized terms shall have the same meaning ascribed to them in the Amendment
and the Lease. 
 2. The Building 2 Commencement Date is
                        . 
 3. The Building 2 Expiration Date is                     . 
 4. Tenant hereby confirms that: (a) it has accepted possession of the Building 2 Space pursuant to the terms of the Amendment; and (b) the
Lease is in full force and effect. 
 5. Except as expressly modified hereby, all terms and provisions of the Lease are hereby ratified and
confirmed and shall remain in full force and effect and binding on the parties hereto. 
 6. The Lease and this Building 2 Commencement Date
Agreement contain all of the terms, covenants, conditions and agreements between the Landlord and the Tenant relating to the subject matter herein. No prior other agreements or understandings pertaining to such matters are valid or of any force and
effect. 
  

					
	TENANT:	 	 CODEXIS, INC.,
 a
Delaware corporation

		 
			
		 	By:	 	  

		 	Print Name:	 	  

		 	Title:	 	  

		
	LANDLORD:	 	METROPOLITAN LIFE INSURANCE COMPANY,
		 	a New York corporation
			
		 	By:	 	  

		 	Print Name:	 	  

		 	Title:	 	  

  

 Exhibit C - Page 1 

 EXHIBIT D 
 FORM OF LANDLORD’S CONSENT TO ENCUMBRANCE OF LIMITED COLLATERAL 
 THIS LANDLORD’S CONSENT TO
ENCUMBRANCE OF LIMITED COLLATERAL (the “Consent”) is made as of                         , 2008 by and between
Metropolitan Life Insurance Company, a New York corporation (“Met” or “Landlord”), having an address at 425 Market Street, Suite 1050, San Francisco, CA 94105, and General Electric Capital Corporation, a Delaware corporation
(“Agent”), having an address at 83 Wooster Heights Road, Fifth Floor, Danbury, CT 06810, with reference to the following: 
 A. Met
is the Landlord and Codexis, Inc., a Delaware corporation (“Codexis” or “Tenant”) is the Tenant under that certain lease dated as of October     , 2003[sic], entered into by and between Landlord and
Tenant, as amended by that certain First Amendment to Lease by and between Landlord and Tenant dated June 1, 2004 and by that certain Second Amendment to Lease dated as of March 9, 2007 (as amended to date and hereafter, the
“Lease”). As of the date hereof, the Lease is of the premises particularly described in the Lease (the “Premises”), commonly known as 200 and 220 Penobscot Drive, 501 Chesapeake Drive and 640 Galveston Drive, in the buildings
(the “Building”) located in Redwood City, California. As of the date hereof, a draft of a possible Third Amendment to Lease to add to the Premises additional space commonly known as 400 Penobscot Drive has been exchanged between Landlord
and Tenant, and hereafter Landlord and Tenant may enter into that or other amendments of the Lease. References to the Lease, Premises and Building herein shall be deemed modified to have the same meaning as such terms have under the Lease, as
amended from time to time. 
 B. Tenant and Agent represent to Landlord that Agent and certain other lenders (together with Agent,
collectively, “Lenders”) and Tenant have entered into, or are about to enter into, a Loan and Security Agreement, dated on or about September     , 2007, pursuant to which Tenant has or will borrow, or
obtain a line of credit, up to a maximum principal amount of Fifteen Million Dollars ($15,000,000.00) to be used by Tenant for working capital purposes (as amended, restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”, provided however, this Consent shall have no force or effect if and to the extent that Lenders permit or suffer the maximum principal amount to increase above the amount stated above) and pursuant to which Tenant has granted or will
grant to Agent, on behalf of Agent and the other Lenders, a security interest in certain assets owned by Tenant described on Exhibit A hereto, all or part of which is from time to time installed or located at the Premises (the
“Collateral”). 
 C. Tenant has requested that Landlord consent to the encumbrance of the Collateral. Landlord is not willing to
consent to encumbrance of the Collateral, but subject to and with certain clarifications and limitations set forth in Exhibit A hereto defining and describing the “Limited Collateral”, Landlord is willing to consent to encumbrance
of the Limited Collateral upon and subject to the following terms and conditions: 
 NOW, THEREFORE, in consideration of the covenants and
conditions contained herein, and for other good and valuable consideration, receipt of which is hereby acknowledged, Landlord and Agent agree as follows: 
 1 During the term of the Loan Agreement, Landlord hereby consents to the encumbrance of the Limited Collateral and agrees to subordinate to the interest of Agent in the Limited Collateral any Landlord’s lien in
or to the Limited Collateral existing by reason of the Lease and the location of the Limited Collateral in the Premises; provided, however, that said consent and subordination shall be ineffective to the extent that Agent has released its security
interest in the Limited Collateral. 
  

 Exhibit D - Page 1 

 2 Subject to Agent’s obligations pursuant to Sections 4 and 5 hereof, Landlord agrees that the
Limited Collateral is and shall remain personal property. 
 3 Subject to the rights of Tenant under the Lease, Landlord will permit Agent
reasonable access onto the Premises for the purpose of exercising any right it may have under the terms of the Loan Agreement, including, without limitation, the right to remove the Limited Collateral, subject to all the terms and conditions hereof.

 4 To the extent that Tenant or Agent do not remove Limited Collateral which is located in the Premises prior to the expiration or earlier
termination of the Lease, after such expiration or termination Landlord may deem such Limited Collateral abandoned property, except if and to the extent that Agent has obtained additional time to remove the Limited Collateral pursuant to
Section 5 below. Subject to Landlord’s obligations under Section 6 below, Agent understands that Tenant is to bear the obligation of notifying Agent of Tenant’s default under the Lease or of the expiration or earlier termination
of the Lease, and that Landlord has no obligation to notify Agent or Lenders. 
 5 Agent’s right to enter the Premises is further
subject to the following terms and conditions: 
 5.1 Subject to the rights of Tenant under the Lease, Agent shall have the right to enter
onto the Premises and take possession of the Limited Collateral provided that Agent (i) gives Landlord written notice that it seeks to enter and take possession of the Limited Collateral, which notice shall include a representation by Agent
that it is entitled to take possession of the Limited Collateral, and (ii) coordinates the date and time of possession with Landlord or Landlord’s managers prior thereto, and such date may be no earlier than one (1) day after
Landlord’s receipt of such notice and no later than eighteen (18) days after Landlord’s receipt of such notice, unless Landlord, in Landlord’s sole discretion, in writing allows entry earlier or later. Tenant agrees that Landlord
may rely on such representation by Agent without further inquiry or any obligation to verify same. Tenant hereby waives any claims it may have against Landlord which arise out of or are connected with Landlord’s actions in compliance with such
notice from Agent. 
 5.2 Except as provided below, in no event shall Agent have the right to enter the Premises during any period for which
the rent is unpaid by Tenant before or after termination of the Lease. Agent shall have a right of entry for eighteen (18) days after the earlier of the date Agent gives notice to Landlord pursuant to Section 5.1 or Landlord gives notice
to Agent pursuant to Section 6, provided that Agent pays Landlord rent for the number of days Agent requires entry to the Premises at the daily rental rate calculated by dividing by thirty (30) the sum of the monthly base rent plus rent
equal to the expenses and taxes payable by Tenant for the same period under the Lease (as such amounts are more particularly described in the Lease). The payment of daily rental for the number of days Agent requires entry to the Premises is a
condition precedent prior to any such entry. In the event that Agent removes all (and not less than all) the Limited Collateral and in fact uses a shorter period for its entry than the number of days entry for which it paid in advance on an
estimated basis, then Landlord shall reimburse Agent for any excess rental paid at the daily rate. Agent shall not have any rights whatsoever for its right of entry to be longer than eighteen (18) days after the date of the applicable notice,
and in the event that both parties have given notice, after the earliest notice given. Notwithstanding any of the foregoing to the contrary, Agent (a) shall not be required to pay any rent if, within the initial seven days after the date the
earliest such notice was given, Agent removes all (and not less than all) the Limited Collateral, or (b) shall not be required to pay rent for the initial seven days after the date the earliest such notice was given unless Agent fails to remove
all (and not less than all) the Limited Collateral within the eighteen (18) day period after the date the earliest such notice was given. 
  

 Exhibit D - Page 2 

 5.3 Agent shall not have the right to conduct or cause to be conducted any auction at the Premises.

 5.4 If Agent, in removing the Limited Collateral, damages any improvements at the Premises or the building of which the Premises is a
part, Agent, at its sole expense, shall cause the same to be repaired and restored to a condition at least equal to the condition existing immediately prior to the installation of the Limited Collateral. 
 6 So long as the Loan Agreement is in effect, Landlord agrees to subordinate to the interest of Agent in the Limited Collateral any Landlord’s lien
in or to the Limited Collateral existing by reason of the Lease and the location of the Limited Collateral in the Premises; provided, however, that said consent and subordination shall be ineffective to the extent that Agent has released its
security interest in the Limited Collateral. In the event that Landlord has not received notice from Agent given pursuant to Section 5.1 and Landlord finds it necessary to remove all or part of the Limited Collateral in the exercise of any
right under the Lease, then Landlord shall notify Agent of such necessity and Agent shall be given the right to enter the Premises for no more than eighteen (18) days after such notice, for the purpose of removing all of the Limited Collateral
from the Premises. Agent’s right to enter the Premises is subject to Agent’s obligation to pay rent as set forth in Section 5.2. Landlord is under no obligation to store the Limited Collateral for the benefit of Agent beyond eighteen
(18) days after the earlier of the date Agent gave notice pursuant to Section 5.1 or the date Landlord gave notice to Agent under this Section. Accordingly, upon the expiration of such eighteen (18) day notice period, if Agent has not
removed the Limited Collateral from the Premises then Agent’s lien and all right, title and interest of Agent in the Limited Collateral shall be deemed to be abandoned and all Limited Collateral located in the Premises may be removed, sold
and/or disposed of as Landlord may elect in its sole discretion. Further, if Agent seeks to remove the Limited Collateral (to the extent not sold or otherwise disposed of by Landlord) after such eighteen (18) day period, and Landlord, in its
sole discretion consents to such removal, Agent shall be liable for all of Landlord’s costs incurred in connection with storage at the Premises, removal and storage elsewhere, and with any aborted sale and notices and advertising therefor.
Further, within ninety (90) days after expiration of such eighteen (18) day period, with respect to all such Limited Collateral deemed abandoned, Agent shall file and/or record, in the formal record system for perfection of security
interests of applicable jurisdictions, appropriate documentation evidencing the abandonment, release and termination of Agent’s security interest in such Limited Collateral and Agent shall deliver to Landlord a copy of such documents filed
and/or recorded. 
 7 To the extent permitted by law, Agent shall protect, defend, indemnify and hold harmless Landlord and its agents and
managers from and against any and all actions, causes of action, claims, losses, costs, expenses, damages and liabilities, including without limitation reasonable attorneys’ fees, arising out of or in any way connected with the acts or
negligence of Agent in connection with any entry to the Premises or the project in which the Premises is located. 
 8 All representations,
warranties and indemnifications made or given by Agent herein, together with any causes of action, rights and remedies which Landlord has or may have as a result of a breach of any term of this Consent, shall survive any expiration or termination of
this Consent. 
 9 Intentionally omitted. 
 10 This Consent is only a subordination of lien rights with express terms and conditions of a right of entry; and shall not be deemed or construed to be a consent to anything else including, but not limited to,
alterations on the Premises. 
  

 Exhibit D - Page 3 

 11 Landlord makes no representation or warranty as to the ownership of the Limited Collateral or the
priority of the security interest of the Agent. Agent acknowledges that Landlord, at the request of Tenant, has previously been asked may in the future be asked to execute one or more such consents in favor of other personal property lenders and/or
personal property lessors. Landlord is under no duty whatsoever to advise Agent in the event the Limited Collateral described herein shall be scheduled or claimed by any other such lender or personal property lessor. Tenant and Agent hereby agree
that Landlord shall have no liability arising out of or relating to the entry by Agent upon the Premises for the purpose of removal of the Limited Collateral. 
 12 At all times during any entry by Agent for the purpose of removal of any of the Limited Collateral from the Premises under this consent, Agent shall maintain comprehensive general liability insurance, on an
occurrence basis, in the amount of at least Five Million dollars ($5,000,000.00), covering the acts and omissions of Agent, its agents and contractors, issued by reputable companies licensed to do business in California, and naming Landlord as an
additional insured. Prior to any such entry Agent shall provide Landlord with a certificate of such insurance reasonably satisfactory to Landlord. So long as General Electric Capital Corporation, a Delaware corporation, is the Agent acting on behalf
of Lenders and personally holds the security interest in the Limited Collateral as such Agent, then its insurance shall not be required to name Landlord as additional insured and a certificate of insurance shall not be required. 
 13 This Consent may not be modified or amended except by written agreement of the parties hereto. 
 14 This Agreement may not be recorded. 
 15
All notices required to be given hereunder shall be in writing, and shall be mailed by certified mail, return receipt requested, or by nationally recognized overnight courier service that provides proof of delivery. Notices shall be deemed effective
upon the date actually received, date receipt is refused or date of inability to deliver due to change of address without notice. 
 Notices
to Landlord shall be addressed: 
 Metropolitan Life Insurance Company 
 425 Market Street, Suite 1050 
 San Francisco,
California 94105 
 Attention: Director, EIM 
 with copies to the following: 
 Metropolitan Life Insurance Company 
 425 Market Street, Suite 1050 
 San Francisco,
California 94105 
 Attention: Associate General Counsel 
  

 Exhibit D - Page 4 

 Notices to Agent shall be addressed: 
 General Electric Capital Corporation 
 c/o GE
Healthcare Financial Services, Inc., LSF 
 83 Wooster Heights Road, Fifth Floor 
 Danbury, CT 06810 
 Attention: Senior Vice
President of Risk 
 Phone: (203) 205-5200 
 Facsimile: (203) 205-2192 
 with a copy to: 
 General Electric Capital Corporation 
 c/o GE
Healthcare Financial Services, Inc. 
 Two Bethesda Metro Center, Suite 600 
 Bethesda, MD 20814 
 Attention: General
Counsel 
 Phone: (301) 961-1640 
 Facsimile: (301) 664-9866 
 Notices to Tenant shall be addressed: 
 Codexis, Inc. 
 200 Penobscot Drive

 Redwood City, California 94063 
 Attention: Director of Finance 
 16 In the event either party shall bring any action against the other for any matter arising out
of or relating to this Consent, the prevailing party shall be entitled to recover reasonable attorney’s fees and costs. 
 17 This
Consent shall be binding upon and inure to the benefit of the respective heirs, administrators, successors and assigns to the parties hereto. 
 18 Each of Agent, Landlord and Tenant separately and for itself warrants and represents that the person or persons signing below is or are duly authorized to execute this Consent on its behalf. 
  

 Exhibit D - Page 5 

 IN WITNESS WHEREOF, the undersigned have duly executed this Landlord’s Consent to Encumbrance of
Limited Collateral as of the day and year first above written. 
  

									
	LANDLORD:	 	 	 	AGENT:	 	 
			
	METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation
	 		 	GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation

					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Its:	 	  
	 		 	Its:	 	  

 AGREED, as of the day and year first above written, for the purposes of the Recitals, Section 5,
Section 11 and Sections 13 through 18 hereof. 
  

			
	
	TENANT:
	CODEXIS, INC., a Delaware corporation
		
	By	 	  

	Name:	 	  

	Its	 	  

  

 Exhibit D - Page 6 

 EXHIBIT A 
 TO LANDLORD’S CONSENT TO ENCUMBRANCE OF LIMITED COLLATERAL 
 DESCRIPTION OF COLLATERAL

 Certain assets of Tenant, including, without limitation, all of Tenant’s cash, cash equivalents, accounts, books and records, goods, inventory,
machinery, equipment, furniture and trade fixtures (such as equipment bolted to floors), together with all addition, substitutions, replacements and improvements to, and proceeds, including, insurance proceeds, of the foregoing, but excluding
building fixtures (such as plumbing, lighting and HVAC systems) (collectively, the “Collateral”) 
 DESCRIPTION OF LIMITED
COLLATERAL 
 The “Limited Collateral” shall mean the following personal property owned by Tenant: all of Tenant’s cash, cash equivalents,
accounts, books and records, goods, inventory, machinery not permanently affixed to the Premises, equipment not permanently affixed to the Premises, furniture and trade fixtures not permanently affixed to the Premises, together with all addition,
substitutions, replacements and improvements to, and proceeds, including, insurance proceeds, of the foregoing, and for avoidance of doubt the following shall not be part of the “Limited Collateral”: (a) walls, ceilings, flooring,
building fixtures (such as plumbing, power, lighting and HVAC systems), including without limitation all improvements made as part of the Special Tenant Work (as defined in the Third Amendment to Lease dated as of
                , 2008); (b) all improvements installed in the 640 Galveston Space (as defined in the Second Amendment to Lease dated as of March 9,
2007) by Landlord prior to March 9, 2007 or thereafter permanently affixed to the 640 Galveston Space, including, without limitation, all lab benches and corresponding casework, lab sinks, lab hoods, supplemental or special ventilating and air
conditioning equipment, and any and all lab installations and fixtures, unless pursuant to express provision of the Lease or a written agreement between Landlord and Tenant, Tenant is permitted or required to remove a specified item or items
and such item or items is listed below; and (c) insurance proceeds to which Landlord is entitled pursuant to the Lease, including without limitation, insurance proceeds of any tangible property, machinery, equipment or trade fixtures which is
permanently affixed to the Premises. For the avoidance of doubt, the term “permanently affixed” in the preceding sentence shall not be construed to mean otherwise free-standing equipment that has been secured to the Premises for the
primary purpose of seismic stability and/or the prevention of theft. If pursuant to Section 4 of the Third Amendment, Landlord has agreed in writing, in response to written request made by Tenant, that specified equipment or trade fixtures paid
for entirely by Tenant (without reimbursement in full or part out of any funds provided by Landlord) be included as part of the Limited Collateral, which items shall be specifically identified in writing delivered by Tenant to Landlord, including
the building address and location within the building where the items are located, such items shall be listed below and thereby be part of the Limited Collateral. 
 [IF APPLICABLE, SPECIFICALLY LIST ITEM OF EQUIPMENT AND LOCATION BY BUILDING ADDRESS & LOCATION WITHIN THE BUILDING.] 
  

 Exhibit D - Page 7Loan and Security Agreement btwn the Co. and Lighthouse Capital Partners V, L.P.

 Exhibit 10.20 
 LOAN AND SECURITY AGREEMENT 
 THIS LOAN AND
SECURITY AGREEMENT NO. 3771 (this “Agreement”) is entered into as of February 12, 2004 by and between LIGHTHOUSE CAPITAL
PARTNERS V, L.P. (“Lender”) and CODEXIS, INC., a Delaware corporation (“Borrower”). 
 RECITALS 
 Borrower wishes to borrow money from time to time from
Lender and Lender desires to lend money to Borrower. This Agreement sets forth the terms on which Lender will lend to Borrower and Borrower will repay the loan to Lender. 
 AGREEMENT 
 The parties agree as follows: 
 1. DEFINITIONS AND CONSTRUCTION 
 1.1 Definitions. As used in this Agreement, the following terms shall have the following definitions: 
 “ACH” means the nationwide Automated Clearing House electronic funds transfer system that processes electronically originated batches of
credit and debit transfers. 
 “ACH Authorization Form” means the ACH Authorization Form in substantially the form of that
attached hereto as Exhibit E. 
 “Affiliate” means any Person that owns or controls directly or indirectly five percent
(5%) or more of the stock of another entity, any Person that controls or is controlled by or is under common control with such Persons or any Affiliate of such Persons or each of such Person’s officers, directors, joint venturers or
partners. 
 “Basic Rate” means five and one quarter percent (5.25%) per annum provided that should the Prime Rate as
quoted in the western edition of the Wall Street Journal (“Prime Rate”) exceed four percent (4.00%), then, in each instance the Basic Rate for Loans that have not yet been funded or Loans for which the Loan Commencement Date has not
started, the Basic Rate for each such Loan will be increased by the same amount by which the Prime Rate exceeds four percent (4.00%), provided further that, from and after the Loan Commencement Date for each Loan, there shall be no change in
the Basic Rate applicable to such Loan. 
 “Borrower’s Books” means all of Borrower’s books and records
including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of California are authorized or
required to close. 
 “Code” means the Uniform Commercial Code as adopted and in effect in the State of California, as
amended from time to time. 
 “Collateral” means the Property described on Exhibit A attached hereto.

  

 “Commitment” means Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000).

 “Commitment Fee” means Twenty-five Thousand Dollars ($25,000). 
 “Commitment Termination Date” means December 31, 2004. 
 “Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with
respect to any indebtedness, lease, dividend, letter of credit or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed (otherwise than for collection or deposit in the ordinary course of business),
co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or
otherwise supported. 
 “Default” means any event which with the passing of time or the giving of notice or both would
become an Event of Default hereunder. 
 “Default Rate” means the per annum rate of interest equal to four percent
(4%) over the Basic Rate, but such rate shall in no event be more than the highest rate permitted by applicable law to be charged on commercial loans. 
 “Event of Default” has the meaning given to such term in Section 8. 
 “Event of Loss” has the meaning given to such term in Section 6.10. 
 “Final
Payment” means, with respect to each Loan, a payment (in addition to and not in substitution for the regular monthly payments of principal and accrued interest) due on the Maturity Date, equal to the original Loan Amount for each such Loan
multiplied by the Final Payment Percentage. 
 “Final Payment Percentage” means nine percent (9%). 
 “Funding Date” means any date on which a Loan is made to or on account of Borrower under this Agreement. 
 “Governmental Authority” means (a) any federal, state, county, municipal or foreign government, or political subdivision thereof,
(b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality or public body, (c) any court or administrative tribunal or (d) with respect to any Person, any arbitration tribunal
or other non-governmental authority to whose jurisdiction that Person has consented. 
 “Indebtedness” means (a) all
indebtedness for borrowed money or the deferred purchase price of Property or services (excluding trade payables aged less than one hundred eighty (180) days), including reimbursement and other obligations with respect to surety bonds and
letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 
 “Lender’s Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in
connection with the preparation and negotiation, administration, and enforcement of the Loan Documents; and Lender’s reasonable attorneys’ fees and 

  

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expenses incurred in amending, modifying, enforcing or defending the Loan Documents, including in the exercise of any rights or remedies afforded hereunder
or under applicable law, whether or not suit is brought; provided, however, that Lender’s Expenses shall not exceed Two Thousand Five Hundred Dollars ($2,500) for the preparation and negotiation of the initial set of Loan Documents
unless more than three (3) drafts, including the execution documents are necessary. 
 “Lien” means any pledge,
bailment, lease, mortgage, hypothecation, conditional sales and title retention agreement, charge, claim, encumbrance or other lien in favor of any Person. 
 “Liquidation Event” means any of the following: (i) a merger of Borrower with another entity; or (ii) the sale of all or substantially all of Borrower’s assets; or (iii) a
transaction in which the shareholders immediately prior to such transaction own less than fifty percent (50%) of the equity securities of Borrower immediately after such transaction; or (iv) the initial public offering of any of
Borrower’s equity securities. 
 “Loan” means each advance of credit by Lender to Borrower under this Agreement.

 “Loan Agreement Supplement” means a supplement to this Agreement in substantially the form of Exhibit
C. 
 “Loan Amount” means, with respect to each Loan, as of any date, the original principal amount of such
Loan less the aggregate of all Prepayment Amounts relating to prepayments of such Loan paid prior to such date. 
 “Loan
Commencement Date” means, with respect to each Loan, the first Business Day of the calendar month following the Funding Date of such Loan. 
 “Loan Documents” means, collectively, this Agreement, the Warrants, and all other documents, instruments and agreements entered into between Borrower and Lender in connection with this Agreement, all
as amended or extended from time to time. 
 “Loan Factor” means, with respect to each Loan, the amount set forth as a
percentage in the Summary of Loan Agreement Supplement with respect to such Loan, calculated using the Basic Rate applicable to such Loan. 
 “Maturity Date” means, with respect to each Loan, the last day of the Repayment Period for such Loan, or the date of prepayment under Section 2.5. 
 “Minimum Funding Amount” means Ten Thousand Dollars ($10,000). 
 “Obligations” means all debt, principal, interest, fees, charges, expenses and attorneys’ fees and costs and other amounts,
obligations, covenants, and duties owing by Borrower to Lender of any kind and description (pursuant to or evidenced by the Loan Documents and pursuant to and evidenced by any documents or instruments executed in connection therewith, and whether or
not for the payment of money), whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, including the principal, interest and Final Payment due with respect to the Loans, and including any debt,
liability, or obligation owing from Borrower to others that Lender may have obtained by assignment or otherwise, and further including all interest not paid when due and all Lender’s Expenses that Borrower is required to pay or reimburse by the
Loan Documents, by law, or otherwise. 
  

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 “Payment Date” has the meaning given to that term in Section 2.4(a).

 “Permitted Liens” means the following: 
 (a) The Lien created by this Agreement; 
 (b) Liens for taxes, fees, assessments or other
governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings, provided the same have no superior priority over Lender’s Lien in the Collateral; and 
 (c) Liens to secure payment of worker’s compensation, employment insurance, old age pensions or other social security obligations of
Borrower in the ordinary course of business of Borrower. 
 “Person” means and includes any individual, any partnership,
any corporation, any business trust, any joint stock company, any limited liability company, any unincorporated association or any other entity and any domestic or foreign national, state or local government, any political subdivision thereof, and
any department, agency, authority or bureau of any of the foregoing. 
 “Prepayment Amount” means in the case of a
mandatory prepayment pursuant to Sections 2.5(a) and 6.10, the original Stated Cost of the item of Collateral with respect to which such prepayment relates. 
 “Property” means any interest in any kind of property or asset, whether real, personal or mixed, whether tangible or intangible.

 “Repayment Period” means the period beginning on the first Payment Date and continuing for forty-eight
(48) calendar months. 
 “Responsible Officer” means each of the President or the Chief Financial Officer of Borrower.

 “Scheduled Payments” has the meaning given to such term in Section 2.4(a). 
 “Stated Cost” means with respect to an item of Collateral, the original cost to Borrower of the item of Collateral including such
amounts as may be funded as Soft Costs (as defined in Section 2.2(a)). 
 “Subsidiary” means any corporation of
which a majority of the outstanding capital stock entitled to vote for the election of directors (otherwise than as the result of a default) is owned by Borrower directly or indirectly through Subsidiaries. 
 “Summary of Loan Agreement Supplement” means, with respect to each Loan, the “Summary of Loan Agreement Supplement” attached
as Annex C to the Loan Agreement Supplement prepared by Lender in connection with such Loan. 
 “Term” means
the period from and after the date hereof until termination of the Commitment and the payment in full of all Obligations, including amounts and liabilities payable under this Agreement and the other Loan Documents, including principal and interest
on the Loans and the Final Payment with respect to each Loan. 
  

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 “Warrants” means the Warrants in favor of Lender and its affiliated fund, Lighthouse
Capital Partners IV, L.P. (“LCP-IV”) to purchase securities of Borrower substantially in the form of Exhibit B-1 and B-2. 
 1.2 Other Interpretive Provisions. References in this Agreement to “Recitals,” “Articles,” “Sections,” “Exhibits,” “Schedules” and “Annexes” are to
recitals, articles, sections, exhibits, schedules and annexes herein and hereto unless otherwise indicated. References in this Agreement and each of the other Loan Documents to any document, instrument or agreement shall include (a) all
exhibits, schedules, annexes and other attachments hereto and thereto, (b) all documents, instruments or agreements issued or executed in replacement thereof, and (c) such document, instrument or agreement, or replacement or predecessor
hereto and thereto, as amended, modified and supplemented from time to time and in effect at any given time. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement or any
other Loan Document shall refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. The words “include” and
“including” and words or similar import when used in this Agreement or any other Loan Document shall not be construed to be limiting or exclusive. Unless otherwise indicated in this Agreement or any other Loan Document, all accounting
terms used in this Agreement or any other Loan Document shall be construed, and all accounting and financial computations hereunder or thereunder shall be computed, in accordance with generally accepted accounting principles as in effect in the
United States of America from time to time. 
 2. LOAN AND TERMS OF
PAYMENT 
 2.1 Commitment. Upon the terms and subject to the conditions of this Agreement and relying upon the
representations and warranties herein set forth as and when made or deemed to be made, Lender agrees to lend to Borrower the Loans; provided that the aggregate principal amount of all Loans made hereunder shall not exceed the Commitment;
provided further, that the aggregate principal amount of any Loan shall not exceed the Stated Cost of the equipment financed with such Loan; provided further that such financed equipment is delivered to Borrower within ninety
(90) days of the Funding Date for such equipment. With respect to the first Loan only which shall occur within thirty (30) days of the date of this Agreement, Lender agrees to finance equipment which was delivered to Borrower on or after
January 1, 2003. If prepaid, the principal of the Loans may not be re-borrowed. 
 2.2 Use of Proceeds; The Loan. 
 (a) Use of Proceeds. The proceeds of the Loan shall be used for the acquisition of new and used computers, peripherals, analytical and test
equipment, laboratory equipment and furniture, office furniture and equipment, and other equipment as approved by Lender. Each invoice for such equipment shall a have a minimum value of One Thousand Dollars ($1,000). Up to thirty percent
(30%) of the Commitment may be used for general corporate purposes and software, software licenses, software tools, leasehold improvements, freight, installation, taxes, permits, use fees, filing fees, maintenance, insurance and similar items
and other soft costs requested in writing by Borrower (the “Soft Costs”). 
 (b) The Loans. The Loans shall be repayable in
consecutive monthly installments in accordance with the terms of Section 2.4. Lender may, and is hereby authorized by Borrower to, endorse in its books and records appropriate notations regarding Lender’s interest in the Loans;
provided, however, that the failure to make, or an error in making, any such notation shall not limit or otherwise affect the Obligations of Borrower hereunder. 
  

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 2.3 Procedure for Making Loan. 
 (a) Notice. Whenever Borrower desires that Lender make a Loan, Borrower shall so notify Lender in writing (or by telephone with prompt
confirmation in writing) at least ten (10) Business Days in advance of the desired Funding Date, which notice shall be irrevocable. Lender’s obligation to make Loans shall be expressly subject to the satisfaction of the conditions set
forth in Sections 3.1 with regard to the initial Loan, and 3.2. Lender shall have the right, exercisable at any time, to request that Borrower furnish Lender with such additional information with respect to the Loans as Lender shall
reasonably request. 
 (b) Loan Interest Rate. Borrower shall pay interest on the unpaid principal amount of each Loan from the Loan
Commencement Date until such Loan has been paid in full, at a per annum rate of interest equal to the Basic Rate, determined as of the date that is ten (10) Business Days prior to the Loan Commencement Date. The Basic Rate applicable to
each Loan shall be fixed for the Repayment Period and shall not be subject to change in the absence of a manifest error. All computations of interest on each Loan shall be based on a year of three hundred sixty (360) days for actual days
elapsed. Notwithstanding any other provision hereof, the amount of interest payable hereunder shall not in any event exceed the maximum amount permitted by the law applicable to interest charged on commercial loans. 
 (c) Loan Factor Calculation. On each Loan Commencement Date, Lender shall establish the Loan Factor with respect to the applicable Loan. The Loan
Factor shall be calculated in a manner to fully amortize the Loan over the Repayment Period applicable to such Loan in equal periodic installments of principal and interest. The Loan Factor applicable to such Loan shall be set forth in the Loan
Agreement Supplement prepared by Lender with respect to such Loan and shall be conclusive in the absence of a manifest error. 
 (d)
Disbursement. Subject to the satisfaction of the conditions set forth in Sections 3.1 and 3.2 with respect to the initial Loan and the satisfaction of the conditions set forth in Section 3.2 with respect to each
subsequent Loan, Lender shall at its election, disburse the Loans either through an ACH funds transfer arrangement or via wire transfer of funds, in each case to an account designated by Borrower. 
 (e) Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, Lender’s obligation to lend the undisbursed portion
of the Commitment to Borrower hereunder shall terminate on the earlier of (i) at the Lender’s sole election, the occurrence and continuance of any Default or Event of Default hereunder, or (ii) the Commitment Termination Date.
Notwithstanding the foregoing, Lender’s obligation to lend the undisbursed portion of the Commitment to Borrower shall terminate if, in Lender’s reasonable judgment, there has been a material adverse change in the general affairs,
management, and business of the Borrower, whether or not arising from transactions in the ordinary course of business, or there has been any material adverse deviation by Borrower from the business plan of Borrower presented to Lender, since the
date of this Agreement. 
 2.4 Amortization of Principal and Interest; Interim Payment; Final Payment. 
 (a) Principal and Interest Payments On Payment Dates. Borrower shall make payments of principal and interest in advance for each Loan
(collectively, “Scheduled Payments”), commencing on the Loan Commencement Date (or commencing on the Funding Date if the Funding Date is the first Business Day of the calendar month) with respect to such Loan and continuing
thereafter during the Repayment Period on the first Business Day of each calendar month (each a “Payment Date”), 

  

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in an amount equal to the Loan Factor multiplied by the Loan Amount for such Loan as of such Payment Date. In any event, all unpaid principal and accrued
interest shall be due and payable in full on the last Payment Date with respect to such Loan. In addition to the foregoing, on the Funding Date, Borrower shall pay to Lender in advance, an amount equal to the Scheduled Payment that would otherwise
be payable on the last Payment Date. 
 (b) Interim Payment. In addition to the Scheduled Payments, on the Loan Commencement Date for
the Loan (unless the Funding Date is the first Business Day of the calendar month) Borrower shall pay to Lender an amount (the “Interim Payment”) equal to accrued interest on the aggregate principal amount of the Loans calculated at
the Basic Rate from the Funding Date (and thereafter recalculated on the first Business Day of each calendar month during which an Interim Payment is due), until commencement of the Repayment Period with respect to the Loan. 
 (c) Final Payment. On the Maturity Date, Borrower shall pay, in addition to the unpaid principal, if any, and accrued interest, if any, and all
other amounts due on such date with respect to such Loan, an amount equal to the Final Payment with respect to such Loan. 
 (d)
Commitment Fee. The Commitment Fee shall be applied to the expenses, advance payment, interim payments, the first month’s payment and every subsequent payment until fully applied. 
 (e) Late Fee. A late charge on any Scheduled Payments or other sums due hereunder which are past due, in an amount equal to two percent
(2%) of the past due amount, payable on demand. 
 2.5 Prepayments. 
 (a) Prepayment Upon an Event of Loss. If any Collateral is subject to an Event of Loss and Borrower is required to or elects to prepay the Loans
with respect to such Collateral pursuant to Section 6.10, then the Loans shall be prepaid to the extent and in the manner provided in such section. 
 (b) Mandatory Prepayment Upon an Acceleration. If the Loans are accelerated following the occurrence of an Event of Default (other than following an Event of Loss), then Borrower shall immediately pay to Lender
(i) all unpaid and remaining Interim Payments and/or Scheduled Payments with respect to the Loans outstanding and due hereunder, (ii) the Final Payment, and (iii) all other sums, if any, that shall have become due and payable
hereunder with respect to any and all Obligations. 
 (c) Mandatory Prepayment Upon Certain Liquidation Events. 
 (A) If a Liquidation Event with respect to a sale of all or substantially all assets of the Borrower as set forth in clause (ii) of the definition
of Liquidation Event shall occur, then Borrower shall within five (5) days following the consummation of such Liquidation Event pay to Lender (i) all unpaid and remaining Interim Payments and/or Scheduled Payments with respect to the Loans
outstanding and due hereunder, (ii) the Final Payment, and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to any and all Obligations. 
 (B) In the event there shall occur a merger or change of control of the type set forth in clauses (i) or (iii) of the definition of
Liquidation Event (a “Change of Control”), Borrower may request in writing (a “Continuation Request”), not less than twenty (20) days prior to the 

  

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proposed date for the consummation of such Change of Control that Lender consent to the continued existence and enforceability of the Loan Documents against
the surviving entity of such Change of Control. Lender shall, in its sole discretion, determine whether to grant such Continuation Request and Lender may consider, among other things in making its determination the credit-worthiness of the surviving
entity (including Borrower if it is the surviving entity), its parents and affiliates, the financial statements and reports of operations of such entities and such other data and information as Lender may determine to be relevant to its
determination; provided however, that in the event the surviving entity (including Borrower if it is the surviving entity) and/or its parent or affiliates is, immediately following such Change of Control, at least as credit-worthy as Borrower
was as of the date of this Agreement, then Lender shall grant the Continuation Request to Borrower provided that Borrower furnish any items (or take any actions) requested by Lender in accordance with the next sentence. Lender may require, in
connection with the granting of the Continuation Request, that (i) the surviving entity and its parents and/or affiliates expressly assume the duties and performance obligations of Borrower under each Loan Document as a condition to the
granting of the Continuation Request by Lender and (ii) Borrower enter into an assignment and assumption agreement with such entity or entities as applicable. Such assignment and assumption agreement(s) shall be in form and substance reasonably
satisfactory to Lender. Should (i) Borrower choose not to make a Continuation Request, (ii) Lender, in its sole discretion, determine not to grant the Continuation Request, (iii) Borrower fail to provide any information reasonably
requested by Lender as part of Lender’s consideration of Borrower’s Continuation Request or (iv) Borrower fail to obtain the requisite assignment and assumption agreement(s), Borrower or the surviving entity may, and Lender shall be
entitled to require Borrower or the surviving entity to, make a prepayment in full within five (5) days following the consummation of the Change of Control of (i) all unpaid and remaining Interim Payments and/or Scheduled Payments with
respect to the Loans outstanding and due hereunder, (ii) the Final Payment, and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to any and all Obligations. Nothing herein shall obligate Lender to
grant such Continuation Request or to refrain from requiring prepayment under the terms of this Section 2.5(c) in connection with a Change of Control. 
 (C) There shall be no mandatory prepayment upon the happening of an initial public offering of Borrower’s securities under clause (iv) of the definition of Liquidation Event in the absence of any Default or
Event of Default otherwise caused thereby. 
 (D) The failure of Borrower to comply with the terms of this Section 2.5 in
connection with a Liquidation Event as set forth herein shall constitute an Event of Default. 
 (d) Voluntary Prepayment. Borrower
may voluntarily prepay in full the aggregate of all Loans outstanding, provided that each of the following conditions is satisfied at the time of such prepayment: Borrower shall pay to Lender in full (i) all unpaid and remaining Interim
Payments and/or Scheduled Payments with respect to the Loans outstanding and due hereunder, (ii) the Final Payment, and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to any and all Obligations.

 (e) No Other Prepayment. Borrower may not prepay any Loan except upon the occurrence of an event described in
Section 2.5(a), (b), (c) or (d) above in which event the prepayment shall be made as described in such sections. 
 2.6 Other Payment Terms. 
 (a) Place and Manner. Borrower shall authorize Lender to cause all
payments due to Lender hereunder, whether such payments are on account of the Loans, expenses, fees or other payments due Lender, to be made through an ACH funds transfer arrangement reasonably 

  

 8 

 
acceptable to Lender, in lawful money of the United States, in good same day or immediately available funds to an account designated by Lender. Borrower
shall execute and deliver the ACH Authorization Form substantially in the form of Exhibit E hereto, which shall authorize Lender to take all steps necessary or desirable to cause payments due Lender by Borrower hereunder to be made via
an ACH system. In the event the ACH payment arrangement is terminated for any reason, Borrower shall make all payments due to Lender by payments to Lender at the address specified in Section 11, in lawful money of the United States and
in good same day or immediately available funds. 
 (b) Date. Whenever any payment due hereunder shall fall due on a day other than a
Business Day, such payment shall be made on the next succeeding Business Day. 
 (c) Default Rate. If either (i) any amounts
required to be paid by Borrower under this Agreement or the other Loan Documents (including principal, interest, the Final Payment payable with respect to any Loan, and any fees or other amounts) remain unpaid after such amounts are due, or
(ii) an Event of Default has occurred and is continuing, Borrower shall pay interest on the aggregate, outstanding balance hereunder from the date due or from the date of the Event of Default, as applicable, until such past due amounts are paid
in full or until all Events of Default are cured, as applicable, at a per annum rate equal to the Default Rate. All computations of such interest shall be based on a year of three hundred sixty (360) days for actual days elapsed.

 2.7 Minimum Funding Amount. Except with the prior consent of Lender, in Lender’s sole discretion, the amount of the requested
Loan shall not be less than the Minimum Funding Amount. 
 2.8 Crediting Payments. The receipt by Lender of any wire transfer of
funds, funds transfer, check, or other item of payment including ACH initiated debits shall be immediately applied conditionally to reduce Obligations, but shall not be considered a payment on account unless (i) such item of payment is of
immediately available federal funds and (ii) other than with respect to an ACH initiated debit, is made to the appropriate deposit account of Lender or unless and until such check or other item of payment is honored when presented for payment.
Notwithstanding anything to the contrary contained herein, any wire transfer or other payment received by Lender after 11:00 a.m. California time shall be deemed to have been received by Lender as of the opening of business on the immediately
following Business Day. 
 2.9 Term. This Agreement shall become effective upon execution by Lender and Borrower, and shall
continue in full force and effect during the Term. Notwithstanding the foregoing, Lender shall have the right to terminate this Agreement immediately and without notice upon the occurrence and continuance of an Event of Default. 
 3. CONDITIONS OF LOANS 
 3.1 Conditions Precedent to Initial Loan. The obligation of Lender to make the initial Loan is subject to the condition precedent that Lender shall have received, in form and substance satisfactory to
Lender, all of the following: 
 (a) This Agreement duly executed by Borrower. 
 (b) The Warrants to be issued to Lender and LCP-IV duly executed by Borrower. 
  

 9 

 (c) The ACH Authorization Form in the form of Exhibit F attached hereto duly
executed and delivered by Borrower. 
 (d) Copies of the contracts and agreements referenced in Section 5.14 that are
required by Section 5.14 to have been delivered to Lender, and any third party consents related thereto required by Lender in connection with such contracts and agreements. 
 (e) An officer’s certificate of Borrower with copies of the following documents attached: (i) the certificate of incorporation and
by-laws of Borrower certified by Borrower as being in full force and effect on the Funding Date, (ii) incumbency and representative signatures, and (iii) resolutions authorizing the execution and delivery of this Agreement and each of the
other Loan Documents. 
 (f) A good standing certificate from Borrower’s state of incorporation and the state in which
Borrower’s principal place of business is located, together with certificates of the applicable governmental authorities stating that Borrower is in compliance with the franchise tax laws of each such state, each dated as of a recent date.

 (g) The insurance coverage required by Section 6.9 of this Agreement. 
 (h) All necessary consents of shareholders and other third parties with respect to the execution, delivery and performance of this Agreement, the
Warrants and the other Loan Documents in form and substance reasonably acceptable to Lender. 
 (i) Payment of any unreimbursed
Lender’s Expenses. 
 (j) Such other documents, and completion of such other matters, as Lender may reasonably deem necessary or
appropriate. 
 3.2 Conditions Precedent to all Loans. The obligation of Lender to make each Loan, including the initial Loan,
is further subject to the following conditions: 
 (a) Evidence that no Default or Event of Default shall have occurred and be
continuing. 
 (b) Borrower shall have provided to Lender with respect to the Collateral, original vendor invoices, bills of sale,
receipts, agreements, proof of payment, and other documents as Lender shall reasonably request to evidence the ownership by Borrower of, the payment in full of the purchase price of, and the fair market value of, such Collateral, each in form and
substance reasonably satisfactory to Lender. Borrower shall notify Lender in writing with respect to a request for funding for general corporate purposes as set forth in Section 2.2(a). 
 (c) Borrower and Lender shall have executed a Loan Agreement Supplement with respect to the proposed Loan. 
 (d) Lender shall have received such documents, instruments and agreements, including UCC financing statements or amendments to UCC financing
statements, as Lender shall reasonably request to evidence the perfection and priority of the security interests granted to Lender pursuant to Section 4. 
  

 10 

 (e) Borrower shall have delivered to Lender a subordination agreement, release, or estoppel
letter, as appropriate, from any Person having an existing Lien superior to the Lien of Lender on any item of Collateral. 
 (f) Such
other documents, and completion of such other matters, as Lender may reasonably deem necessary or appropriate. 
 3.3 Covenant to
Deliver. Borrower agrees (not as a condition but as a covenant) to deliver to Lender each item required to be delivered to Lender as a condition to the Loan, if such Loan is advanced. Borrower expressly agrees that the extension of such
Loan prior to the receipt by Lender of any such item shall not constitute a waiver by Lender of Borrower’s obligation to deliver such item. 
 4. CREATION OF SECURITY INTEREST 
 4.1 Grant of Security
Interest. Borrower grants to Lender a valid, first priority, continuing security interest in all presently existing and hereafter acquired or arising Collateral in order to secure prompt, full and complete payment of any and all Obligations and
in order to secure prompt, full and complete performance by Borrower of each of its covenants and duties under each of the Loan Documents. 
 4.2 Duration of Security Interest. Lender’s security interest in the Collateral shall continue until the payment in full and the satisfaction of all Obligations, whereupon such security interest shall terminate; provided,
however, if any item of Collateral is subject to an Event of Loss, then following the prepayment of the Loan with respect to such item pursuant to Section 2.5, Lender shall release its security interest in such item of Collateral.
Lender shall, at Borrower’s sole cost and expense, execute such further documents and take such further actions as may be necessary to effect the release contemplated by this Section 4.2, including duly executing and delivering
termination statements for filing in all relevant jurisdictions under the Code. 
 4.3 Possession of Collateral. So long as no Event
of Default has occurred and is continuing, Borrower shall remain in full possession, enjoyment and control of the Collateral (except only as may be otherwise required by Lender for perfection of their security interest therein) and shall be entitled
to manage, operate and use the same and each part thereof with the rights and franchises appertaining thereto; provided, however, that the possession, enjoyment, control and use of the Collateral shall at all times be subject to the
observance and performance of the terms of this Agreement. 
 4.4 Markings on the Collateral. At Lender’s request at any
time during the Term of the Loan (including any extension thereof), Borrower shall place in a conspicuous location on each item of Collateral a plaque or other marking to be supplied by Lender which reads substantially as follows: 
 Lighthouse Capital Partners V, L.P. has a first priority security interest in this item of equipment. 
 Such plaque or other marking shall not be removed (or if removed or damaged such plaque or other marking shall be replaced) until the security interest in favor of
Lender in such item of Collateral is terminated pursuant to this Agreement. 
 4.5 Delivery of Additional Documentation Required.
Borrower shall from time to time execute and deliver to Lender, all financing statements and other documents such Lender may reasonably request, in form satisfactory to Lender, to perfect and continue Lender’s perfected security interests
in the Collateral and in order to consummate fully all of the transactions contemplated under the Loan Documents. 
  

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 4.6 Right to Inspect. Lender (through any of its officers, employees, or agents) shall have
the right, upon reasonable prior notice, from time to time during Borrower’s usual business hours, to inspect Borrower’s Books and to make copies thereof and to check, test, and appraise the Collateral in order to verify Borrower’s
financial condition or the amount, condition of, or any other matter relating to, the Collateral. 
 5. REPRESENTATIONS
AND WARRANTIES 
 Borrower represents, warrants and covenants as follows: 
 5.1 Due Organization and Qualification. Borrower is a corporation duly existing and in good standing under the laws of its state of
incorporation and qualified and licensed to do business in, and is in good standing in, any state in which the conduct of its business or its ownership of Property requires that it be so qualified or in which the Collateral is located, except for
such states as to which any failure so to qualify would not have a material adverse effect on Borrower. 
 5.2 Authority. Borrower has
all necessary power and authority to execute, deliver, and perform in accordance with the terms thereof, the Loan Documents to which it is a party. Borrower has all requisite power and authority to own and operate its properties and to carry on its
businesses as now conducted. 
 5.3 Subsidiaries. Borrower has no Subsidiaries, except those listed in Schedule 2
hereto. 
 5.4 Conflict with Other Instruments, etc. Neither the execution and delivery of any Loan Document to which Borrower
is a party nor the consummation of the transactions therein contemplated nor compliance with the terms, conditions and provisions thereof will conflict with or result in a breach of any of the terms, conditions or provisions of the certificate of
incorporation and the by-laws, or other organizational documents of Borrower or any material violation of any law applicable to Borrower or any regulation, order, writ, injunction or decree of any court or governmental instrumentality applicable to
Borrower or any material agreement or instrument to which Borrower is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, or constitute a default thereunder or result in the creation or
imposition of any Lien, other than Permitted Liens. 
 5.5 Authorization; Enforceability. The execution and delivery of this
Agreement, the granting of the security interest in the Collateral, the incurring of the Loans, the execution and delivery of the other Loan Documents to which Borrower is a party and the consummation of the transactions herein and therein
contemplated have each been duly authorized by all necessary action on the part of Borrower. The Loan Documents have been duly executed and delivered and constitute legal, valid and binding obligations of Borrower, enforceable against Borrower in
accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general
principles of equity. 
 5.6 No Prior Encumbrances. Borrower has good and marketable title to the Collateral, free and clear of Liens,
except for the first priority lien held by the Lender and except for other Permitted Liens. Borrower has not acquired any part of the Collateral from an assignor outside the ordinary course of such assignor’s business. 
  

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 5.7 Name; Location of Chief Executive Office, Principal Place of Business and Collateral. Borrower
has not done business under any name other than that specified on the signature page hereof. The chief executive office, principal place of business, and the place where Borrower maintains its records concerning the Collateral are presently located
at the address set forth in Section 11. The Collateral is presently located at the addresses set forth in Section 11 or as listed on Schedule 2 hereof. 
 5.8 Litigation. There are no actions or proceedings pending by or against Borrower before any court or administrative agency in which an adverse
decision could have a material adverse effect on Borrower or the aggregate value of the Collateral. Borrower does not have knowledge of any such pending or threatened actions or proceedings. 
 5.9 Financial Statements. All financial statements relating to Borrower or any Affiliate that have been or may hereafter be delivered by Borrower
to Lender present fairly in all material respects Borrower’s financial condition as of the date thereof and Borrower’s results of operations for the period then ended. 
 5.10 Solvency. Borrower is solvent and able to pay its debts (including trade debts) as they mature. 
 5.11 Taxes. Borrower has filed or caused to be filed all tax returns required to be filed, and has paid, or has made adequate provision for the
payment of, all taxes that are due and payable, except for such taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves have been created in accordance with generally accepted accounting principles.

 5.12 Consents and Approvals. No approval, authorization or consent of any trustee or holder of any indebtedness or obligation of
Borrower or of any other Person under any material agreement, contract, lease or license or similar document or instrument to which Borrower is a party or by which Borrower is bound, is required to be obtained by Borrower in order to make or
consummate the transactions contemplated under the Loan Documents. All consents and approvals of, filings and registrations with, and other actions in respect of, all Governmental Authorities required to be obtained by Borrower in order to make or
consummate the transactions contemplated under the Loan Documents have been, or prior to the time when required will have been, obtained, given, filed or taken and are or will be in full force and effect. 
 5.13 Trademarks, Patents, Copyrights, Franchises and Licenses. Borrower licenses, possesses and/or owns all necessary trademarks, trade names,
copyrights, patents, patent rights, franchises and licenses which are material to the conduct of its business as now operated. 
 5.14
Material Contracts. Borrower has disclosed to Lender in writing all currently effective material contracts and material agreements (whether written or oral) to which Borrower is a party. There are no material defaults under any such contract or
agreement by Borrower. Borrower has delivered to Lender true and correct copies of all such contracts or agreements with respect to any Indebtedness of Borrower (or, with respect to oral contracts or agreements, written descriptions of the material
terms thereof). 
 5.15 Full Disclosure. No representation, warranty or other statement made by Borrower in any Loan Document,
certificate or written statement furnished to Lender contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading.

  

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 6. AFFIRMATIVE COVENANTS 
 Borrower covenants and agrees that, until the full and complete payment of the Obligations and the termination of the Commitments, Borrower shall do all
of the following: 
 6.1 Good Standing. Borrower shall maintain its corporate existence and its good standing in its jurisdiction of
incorporation and maintain qualification in each jurisdiction in which the failure to so qualify could have a material adverse effect on the financial condition, operations or business of Borrower. Borrower shall maintain in force all licenses,
approvals and agreements, the loss of which could have a material adverse effect on its financial condition, operations or business. 
 6.2 Government Compliance. Borrower shall comply with all statutes, laws, ordinances and government rules and regulations to which it is subject, noncompliance with which could materially adversely affect the financial condition,
operations or business of Borrower. 
 6.3 Financial Statements, Reports, Certificates. Borrower shall deliver to Lender: (a) as
soon as available, but in any event within thirty (30) days after the end of each month, a company prepared balance sheet, income statement and cash flow statement covering Borrower’s operations during such period, certified by a
Responsible Officer; (b) commencing with the 2003 fiscal year, as soon as available, but in any event within one hundred twenty (120) days after the end of Borrower’s fiscal year, audited financial statements of Borrower prepared in
accordance with generally accepted accounting principles, consistently applied, together with an unqualified opinion on such financial statements of a nationally recognized or other independent public accounting firm reasonably acceptable to Lender;
(c) promptly upon becoming available, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders; (d) immediately upon receipt of notice thereof, a report of any material legal
actions pending or threatened against Borrower; and (e) such other financial information as Lender may reasonably request from time to time. 
 6.4 Certificates of Compliance. Each time financial statements are furnished pursuant to Section 6.3 above, there shall be delivered to Lender a certificate signed by a Responsible Officer (each an “Officer’s
Certificate”) with respect to such financial reports to the effect that: (i) no Event of Default or Default has occurred and is continuing hereunder since the date of this Agreement or, if later, since the date of the prior
Officer’s Certificate or, if such an event or condition has occurred and is continuing, the nature and extent thereof and the action Borrower proposes to take with respect thereto, and (ii) Borrower is in compliance with the provisions of
Sections 6 and 7. 
 6.5 Notice of Event of Loss. As soon as possible, and in any event within ten (10) days
thereafter, Borrower shall notify Lender in writing in reasonable detail of any Event of Loss. 
 6.6 Notice of Defaults. As soon as
possible, and in any event within five (5) days after the discovery of a Default or an Event of Default provide Lender with an Officer’s Certificate of Borrower setting forth the facts relating to or giving rise to such Default or Event of
Default and the action which Borrower proposes to take with respect thereto. 
 6.7 Taxes. Borrower shall make due and timely payment
or deposit of all federal, state, and local taxes, assessments, or contributions required of it by law or imposed upon any properties belonging to it, and will execute and deliver to Lender, on demand, appropriate certificates attesting to the
payment or deposit thereof; and Borrower will make timely payment or deposit of all tax payments and withholding taxes required of it by applicable laws, including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and
federal income taxes, and will, upon request, furnish Lender with proof satisfactory to Lender indicating that Borrower has made such payments or deposits; provided that Borrower need not make any payment if the amount or validity of such
payment is contested in good faith by appropriate proceedings and is adequately reserved against by Borrower. 
  

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 6.8 Use; Maintenance. 
 (a) Borrower, at its expense, shall make all necessary site preparations and cause the Collateral to be operated in accordance with any applicable
manufacturer’s manuals or instructions. So long as no Default or Event of Default has occurred and is continuing, Borrower shall have the right to quietly possess and use the Collateral as provided herein without interference by Lender (except
as necessary to protect Lender’s security interest in the Collateral). 
 (b) Borrower, at its expense, shall maintain the
Collateral in good condition, reasonable wear and tear excepted, and will comply in all material respects with all laws, rules and regulations to which the use and operation of the Collateral may be or become subject. Such obligation shall extend to
repair and replacement of any partial loss or damage to the Collateral, regardless of the cause. If maintenance is mandated by manufacturer, Borrower shall obtain and keep in effect, at all times during the Term maintenance service contracts with
suppliers approved by Lender, such approval not to be unreasonably withheld. All parts furnished in connection with such maintenance or repair shall immediately become part of the Collateral. All such maintenance, repair and replacement services
shall be immediately paid for and discharged by Borrower with the result that no Lien will attach to the Collateral. 
 6.9
Insurance. 
 (a) Borrower, at its own expense, shall obtain and maintain in amounts and coverages reasonably satisfactory
to Lender (a) insurance against loss or damage to the Collateral, (b) commercial general liability insurance, including contractual liability, products liability and completed operations coverage according to standard industry practices,
and (c) such other insurance against such other risks of loss and with such terms as shall be reasonably satisfactory to or reasonably required by Lender as to carriers, amounts and otherwise. The amount of insurance covering loss or damage to
the Collateral shall be the greater of (i) outstanding balance of the Loan Amount with respect to such Collateral or (ii) replacement cost of the Collateral. 
 (b) The amount of commercial general public liability insurance (other than products liability coverage and completed operations insurance) shall be at least Two Million Dollars ($2,000,000) per occurrence. The
amount of such products liability and completed operations insurance shall be at least Two Million Dollars ($2,000,000) per occurrence. The general public liability insurance may be maintained through use of an “umbrella” (excess
liability) policy, provided that such “umbrella” policy together with the primary policy which it supplements shall provide coverage in the aggregate meeting the requirements of this Section. The deductible with respect to insurance
against loss or damage to the Collateral and product liability insurance shall not exceed Twenty-five Thousand Dollars ($25,000); otherwise there shall be no deductible with respect to any insurance required to be maintained hereunder without the
prior written approval of Lender. Each such insurance policy shall: (i) name Lender loss payee or additional insured, as appropriate, (ii) provide for insurer’s waiver of its right of subrogation against Lender and Borrower,
(iii) provide that such insurance shall not be invalidated by any action of, or breach of warranty by, Borrower and waive set-off, counterclaim or offset against Lender, (iv) provide that Borrower’s insurance shall be primary without
a right of contribution of Lender’s insurance, if any, or any obligation on the part of Lender to pay premiums of Borrower, and (v) require the insurer to give Lender at least thirty (30) days prior written notice of cancellation.
Borrower shall, on or prior to the first disbursement of funds hereunder and prior to each policy renewal, furnish to Lender certificates of insurance. Borrower shall give Lender prompt notice of any damage to, or loss of, any Collateral.

  

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 6.10 Loss; Damage; Destruction and Seizure. 
 (a) Borrower shall bear the risk of the Collateral being lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or
seized by a governmental authority for any reason whatsoever at any time until the expiration or termination of the Term. 
 (b) If
during the Term any item of Collateral becomes obsolete or is lost, stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason whatsoever for a period equal to at least the
remainder of the Term (an “Event of Loss”), then in each case Lender shall receive from the proceeds of insurance maintained pursuant to Section 6.9, from any award paid by the seizing governmental authority or, to the
extent not received from the proceeds of insurance or award or both, from Borrower, on or before the Payment Date next succeeding such Event of Loss, an amount equal to the sum of: (i) the pro rata portion of all unpaid and remaining Interim
Payments and/or Scheduled Payments with respect to the Loans outstanding and due hereunder related to the specific item(s) of Collateral which were the subject of an Event of Loss, and (ii) the pro rata portion of Final Payment related to the
Loans outstanding and due hereunder related to the item(s) of Collateral which were the subject of an Event of Loss, and (iii) all other sums, if any, that shall have become due and payable hereunder with respect to such item(s) of Collateral
which were the subject of an Event of Loss, including interest at the Default Rate with respect to any past due amounts. On the date of receipt by Lender of the amount specified above with respect to each such item of Collateral subject to an Event
of Loss, this Agreement shall terminate as to such specific items of Collateral. Except as provided in Section 6.10(c), any proceeds of insurance maintained by Borrower pursuant to Section 6.9 and received by Borrower up to
the amount calculated in the previous sentence shall be paid to Lender promptly upon their receipt by Borrower, net of any sums previously furnished by Borrower to Lender on account of an Event of Loss under this Section 6.10(b). If any
proceeds of insurance or awards received from governmental authorities are in excess of the amount owed under this Section 6.10, Lender shall promptly remit to Borrower the amount in excess of the amount owed to Lender. 
 (c) So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 6.9
received by Lender or Borrower with respect to an item of Collateral, the repair or replacement of which is practicable, shall, at the election of Borrower, be applied either to the repair or replacement of such Collateral or, upon Lender’s
receipt of evidence of the repair or replacement of the Collateral reasonably satisfactory to Lender, to the reimbursement of Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by Borrower in
replacement of Collateral pursuant to this Section 6.10(c) shall immediately become part of the Collateral upon acquisition by Borrower. Borrower shall take such actions and provide such documentation as may be reasonably requested by
Lender to protect and preserve their first priority security interest and otherwise to avoid any impairment of Lender’s rights under the Loan Documents in connection with such repair or replacement. 
 6.11 Consultation Rights. Up and until a Liquidation Event and subject to the limitations set forth in subsections (b) and
(c) of this Section 6.11, Borrower shall permit Lender to participate in the deliberations of Borrower’s management and attempt to influence the conduct of Borrower’s management through the exercise, at reasonable
times, of the following consultation rights: 
 (a) Lender shall be entitled to consult with and advise Borrower’s management on
significant business issues, including management’s proposed annual operating plans, and management will meet with Lender regularly during each year at mutually agreeable times (at least twice per calendar year) for such consultation and advice
and to review progress and operating results. 
  

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 (b) In addition to its rights under Section 4.6, Lender may request information at
reasonable times and intervals concerning Borrower’s financial condition and operations, provided that access to highly confidential proprietary information need not be provided unless otherwise required or consented to under this Agreement.

 (c) Borrower shall provide Lender’s designated representative copies of all notices, minutes, consents and other material that
Borrower provides to its board of directors. The representative may be excluded from access to any material or meeting or portion thereof if Borrower believes, upon advice of counsel, that such exclusion is reasonably necessary to preserve the
attorney-client privilege, to protect highly confidential proprietary information or for other similar reasons, provided that access is not otherwise required pursuant to another provision of this Agreement. Upon reasonable notice and at a scheduled
meeting of the Board of Directors or such other time, if any, as the Board of Directors may determine in its sole discretion, such representative may address the Board of Directors with respect to Lender’s concerns regarding significant
business issues facing Borrower. 
 (d) The rights of Lender under this Section 6.11 to consult with and advise Borrower
concerning significant business issues shall not be deemed or urged by Borrower to vest Lender with the power or right to control the conduct of management of Borrower. Borrower agrees that nothing in this Section 6.11 relieves
Borrower’s management or Board of Directors of their respective fiduciary duties under applicable law. 
 Notwithstanding the foregoing provisions of
this Section 6.11, Lender’s rights granted herein shall not extend to, and Borrower agrees that Lender shall have no control, management or influence over Borrower of any kind respecting, any matter concerning: (i) the payment
of any vendor or creditor of the Borrower, (ii) the content of any document filed with the Securities and Exchange Commission or any other state or federal regulatory body or agency, (iii) the transport, handling or storage of any material
or waste designated as hazardous or otherwise regulated or controlled under any law, regulation or ordinance, (iv) payroll tax, (v) pension plans, or (vi) the termination of non-executive employees. 
 6.12 ACH Further Assurances. In addition to and without limitation of Section 6.14, Borrower agrees that it shall provide Lender with
not less than thirty (30) days prior written notice of the closure or planned depletion of any account designated as an account for ACH debits and/or credits on the ACH Authorization Form executed and delivered by Borrower to Lender. Borrower
further agrees that should it establish any other accounts in substitution for such closed or depleted accounts, or shall otherwise establish any new deposit or operating accounts from which payments hereunder may be made, it shall notify Lender of
the same and at Lender’s request, Borrower shall execute a new ACH Authorization Form in favor of Lender granting Lender authority to create ACH debit and/or credit entries in such accounts for the purposes of effecting payments under
Section 2.7(a). Borrower shall take all steps reasonably requested by Lender to maintain an ACH payment arrangement with Lender for so long as any Obligations remain outstanding. 
 6.13 Litigation. Borrower will promptly notify Lender in writing if any action, proceeding or governmental investigation involving Borrower is
commenced that may result in damages or costs to Borrower of Two Hundred Fifty Thousand Dollars ($250,000) or more or that could have a material adverse effect on Borrower or the aggregate value of the Collateral or the priority of Lender’s
security interest in the Collateral. 
  

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 6.14 Further Assurances. At any time and from time to time Borrower shall execute and deliver such
further instruments and take such further action as may reasonably be requested by Lender to effect the purposes of this Agreement. 
 7.
NEGATIVE COVENANTS 
 Borrower covenants and agrees that until the full and complete payment of the
Obligations and termination of the Commitments, Borrower will not do any of the following: 
 7.1 Chief Executive Office; Location of
Collateral. Change Borrower’s name, change the state of incorporation, chief executive office or principal place of business or remove or cause to be removed, except in the ordinary course of Borrower’s business, the Collateral or the
records concerning the Collateral from the premises listed on the cover page without thirty (30) days prior written notice to Lender. 
 7.2 Extraordinary Transactions and Disposal of Assets. Enter into any transaction not in the ordinary and usual course of Borrower’s business, including the sale, lease, license or other disposition of, moving, relocation, or
transfer, whether by sale or otherwise, of Borrower’s assets, other than (i) sales of inventory in the ordinary and usual course of Borrower’s business as presently conducted and (ii) sales or other dispositions in the ordinary
course of business of assets, other than Collateral, that have become worn out or obsolete or that are promptly being replaced. 
 Notwithstanding anything
contained in this Section 7.2, the Borrower may do any of the following: (i) transfer licenses and similar arrangements for use of its intellectual property, in arm’s length transactions, in the ordinary course of its
business for adequate consideration (ii) declare and make any dividend payment payable in its equity securities, (iii) convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or
otherwise in exchange therefor, (iv) repurchase stock from former employees of Borrower in accordance with the terms of repurchase, vesting or similar agreements between Borrower and such employees in its ordinary course of business in an
amount not to exceed Fifty Thousand Dollars ($50,000), (v) repurchase equity securities with the proceeds from the issuance of equity securities, (vi) repurchase, redeem, retire, defease or otherwise acquire for value equity securities in
connection with or pursuant to any employees benefit plan or stock option plan of the Borrower, and (vii) enter into a Liquidation Event provided the applicable provisions of Section 2.5 above are met to Lender’s
satisfaction and provided no Event of Default has occurred and is continuing and is not otherwise caused thereby. 
 7.3
Restructure. Make any material change in Borrower’s financial structure or business operations; cause, permit, or suffer any material change in Borrower’s ownership (other than through the sale of preferred stock to equity investors or
an event as set forth in clause (iv) of the definition of Liquidation Event); or suspend operation of Borrower’s business. 
 7.4 Liens. Create, incur, assume or suffer to exist any Lien or any other encumbrance of any kind with respect to any of its Collateral, whether now owned or hereafter acquired, except for Permitted Liens. 
 8. EVENTS OF DEFAULT 
 Any one or more of the following events shall constitute an Event of Default by Borrower under this Agreement: 
 8.1 Payment Default. If Borrower fails to pay within three (3) days of the date when due and payable or when declared due and payable in accordance with the Loan Documents, any portion of the Obligations. 
  

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 8.2 Certain Covenant Defaults. If Borrower fails to perform any obligation under Sections
6.9, 6.10 or 6.11, or violates any of the covenants contained in Section 7 of this Agreement. 
 8.3 Other
Covenant Defaults. If Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant, or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or
future agreement between Borrower and Lender and as to any default under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure such default within thirty (30) days after the occurrence of such
default. 
 8.4 Attachment. If (i) any material portion of Borrower’s assets is attached, seized, subjected to a writ or
distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or Person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within ten
(10) days, or (ii) Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or (iii) a judgment or other claim becomes a lien or encumbrance
upon any material portion of Borrower’s assets, or (iv) a notice of lien, levy, or assessment is filed of record by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or
governmental agency, which encompasses or encumbers any items of Borrower’s property which are then Collateral and the same is not paid within ten (10) days after Borrower receives notice thereof; provided that none of the foregoing
shall constitute an Event of Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower. 
 8.5 Other Agreements. If there is a default in any agreement to which Borrower is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to
accelerate the maturity of any Indebtedness. 
 8.6 Judgments. If a judgment or judgments for the payment of money in an amount,
individually or in the aggregate, of at least Fifty Thousand Dollars ($50,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of thirty (30) days. 
 8.7 Redemption or Repurchase. Borrower shall, after the date of this Agreement, redeem or repurchase (a) any shares of any class or series of
its preferred stock or (b) more than Fifty Thousand Dollars ($50,000) in the aggregate of common stock, in each case whether pursuant to a mandatory redemption or otherwise; provided however, that if with respect to the Borrower’s
Series B Convertible Preferred Stock, issued and outstanding on the date hereof (the “Series B Stock”), such Series B Stock shall be required to be redeemed or requested by the holders thereof to be redeemed in one or more redemptions in
accordance with the terms for redemption set forth in Borrower’s Amended and Restated Certificate of Incorporation as currently filed in the State of Delaware (the “Charter”) (a “Redemption”) while any Obligations remain
outstanding hereunder or under any of the Loan Documents and (i) Lender is provided not less than sixty (60) days prior written notice of such pending or requested Redemption, and (ii) such Redemption shall not result in
Borrower’s available cash and cash equivalents aggregating less than Three Million Dollars immediately subsequent to such Redemption, then in such event such Redemption shall not constitute an Event of Default solely with respect to this
Section 8.7. 
  

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 8.8 Misrepresentations. If any material misrepresentation or material misstatement exists now or
hereafter in any warranty, representation, statement, or report made to Lender by Borrower by any executive officer, authorized agent, or director of Borrower which relates to the Borrower or the transactions contemplated by the Loan Documents.

 8.9 Breach of Warrants. If Borrower shall materially breach the terms of the Warrants. 
 8.10 Enforceability. If any Loan Document shall in any material respect cease to be, or Borrower shall assert that any Loan Document is not, a
legal, valid and binding obligation of Borrower enforceable against the Borrower in accordance with its terms. 
 8.11 Involuntary
Bankruptcy or Insolvency. If a proceeding shall have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of Borrower in an involuntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee (or similar official) of Borrower or for any substantial part of its property, or for the winding-up or liquidation of its
affairs, and such proceeding shall remain undismissed or unstayed and in effect for a period of sixty (60) consecutive days or such court shall enter a decree or order granting the relief sought in such proceeding. 
 8.12 Voluntary Bankruptcy or Insolvency. If Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian (or
other similar official) of Borrower or for any substantial part of its property, or shall make a general assignment for the benefit of creditors, or is insolvent, or shall fail generally to pay its debts as they become due, or shall take any
corporate action in furtherance of any of the foregoing. 
 9. LENDER’S RIGHTS
AND REMEDIES 
 9.1 Rights and Remedies. Upon the occurrence and continuance of any Default or Event
of Default, Lender shall have no further obligation to advance money or extend credit to or for the benefit of Borrower. In addition, upon the occurrence and during the continuance of an Event of Default, Lender shall have the rights, options,
duties and remedies of a secured party as permitted by law and, in addition to and without limitation of the foregoing, Lender may, at its election, without notice of election and without demand, do any one or more of the following, all of which are
authorized by Borrower: 
 (a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or
otherwise, including all remaining Interim and/or Scheduled Payments and the Final Payment due pursuant to each Loan, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.11 or
8.12 all Obligations shall become immediately due and payable without any action by Lender); 
 (b) Without notice to or
demand upon Borrower, make such payments and do such acts as Lender considers necessary or reasonable to protect its security interest in the Collateral. Borrower agrees to assemble the Collateral if Lender so requires, and to make the Collateral
available to Lender as Lender may designate. Borrower authorizes Lender to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any
encumbrance, charge, or lien which in Lender’s determination appears to be prior or superior to their security interest and to pay all expenses incurred in connection therewith. With 

  

 20 

 
respect to any of Borrower’s owned premises, Borrower hereby grants Lender a license to enter into possession of such premises and to occupy the same,
without charge, for up to one hundred twenty (120) days in order to exercise any of Lender’s rights or remedies provided herein, at law, in equity, or otherwise; 
 (c) Without notice to Borrower, set off and apply to the Obligations any and all indebtedness at any time owing to or for the credit or the
account of Borrower; 
 (d) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell
(in the manner provided for herein) the Collateral. Lender is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents, copyrights, rights of
use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and,
in connection with Lender’s exercise of their rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements shall inure to Lender’s benefit; 
 (e) Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on terms, in
such manner and at such places (including Borrower’s premises) as Lender determines are commercially reasonable; 
 (f) Lender
may credit bid and purchase at any public sale; and 
 (g) Any deficiency that exists after disposition of the Collateral as provided
above will be paid immediately by Borrower. 
 9.2 Effect of Sale. Any sale, whether under any power of sale hereby given or by virtue
of judicial proceedings, shall operate to divest all right, title, interest, claim and demand whatsoever, either at law or in equity, of Borrower in and to the Property sold, and shall be a perpetual bar, both at law and in equity, against Borrower,
its successors and assigns, and against any and all Persons claiming the Property sold or any part thereof under, by or through Borrower, its successors or assigns. 
 9.3 Power of Attorney in Respect of the Collateral. Borrower does hereby irrevocably appoint Lender (which appointment is coupled with an interest) on the occurrence and continuance of an Event of Default, the
true and lawful attorney in fact of Borrower with full power of substitution, for it and in its name: (a) to ask, demand, collect, receive, receipt for, sue for, compound and give acquittance for any and all rents, issues, profits, avails,
distributions, income, payment draws and other sums in which a security interest is granted under Section 4 with full power to settle, adjust or compromise any claim thereunder as fully as if Lender were Borrowers themselves, (b) to
receive payment of and to endorse the name of Borrower to any items of Collateral (including checks, drafts and other orders for the payment of money) that come into such Lender’s possession or under such Lender’s control, (c) to make
all demands, consents and waivers, or take any other action with respect to, the Collateral, (d) in Lender’s discretion to file any claim or take any other action or proceedings, either in its own name or in the name of Borrower or
otherwise, which Lender may reasonably deem necessary or appropriate to protect and preserve the right, title and interest of Lender in and to the Collateral, or (e) to otherwise act with respect thereto as though Lender were the outright owner
of the Collateral. 
 9.4 Lender’s Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to
third persons or entities, as required under the terms of this Agreement, then Lender may do any or all of the following: (a) make payment of the same or any part thereof; (b) set 

  

 21 

 
up such reserves in Borrower’s loan account as Lender deems necessary to protect Lender from the exposure created by such failure; or (c) obtain
and maintain insurance policies of the type discussed in Section 6.9 of this Agreement, and take any action with respect to such policies as Lender deem prudent. Any amounts paid or deposited by Lender shall constitute Lender’s
Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Lender shall not constitute an agreement by Lender to make similar
payments in the future or a waiver by Lender of any Event of Default under this Agreement. 
 9.5 Remedies Cumulative. Lender’s
rights and remedies under this Agreement, the Loan Documents, and all other agreements shall be cumulative. Lender shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by
Lender of one right or remedy shall be deemed an election, and no waiver by Lender of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Lender shall constitute a waiver, election, or acquiescence by it.

 9.6 Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the
avails of any remedy hereunder (as well as any other amounts of any kind held by Lender at the time of or received by Lender after, the occurrence of an Event of Default hereunder) shall be paid to and applied as follows: 
 (a) First, to the payment of out-of-pocket costs and expenses, including all amounts expended to preserve the value of the Collateral, of
foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by
Lender; 
 (b) Second, to the payment to Lender of the amount then owing or unpaid on the Loans including Scheduled Payments,
the Final Payment, and all other payment Obligations with respect to all Loans, provided, however, in the event such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Loans, then to the unpaid
interest thereon, then to unpaid principal thereof, then to the Final Payment with respect to the Loans, and then to the payment of other amounts then payable to Lender under any of the Loan Documents on account of any other Obligations then
outstanding; and 
 (c) Third, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to
whomsoever may be lawfully entitled to receive the same. 
 9.7 Reinstatement of Rights. If Lender shall have proceeded to enforce any
right under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then and in every such case
(unless otherwise ordered by a court of competent jurisdiction), Lender shall be restored to their former position and rights hereunder with respect to the Property subject to the security interest created under this Agreement. 
 10. WAIVERS; INDEMNIFICATION 
 10.1 Demand; Protest. Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise,
settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by Lender on which Borrower may in any way be liable. 
  

 22 

 10.2 Lender’s Liability for Collateral. So long as Lender complies with its obligations, if
any, under Section 9207 of the Code, Lender shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any
cause; (c) any diminution in the value thereof; or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person whomsoever. All risk of loss, damage or destruction of the Collateral shall be borne by
Borrower. 
 10.3 Indemnification. Whether or not the transactions contemplated hereby shall be consummated: 
 (a) General Indemnity. Borrower shall pay, indemnify, and hold Lender and each of its officers, directors, employees, counsel, partners, agents
and attorneys-in-fact (each, an “Indemnified Person”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses or disbursements (including
Lender’s Expenses and reasonable attorney’s fees) of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement and any other Loan Documents, or the transactions
contemplated hereby and thereby, and with respect to any investigation, litigation or proceeding (including any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency,
liquidation, dissolution or relief of debtors or any appellate proceeding) related to this Agreement or the Loans or the use of the proceeds thereof, whether or not any Indemnified Person is a party thereto (all the foregoing, collectively, the
“Indemnified Liabilities”); provided, that Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities arising from the gross negligence or willful misconduct of an
Indemnified Person. 
 (b) Survival; Defense. The obligations in this Section 10.3 shall survive payment of all other
Obligations. At the election of any Indemnified Person, Borrower shall defend such Indemnified Person using legal counsel satisfactory to such Indemnified Person in such Person’s sole discretion, at the sole cost and expense of Borrower. All
amounts owing under this Section 10.3 shall be paid within thirty (30) days after written demand. 
 11.
NOTICES 
 Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or
any other agreement entered into in connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by
certified mail, postage prepaid, return receipt requested, or by prepaid facsimile to Borrower or to Lender, as the case may be, at their respective addresses set forth below: 
  

			
	If to Borrower:	 	 Codexis, Inc.
 200 Penobscot Drive
 Redwood City, California 94063
 Attention: Chief Financial Officer

FAX: (650) 298-5449

  

 23 

			
	 With a copy to:

		
		 	 Patrick A. Pohlen, Esq.
 Latham & Watkins LLP

 135 Commonwealth Drive
 Menlo Park, California 94025

FAX: (650) 463-2600

		
	If to Lender:	 	 Lighthouse Capital Partners V, L.P.
 500 Drake’s
Landing Road
 Greenbrae, California 94904-3011

		 	 Attention: Contract Administration
 FAX: (415)
925-3387

 The parties hereto may change the address at which they are to receive notices hereunder, by
notice in writing in the foregoing manner given to the other. 
 12. GENERAL PROVISIONS 
 12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of the
parties; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Lender’s prior written consent including any consent provided under Section 2.5(c) with respect to certain
Liquidation Events, which consent may be granted or withheld in Lender’s sole discretion generally or under the provisions of Section 2.5, as the case may be. Lender shall have the right without the consent of or notice to Borrower
to sell, transfer, negotiate, or grant participations in all or any part of, or any interest in such Lender’s rights and benefits hereunder. 
 12.2 Time of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 
 12.3
Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 12.4 Entire Agreement; Construction; Amendments and Waivers. 
 (a) This Agreement and each of the other Loan Documents dated as of the date hereof, taken together, constitute and contain the entire agreement between Borrower and Lender and supersede any and all prior
agreements, negotiations, correspondence, understandings and communications between the parties, whether written or oral, respecting the subject matter hereof. 
 (b) This Agreement is the result of negotiations between and has been reviewed by each of Borrower and Lender executing this Agreement as of the date hereof and their respective counsel; accordingly,
this Agreement shall be deemed to be the product of the parties hereto, and no ambiguity shall be construed in favor of or against Borrower or Lender. Borrower and Lender agree that they intend the literal words of this Agreement and the other Loan
Documents and that no parol evidence shall be necessary or appropriate to establish Borrower’s or Lender’s actual intentions. 
 (c) Any and all amendments, modifications, discharges or waivers of, or consents to any departures from any provision of this Agreement or of any of the other Loan Documents 

  

 24 

 
shall not be effective without the written consent of Lender and Borrower. Any waiver or consent with respect to any provision of the Loan Documents shall be
effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances. Any
amendment, modification, waiver or consent effected in accordance with this Section 12.4 shall be binding upon Lender and on Borrower. 
 12.5 Reliance by Lender. All covenants, agreements, representations and warranties made herein by Borrower shall, notwithstanding any investigation by Lender, be deemed to be material to and to have been relied upon by Lender.

 12.6 No Set-Offs by Borrower. All sums payable by Borrower pursuant to this Agreement or any of the other Loan Documents shall be
payable without notice or demand and shall be payable in United States Dollars without set-off or reduction of any manner whatsoever. 
 12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when
taken together, shall constitute but one and the same Agreement. 
 12.8 Survival. All covenants, representations and warranties made
in this Agreement shall continue in full force and effect so long as any Obligations remain outstanding. The obligations of Borrower to indemnify Lender with respect to the expenses, damages, losses, costs and liabilities described in
Section 10.3 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Lender have run. 
 13. No Original Issue Discount. Borrower and Lender hereby acknowledge and agree that the Warrants (the “Warrants”) to purchase stock transferred to Lender under the Warrants to purchase stock
is part of an investment unit within the meaning of Section 1273(c)(2) of the Internal Revenue Code which includes the Loans. Borrower and Lender further agree as between Borrower and Lender, that the fair market value of the Warrants is equal
to US$100 and that, pursuant to Treas. Reg. § 1.1273-2(h), US$100 of the issue price of the investment unit will be allocable to the Warrants and the balance shall be allocable to the Loans. Borrower and Lender agree to prepare their federal
income tax returns in a manner consistent with the foregoing agreement and, pursuant to Treas. Reg. § 1.1273, the original issue discount on the Loans shall be considered to be zero. 
 14. Relationship of Parties. Borrower and Lender acknowledge, understand and agree that the relationship between the Borrower, on the one hand,
and Lender, on the other, is, and at all times shall remain solely that of a borrower and lender. Lender shall not under any circumstances be construed to be a partner or joint venturer of Borrower or any of its Affiliates; nor shall the Lender
under any circumstances be deemed to be in a relationship of confidence or trust or a fiduciary relationship with Borrower or any of its Affiliates, or to owe any fiduciary duty to Borrower or any of its Affiliates. Lender does not undertake or
assume any responsibility or duty to Borrower or any of its Affiliates to select, review, inspect, supervise, pass judgment upon or otherwise inform the Borrower or any of its Affiliates of any matter in connection with its or their Property, any
Collateral held by Lender or the operations of Borrower or any of its Affiliates. Borrower and each of its Affiliates shall rely entirely on their own judgment with respect to such matters, and any review, inspection, supervision, exercise of
judgment or supply of information undertaken or assumed by Lender in connection with such matters is solely for the protection of Lender and neither Borrower nor any Affiliate is entitled to rely thereon. 
  

 25 

 15. Choice of Law and Venue; Jury Trial Waiver. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF BORROWER AND LENDER HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY
OF SANTA CLARA, STATE OF CALIFORNIA. BORROWER AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
  

 26 

 IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date first above written. 
  

									
	BORROWER:	 		 	LENDER:
			
	CODEXIS, INC.	 		 	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
					
	By:	 	 /s/ Tassos Gianakakos
	 		 	By:	 	 LIGHTHOUSE MANAGEMENT
 PARTNERS V,
L.L.C., its general partner

	Name:	 	T. Gianakakos	 		 		 	
					
	Title:	 	VP Finance & Corporate Development	 		 	By:	 	 /s/ Dennis Ryan

					
		 		 		 	Name:	 	Dennis Ryan
					
		 		 		 	Title:	 	Chief Operating Officer

  

			
	Exhibit A	  	- Collateral
	Exhibit B-1 and B-2	  	- Warrants
	Exhibit C	  	- Loan Agreement Supplement
	Exhibit D	  	- Ancillary Documents
	Exhibit E	  	- ACH Authorization Form

 Schedule 1 – Existing Liens 
 Schedule 2 – Subsidiaries and Collateral Locations 
  

 27 

 EXHIBIT A 
  

			
	DEBTOR/BORROWER:	  	Codexis, Inc.
		
	SECURED PARTY/LENDER:	  	Lighthouse Capital Partners V, L.P.

 COLLATERAL 
 The Collateral shall consist of all right, title and interest of Debtor in and to all the following: 
 All
right, title, interest, claims and demands of Debtor in and to each and every item of equipment, fixtures or personal property that is financed pursuant to Loan and Security Agreement 3771 by and between Debtor and Secured Party, including without
limitation, the equipment, fixtures and personal property described in Annex A attached hereto whether now owned or hereafter acquired, wherever located, together with all substitutions, renewals or replacements of and additions,
improvements, accessions and accumulations to any and all of such equipment, fixtures or personal property together with all the rents, issues, income, profits and avails therefrom and all of the products and proceeds thereof, including without
limitation, insurance, proceeds of insurance, proceeds of proceeds, condemnation, requisition or similar payments, and all proceeds from sales, renewals, releases or other dispositions thereof. 
  

 1 

 ANNEX A 
 TO 
 EXHIBIT A 
 The following represent further specific descriptions of the Financed Equipment: 
 Financed Equipment 
  

 2 

 EXHIBITS B-1 AND B-2 
 WARRANTS 
  

 1 

 EXHIBIT B-1 
 THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR
TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS AVAILABLE WITH RESPECT THERETO. 
 COMMON STOCK PURCHASE WARRANT 
  

			
	 Warrant
No.                    
	  	Number of Shares: 23,088

 CODEXIS, INC. 
 Effective as of February 12, 2004 
 Void
after February 12, 2011 
 1. Issuance. This Common Stock Purchase Warrant (the “Warrant”) is
issued to LIGHTHOUSE CAPITAL PARTNERS V, L.P. by CODEXIS, INC., a Delaware corporation (hereinafter with its successors called the
“Company”). 
 2. Purchase Price; Number of Shares. The registered holder of this Warrant (the
“Holder”), commencing on the date hereof, is entitled upon surrender of this Warrant with the subscription form annexed hereto duly executed, at the principal office of the Company, to purchase from the Company at a price per share
of $0.40 (the “Purchase Price”), 23,088 fully paid and nonassessable shares of Common Stock, $0.0001 par value, of the Company (the “Common Stock”). 
 Until such time as this Warrant is exercised in full or expires, the Purchase Price and the securities issuable upon exercise of this Warrant are subject to adjustment
as hereinafter provided. The person or persons in whose name or names any certificate representing shares of Common Stock is issued hereunder shall be deemed to have become the holder of record of the shares represented thereby as at the close of
business on the date this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed. 
 3. Payment of Purchase Price. The Purchase Price may be paid (a) in cash or by check, or (b) by any combination of the foregoing. 
 4. Net Issue Election. The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the
surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and
nonassessable shares of Common Stock as is computed using the following formula: 
  

									
		 	  
 X=
	 	  
     Y(A-B)    
         A
	 		  	

									
		
	 where: X =
	 	the number of shares of Common Stock to be issued to the Holder pursuant to this Section 4.

  

 1 

									
		
	 Y =
	 	the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4.
		
	 A =
	 	the Fair Market Value (defined below) of one share of Common Stock as determined at the time the net issue election is made pursuant to this
Section 4.
		
	 B =
	 	the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4.

 “Fair Market Value” of a share of Common Stock as of the date that the net issue
election is made (the “Determination Date”) shall mean: 
 (i) If the net issue election is made in connection with
and contingent upon the closing of the sale of the Company’s Common Stock to the public in a public offering pursuant to a Registration Statement under the 1933 Act (a “Public Offering”), and if the Company’s Registration
Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with
respect to such offering. 
 (ii) If the net issue election is not made in connection with and contingent upon a Public Offering, then
as follows: 
 (a) If traded on a securities exchange or the Nasdaq National Market, the fair market value of the Common Stock shall
be deemed to be the average of the closing or last reported sale prices of the Common Stock on such exchange or market over the five day period ending five trading days prior to the Determination Date; 
 (b) If otherwise traded in an over-the-counter market, the fair market value of the Common Stock shall be deemed to be the average of the closing
ask prices of the Common Stock over the five day period ending five trading days prior to the Determination Date; and 
 (c) If there
is no public market for the Common Stock, then fair market value shall be determined in good faith by the Company’s Board of Directors. 
 5. Partial Exercise. This Warrant may be exercised in part, and the Holder shall be entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of shares in respect of which this
Warrant shall not have been exercised. 
 6. Fractional Shares. In no event shall any fractional share of Common Stock be issued upon
any exercise of this Warrant. If, upon exercise of this Warrant in its entirety, the Holder would, except as provided in this Section 6, be entitled to receive a fractional share of Common Stock, then the Company shall pay cash equal to
the product of such fraction multiplied by the Common Stock’s fair market value (as determined by the Board of Directors) on the date of exercise. 
 7. Expiration Date; Automatic Exercise. This Warrant shall expire at the close of business on February 12, 2011, and shall be void thereafter. Notwithstanding the foregoing, this Warrant shall
automatically be deemed to be exercised in full pursuant to the provisions of Section 4 hereof, without any further action on behalf of the Holder, immediately prior to the time this Warrant would otherwise expire pursuant to the
preceding sentence. 
  

 2 

 8. Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after
the date hereof reserve and keep available such number of its authorized shares of Common Stock, free from all preemptive or similar rights therein, as will be sufficient to permit the exercise of this Warrant in full. The Company further covenants
that such shares as may be issued pursuant to such exercise will, upon issuance in accordance with the terms hereof, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance
thereof. 
 9. Stock Splits and Dividends. If after the date hereof the Company shall subdivide the Common Stock, by split-up or
otherwise, or combine the Common Stock, or issue additional shares of Common Stock in payment of a stock dividend on the Common Stock, the number of shares of Common Stock issuable on the exercise of this Warrant shall forthwith be proportionately
increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend, or
proportionately increased in the case of a combination. 
 10. Antidilution Rights. The other antidilution rights applicable to the
Common Stock of the Company are set forth in the Amended and Restated Certificate of Incorporation, as amended from time to time (the “Articles”), a true and complete copy in its current form which is attached hereto as
Exhibit A. Such rights shall not be restated, amended or modified in any manner which affects the Holder differently than the holders of Common Stock without such Holder’s prior written consent. The Company shall promptly
provide the Holder hereof with any restatement, amendment or modification to the Articles promptly after the same has been made. 
 11.
Dissolutions, Liquidations, Mergers or Changes in Control. 
 (a) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Company shall notify the Holder as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, the Warrant will terminate
immediately prior to the consummation of such proposed action. 
 (b) Merger or Change in Control. In the event of a merger of
the Company with or into another corporation, or a Change in Control, the Warrant shall be assumed or an equivalent warrant substituted by the successor corporation or a parent or subsidiary of the successor corporation. In the event that the
successor corporation or parent or subsidiary of the successor corporation in a merger or Change in Control refuses to assume or substitute for the Warrant, then the Company shall notify the Holder in accordance with the provisions of
Section 13 hereof of the pending Change of Control and Holder may then elect to exercise the Warrant not less than three (3) days prior to the effective date of the Change of Control. 
 (c) “Change in Control” means the occurrence of any of the following events: 
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power
represented by the Company’s then outstanding voting securities; or 
 (ii) The consummation of the sale or disposition by the
Company of all or substantially all of the Company’s assets; or 
  

 3 

 (iii) The consummation of a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

 12. Certificate of Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly deliver to
the Holder a certificate of the Company’s chief financial officer setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 
 13. Notices of Record Date, Etc. In the event of: 
 (a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, or any
right to subscribe for, purchase, sell or otherwise acquire or dispose of any shares of stock of any class or any other securities or property, or to receive any other right; 
 (b) any reclassification of the capital stock of the Company, capital reorganization of the Company, consolidation or merger involving the
Company, or sale or conveyance of all or substantially all of its assets; or 
 (c) any voluntary or involuntary dissolution,
liquidation or winding-up of the Company; 
 then in each such event the Company will provide or cause to be provided to the Holder a written notice thereof.
Such notice shall be provided at least ten (10) days prior to the date specified in such notice on which any such action is to be taken. 
 14. Representations, Warranties and Covenants. This Warrant is issued and delivered by the Company and accepted by each Holder on the basis of the following representations, warranties and covenants made by the Company as of the date
of issuance of this initial Warrant to the initial Holder: 
 (a) The Company has all necessary authority to issue, execute and deliver
this Warrant and to perform its obligations hereunder. This Warrant has been duly authorized issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms. 
 (b) The shares of Common Stock issuable upon the exercise of this Warrant have been duly authorized and reserved for
issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. 
 (c)
The issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Common Stock upon the exercise of this Warrant in accordance with the terms hereof will not, (i) violate or contravene the Company’s
Articles or by-laws, or any law, statute, regulation, rule, judgment or order applicable to the Company, (ii) violate, contravene or result in a breach or default under any contract, agreement or instrument to which the Company is a party or by
which the Company or any of its assets are bound or (iii) require the consent or approval of or the filing of any notice or registration with any person or entity. 
  

 4 

 (d) As long as obligations under the Loan and Security Agreement No. 3771 between the Company
and Lighthouse Capital Partners V, L.P. dated as of February 11, 2004 (the “Loan Agreement”) are outstanding, the Company will provide to the Holder the financial and other information described in the Loan Agreement. 
 (e) As of the date hereof, the authorized capital stock of the Company consists of (i) 18,500,000 shares of Common Stock, of which 1,003,427
shares are issued and outstanding, 2,996,573 shares are reserved for issuance upon the exercise of options issued pursuant to the Company’s 2002 Stock Plan and 46,176 shares are reserved for issuance upon the exercise of warrant,
(ii) 6,000,000 shares of Series A Preferred Stock, of which 6,000,000 are issued and outstanding shares, and (iii) 8,101,102 shares of Series B Redeemable Preferred Stock, of which 8,101,101 are issued and outstanding shares. Attached
hereto as Exhibit B is a capitalization table summarizing the capitalization of the Company. At Holder’s request, not more than once per calendar quarter, the Company will provide Holder with a current capitalization table
indicating changes, if any, to the number of outstanding shares of common stock and preferred stock. 
 15. Amendment. The terms of
this Warrant may be amended, modified or waived only with the written consent of the Holder and the Company. 
 16. Representations and
Covenants of the Holder. This Common Stock Purchase Warrant has been entered into by the Company in reliance upon the following representations, warranties and covenants of the Holder, which by its execution hereof each Holder hereby confirms:

 (a) Investment Purpose. The right to acquire Common Stock contained herein will be acquired for investment and not with a view to
the sale or distribution of any part thereof, and the Holder has no present intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption. 
 (b) Accredited Investor. Holder is an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D,
as presently in effect. 
 (c) Private Issue. The Holder understands (i) that the Common Stock issuable upon exercise of the
Holder’s rights contained herein is not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and qualifications
requirements thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 16. 
 (d) Financial Risk. The Holder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment and has the ability to bear the economic
risks of its investment. 
 17. Notices, Transfers, Etc. 
 (a) Any notice or written communication required or permitted to be given to the Holder may be given by certified mail or delivered to the Holder at the address most recently provided by the Holder to the
Company. 
 (b) Subject to compliance with applicable federal and state securities laws, this Warrant may be transferred by the Holder
with respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company, together with the assignment notice annexed hereto duly 

  

 5 

 
executed, for transfer of this Warrant as an entirety by the Holder, the Company shall issue a new warrant of the same denomination to the assignee. Upon
surrender of this Warrant to the Company, together with the assignment hereof properly endorsed, by the Holder for transfer with respect to a portion of the shares of Common Stock purchasable hereunder, the Company shall issue a new warrant to the
assignee, in such denomination as shall be requested by the Holder hereof, and shall issue to such Holder a new warrant covering the number of shares in respect of which this Warrant shall not have been transferred. 
 (c) In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a new warrant of like tenor and denomination and
deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost, stolen or destroyed, upon receipt of an affidavit of the Holder or other evidence
reasonably satisfactory to the Company of the loss, theft or destruction of such Warrant. 
 18. No Impairment. The Company will not,
by amendment of its Articles or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance of 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 action as may be necessary or appropriate in order to protect the
rights of the Holder. 
 19. Governing Law. The provisions and terms of this Warrant shall be governed by and construed in accordance
with the internal laws of the State of California. 
 20. Successors and Assigns. This Warrant shall be binding upon the
Company’s successors and assigns and shall inure to the benefit of the Holder’s successors, legal representatives and permitted assigns. 
 21. Business Days. If the last or appointed day for the taking of any action required of the expiration of any rights granted herein shall be a Saturday or Sunday or a legal holiday in California, then such action may be taken or
right may be exercised on the next succeeding day which is not a Saturday or Sunday or such a legal holiday. 
 22. Value. The Company
and the Holder agree that the value of this Warrant on the date of grant is $50. 
  

			
	CODEXIS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

 6 

 Subscription 
  

											
	To:	 	  
	 		 		  	Date:	  	  

 The undersigned hereby subscribes for
                     shares of Common Stock covered by this Warrant. The certificate(s) for such shares shall be issued in the name of the
undersigned or as otherwise indicated below: 
  

	
	  

	Signature
	  

	Name for Registration
	  

	Mailing Address

  

 1 

 Net Issue Election Notice 
  

											
	To:	 	  
	 		 		  	Date:	  	  

 The undersigned hereby elects under Section 4 to surrender the right to purchase
             shares of Common Stock pursuant to this Warrant. The certificate(s) for such shares issuable upon such net issue election shall be issued in the name of the undersigned
or as otherwise indicated below: 
  

	
	  

	Signature
	  

	Name for Registration
	  

	Mailing Address

  

 1 

 Assignment 
 For value received
                                        
hereby sells, assigns and transfers unto
                                        

  
  
 [Please print or typewrite name and address of Assignee] 
 the within Warrant, and does hereby irrevocably constitute and
appoint
                                        
its attorney to transfer the within Warrant on the books of the within named Company with full power of substitution on the premises. 
 Dated:
                         
  

	
	In the Presence of:
	
	  

  

 1 

 EXHIBIT A 
 Amended and Restated Certificate of Incorporation 
 See attached pages. 

  

 1 

 EXHIBIT B 
 Capitalization Table 
  

 1 

 EXHIBIT B-2 
 THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR
TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS AVAILABLE WITH RESPECT THERETO. 
 COMMON STOCK PURCHASE WARRANT 
  

			
	Warrant No. ___________	  	Number of Shares: 23,088

 CODEXIS, INC. 
 Effective as of February 12, 2004 
 Void
after February 12, 2011 
 1. Issuance. This Common Stock Purchase Warrant (the “Warrant”) is issued to
LIGHTHOUSE CAPITAL PARTNERS IV, L.P. by CODEXIS, INC., a Delaware corporation (hereinafter with its successors called the “Company”).

 2. Purchase Price; Number of Shares. The registered holder of this Warrant (the “Holder”),
commencing on the date hereof, is entitled upon surrender of this Warrant with the subscription form annexed hereto duly executed, at the principal office of the Company, to purchase from the Company at a price per share of $0.40 (the
“Purchase Price”), 23,088 fully paid and nonassessable shares of Common Stock, $0.0001 par value, of the Company (the “Common Stock”). 
 Until such time as this Warrant is exercised in full or expires, the Purchase Price and the securities issuable upon exercise of this Warrant are subject to adjustment as hereinafter provided. The person or persons in
whose name or names any certificate representing shares of Common Stock is issued hereunder shall be deemed to have become the holder of record of the shares represented thereby as at the close of business on the date this Warrant is exercised with
respect to such shares, whether or not the transfer books of the Company shall be closed. 
 3. Payment of Purchase Price. The
Purchase Price may be paid (a) in cash or by check, or (b) by any combination of the foregoing. 
 4. Net Issue Election.
The Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company,
with the net issue election notice annexed hereto duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Common Stock as is computed using the
following formula: 
  

									
		 	  
 X=
	 	  
     Y(A-B)    
         A
	 		  	

									
		
	 where: X =
	 	the number of shares of Common Stock to be issued to the Holder pursuant to this Section 4.

  

 1 

									
		
	 Y =
	 	the number of shares of Common Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4.
		
	 A =
	 	the Fair Market Value (defined below) of one share of Common Stock as determined at the time the net issue election is made pursuant to this
Section 4.
		
	 B =
	 	the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4.

 “Fair Market Value” of a share of Common Stock as of the date that the net issue
election is made (the “Determination Date”) shall mean: 
 (i) If the net issue election is made in connection with
and contingent upon the closing of the sale of the Company’s Common Stock to the public in a public offering pursuant to a Registration Statement under the 1933 Act (a “Public Offering”), and if the Company’s Registration
Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with
respect to such offering. 
 (ii) If the net issue election is not made in connection with and contingent upon a Public Offering, then
as follows: 
 (a) If traded on a securities exchange or the Nasdaq National Market, the fair market value of the Common Stock shall
be deemed to be the average of the closing or last reported sale prices of the Common Stock on such exchange or market over the five day period ending five trading days prior to the Determination Date; 
 (b) If otherwise traded in an over-the-counter market, the fair market value of the Common Stock shall be deemed to be the average of the closing
ask prices of the Common Stock over the five day period ending five trading days prior to the Determination Date; and 
 (c) If there
is no public market for the Common Stock, then fair market value shall be determined in good faith by the Company’s Board of Directors. 
 5. Partial Exercise. This Warrant may be exercised in part, and the Holder shall be entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of shares in respect of which this
Warrant shall not have been exercised. 
 6. Fractional Shares. In no event shall any fractional share of Common Stock be issued upon
any exercise of this Warrant. If, upon exercise of this Warrant in its entirety, the Holder would, except as provided in this Section 6, be entitled to receive a fractional share of Common Stock, then the Company shall pay cash equal to
the product of such fraction multiplied by the Common Stock’s fair market value (as determined by the Board of Directors) on the date of exercise. 
 7. Expiration Date; Automatic Exercise. This Warrant shall expire at the close of business on February 12, 2011, and shall be void thereafter. Notwithstanding the foregoing, this Warrant shall
automatically be deemed to be exercised in full pursuant to the provisions of Section 4 hereof, without any further action on behalf of the Holder, immediately prior to the time this Warrant would otherwise expire pursuant to the
preceding sentence. 
  

 2 

 8. Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after
the date hereof reserve and keep available such number of its authorized shares of Common Stock, free from all preemptive or similar rights therein, as will be sufficient to permit the exercise of this Warrant in full. The Company further covenants
that such shares as may be issued pursuant to such exercise will, upon issuance in accordance with the terms hereof, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance
thereof. 
 9. Stock Splits and Dividends. If after the date hereof the Company shall subdivide the Common Stock, by split-up or
otherwise, or combine the Common Stock, or issue additional shares of Common Stock in payment of a stock dividend on the Common Stock, the number of shares of Common Stock issuable on the exercise of this Warrant shall forthwith be proportionately
increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend, or
proportionately increased in the case of a combination. 
 10. Antidilution Rights. The other antidilution rights applicable to the
Common Stock of the Company are set forth in the Amended and Restated Certificate of Incorporation, as amended from time to time (the “Articles”), a true and complete copy in its current form which is attached hereto as
Exhibit A. Such rights shall not be restated, amended or modified in any manner which affects the Holder differently than the holders of Common Stock without such Holder’s prior written consent. The Company shall promptly
provide the Holder hereof with any restatement, amendment or modification to the Articles promptly after the same has been made. 
 11.
Dissolutions, Liquidations, Mergers or Changes in Control. 
 (a) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Company shall notify the Holder as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, the Warrant will terminate
immediately prior to the consummation of such proposed action. 
 (b) Merger or Change in Control. In the event of a merger of
the Company with or into another corporation, or a Change in Control, the Warrant shall be assumed or an equivalent warrant substituted by the successor corporation or a parent or subsidiary of the successor corporation. In the event that the
successor corporation or parent or subsidiary of the successor corporation in a merger or Change in Control refuses to assume or substitute for the Warrant, then the Company shall notify the Holder in accordance with the provisions of
Section 13 hereof of the pending Change of Control and Holder may then elect to exercise the Warrant not less than three (3) days prior to the effective date of the Change of Control. 
 (c) “Change in Control” means the occurrence of any of the following events: 
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power
represented by the Company’s then outstanding voting securities; or 
 (ii) The consummation of the sale or disposition by the
Company of all or substantially all of the Company’s assets; or 
  

 3 

 (iii) The consummation of a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

 12. Certificate of Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly deliver to
the Holder a certificate of the Company’s chief financial officer setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment 
 13. Notices of Record Date, Etc. In the event of: 
 (a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, or any
right to subscribe for, purchase, sell or otherwise acquire or dispose of any shares of stock of any class or any other securities or property, or to receive any other right; 
 (b) any reclassification of the capital stock of the Company, capital reorganization of the Company, consolidation or merger involving the
Company, or sale or conveyance of all or substantially all of its assets; or 
 (c) any voluntary or involuntary dissolution,
liquidation or winding-up of the Company; 
 then in each such event the Company will provide or cause to be provided to the Holder a written notice thereof.
Such notice shall be provided at least ten (10) days prior to the date specified in such notice on which any such action is to be taken. 
 14. Representations, Warranties and Covenants. This Warrant is issued and delivered by the Company and accepted by each Holder on the basis of the following representations, warranties and covenants made by the Company as of the date
of issuance of this initial Warrant to the initial Holder: 
 (a) The Company has all necessary authority to issue, execute and deliver
this Warrant and to perform its obligations hereunder. This Warrant has been duly authorized issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms. 
 (b) The shares of Common Stock issuable upon the exercise of this Warrant have been duly authorized and reserved for
issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. 
 (c)
The issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Common Stock upon the exercise of this Warrant in accordance with the terms hereof will not, (i) violate or contravene the Company’s
Articles or by-laws, or any law, statute, regulation, rule, judgment or order applicable to the Company, (ii) violate, contravene or result in a breach or default under any contract, agreement or instrument to which the Company is a party or by
which the Company or any of its assets are bound or (iii) require the consent or approval of or the filing of any notice or registration with any person or entity. 
  

 4 

 (d) As long as obligations under the Loan and Security Agreement No. 3771 between the Company
and Lighthouse Capital Partners V, L.P. dated as of February 11, 2004 (the “Loan Agreement”) are outstanding, the Company will provide to the Holder the financial and other information described in the Loan Agreement. 
 (e) As of the date hereof, the authorized capital stock of the Company consists of (i) 18,500,000 shares of Common Stock, of which 1,003,427
shares are issued and outstanding, 2,996,573 shares are reserved for issuance upon the exercise of options issued pursuant to the Company’s 2002 Stock Plan and 46,176 shares are reserved for issuance upon the exercise of warrant,
(ii) 6,000,000 shares of Series A Preferred Stock, of which 6,000,000 are issued and outstanding shares, and (iii) 8,101,102 shares of Series B Redeemable Preferred Stock, of which 8,101,101 are issued and outstanding shares. Attached
hereto as Exhibit B is a capitalization table summarizing the capitalization of the Company. At Holder’s request, not more than once per calendar quarter, the Company will provide Holder with a current capitalization table
indicating changes, if any, to the number of outstanding shares of common stock and preferred stock. 
 15. Amendment. The terms of
this Warrant may be amended, modified or waived only with the written consent of the Holder and the Company. 
 16. Representations and
Covenants of the Holder. This Common Stock Purchase Warrant has been entered into by the Company in reliance upon the following representations, warranties and covenants of the Holder, which by its execution hereof each Holder hereby confirms:

 (a) Investment Purpose. The right to acquire Common Stock contained herein will be acquired for investment and not with a view to
the sale or distribution of any part thereof, and the Holder has no present intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption. 
 (b) Accredited Investor. Holder is an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D,
as presently in effect. 
 (c) Private Issue. The Holder understands (i) that the Common Stock issuable upon exercise of the
Holder’s rights contained herein is not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and qualifications
requirements thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 16. 
 (d) Financial Risk. The Holder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment and has the ability to bear the economic
risks of its investment. 
 17. Notices, Transfers, Etc. 
 (a) Any notice or written communication required or permitted to be given to the Holder may be given by certified mail or delivered to the Holder at the address most recently provided by the Holder to the
Company. 
 (b) Subject to compliance with applicable federal and state securities laws, this Warrant may be transferred by the Holder
with respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company, together with the assignment notice annexed hereto duly 

  

 5 

 
executed, for transfer of this Warrant as an entirety by the Holder, the Company shall issue a new warrant of the same denomination to the assignee. Upon
surrender of this Warrant to the Company, together with the assignment hereof properly endorsed, by the Holder for transfer with respect to a portion of the shares of Common Stock purchasable hereunder, the Company shall issue a new warrant to the
assignee, in such denomination as shall be requested by the Holder hereof, and shall issue to such Holder a new warrant covering the number of shares in respect of which this Warrant shall not have been transferred. 
 (c) In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a new warrant of like tenor and denomination and
deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost, stolen or destroyed, upon receipt of an affidavit of the Holder or other evidence
reasonably satisfactory to the Company of the loss, theft or destruction of such Warrant. 
 18. No Impairment. The Company will not,
by amendment of its Articles or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance of 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 action as may be necessary or appropriate in order to protect the
rights of the Holder. 
 19. Governing Law. The provisions and terms of this Warrant shall be governed by and construed in accordance
with the internal laws of the State of California. 
 20. Successors and Assigns. This Warrant shall be binding upon the
Company’s successors and assigns and shall inure to the benefit of the Holder’s successors, legal representatives and permitted assigns. 
 21. Business Days. If the last or appointed day for the taking of any action required of the expiration of any rights granted herein shall be a Saturday or Sunday or a legal holiday in California, then such action may be taken or
right may be exercised on the next succeeding day which is not a Saturday or Sunday or such a legal holiday. 
 22. Value. The Company
and the Holder agree that the value of this Warrant on the date of grant is $50. 
  

			
	CODEXIS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

 6 

 Subscription 
  

											
	To:	 	  
	 		 		  	Date:	  	  

 The undersigned hereby subscribes for
                     shares of Common Stock covered by this Warrant. The certificate(s) for such shares shall be issued in the name of the
undersigned or as otherwise indicated below: 
  

	
	
	  

	 Signature

	
	  

	Name for Registration
	
	  

	Mailing Address

  

 1 

 Net Issue Election Notice 
  

											
	To:	 	  
	 		 		  	Date:	  	  

 The undersigned hereby elects under Section 4 to surrender the right to purchase
                     shares of Common Stock pursuant to this Warrant. The certificate(s) for such shares issuable upon such net issue election
shall be issued in the name of the undersigned or as otherwise indicated below: 
  

	
	
	  

	Signature
	
	  

	Name for Registration
	
	  

	Mailing Address

  

 1 

 Assignment 
 For value received
                                        
hereby sells, assigns and transfers unto
                                        

  
  
 [Please print or typewrite name and address of Assignee] 
 the within Warrant, and does hereby irrevocably constitute and
appoint
                                        
its attorney to transfer the within Warrant on the books of the within named Company with full power of substitution on the premises. 
 Dated:
                         
  

	
	In the Presence of:
	
	  

  

 1 

 EXHIBIT A 
 Amended and Restated Certificate of Incorporation 
 See attached pages. 

  

 1 

 EXHIBIT B 
 Capitalization Table 
  

 1 

 EXHIBIT C 
 LOAN AGREEMENT SUPPLEMENT NO. 01 dated                         

 Borrower: CODEXIS, INC., a Delaware corporation 
 Lender: LIGHTHOUSE CAPITAL PARTNERS V, L.P. 
 Loan and Security Agreement No.: 3771 
 Transaction Number:                 -     
 Capitalized terms used herein but not otherwise defined herein are used with the respective meanings given to such terms in the Loan Agreement.

 The amount being advanced under this Supplement is $        . The Loan Commencement Date is
            . The Funding Date shall be the date the amount to be advanced hereunder is disbursed to the Borrower and shall be set forth in the Summary of Loan Agreement Supplement.

 Attached as Annex A hereto is a list of equipment added to the Collateral financed under the Loan Agreement. This Collateral
is located at:                      
 Attached as Annex B hereto is the Summary of Loan Agreement Supplement. 
 Borrower hereby certifies that (a) the
foregoing information is true and correct and authorizes Lender to endorse in its books and records, the Loan Factor applicable to the Loan contemplated in this Loan Agreement Supplement and the principal amount set forth in the Summary of Loan
Agreement Supplement; (b) the representations and warranties made by Borrower in Section 5 of the Loan Agreement and in the other Loan Documents are true and correct on the date hereof and will be true and correct on the Funding
Date; (c) Borrower has met or will by the Funding Date meet all conditions set forth in Section 3 of the Loan Agreement; (d) Borrower is now, and on the Funding Date will be, in compliance with the covenants and the
requirements contained in Sections 6 and 7 of the Loan Agreement; and (e) no Default or Event of Default has occurred and is continuing under the Loan Agreement. 
 This Loan Agreement Supplement is being delivered in the State of California. 
 This Loan Agreement Supplement may be executed by Borrower and Lender in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument. 

 IN WITNESS WHEREOF, Borrower and Lender have caused this Loan Agreement Supplement to be duly executed
and delivered as of this day and year first above written. 
  

									
	 BORROWER:
	 		 	LENDER:
			
	 CODEXIS, INC.
	 		 	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
					
	 By:
	 	  
	 		 	By:	 	LIGHTHOUSE MANAGEMENT PARTNERS V, L.L.C., its general partner
	 Name:
	 	  
	 		 		 	
					
	 Title:
	 	  
	 		 	By:	 	  

					
		 		 		 	Name:	 	  

				
	 Annex A – List of Collateral
 Annex B – Summary of Loan Agreement Supplement
	 		 	Title:	 	  

 ANNEX A 
 The following represent further specific descriptions of the Collateral: 
 List of Collateral 

 ANNEX B 
 SUMMARY OF LOAN AGREEMENT SUPPLEMENT NO. 01 dated
                         
 Borrower: CODEXIS, INC., a Delaware corporation 
 Lender: LIGHTHOUSE CAPITAL PARTNERS V, L.P. 
 Loan and Security Agreement No.: 3771 
 Transaction Number:
                    -     
 (All capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Agreement.) 
  

			
	 Funding Date:
	  	                , 200    
		
	 Loan Commencement Date:
	  	                , 200    
		
	 Original Loan Amount:
	  	$        
		
	 Interim Payment:
	  	$        
		
	 Loan Factor:
	  	[2.3042% subject to adjustment as set forth in the definition of Basic Rate]
		
	 Scheduled Payments*:
	  	48 payments of $         each, payable monthly in advance
		
	 Amount of Scheduled Payment paid in advance:
	  	$        

  

			
	 Final Payment*:
	  	An additional amount equal to the Final Payment Percentage multiplied by the original Loan Amount then in effect, shall be paid on the Maturity Date with respect to such Loan.

  

			
	LENDER:
	
	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
		
	By:	 	 LIGHTHOUSE MANAGEMENT
 PARTNERS V,
L.L.C., its general partner

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT D 
 ANCILLARY DOCUMENTS 
 Officer’s Certificate 
 Insurance Request form 

 CODEXIS, INC. 
 OFFICER’S CERTIFICATE 
 The
undersigned, Alan Shaw, hereby certifies that: 
 1. He/She is the duly elected and acting Chief Executive Officer of
CODEXIS, INC., a Delaware corporation (the “Company”). 
 2. That on the
date hereof, each person listed below holds the office in the Company indicated opposite his or her name and that the signature appearing thereon is the genuine signature of each such person: 
  

					
	 NAME
	  	 OFFICE
	  	 SIGNATURE

	 Alan Shaw
	  	Chief Executive Officer	  	  

			
	 Tassos Gianakakos
	  	Chief Financial Officer	  	  

 3. Attached hereto as Exhibit A is a true and correct copy of the Certificate
of Incorporation of the Company, as amended, as in effect as of the date hereof. 
 4. Attached hereto as Exhibit B is a
true and correct copy of the Bylaws of the Company, as amended, as in effect as of the date hereof. 
 5. Attached hereto as
Exhibit C is a copy of the resolutions of the Board of Directors of the Company authorizing and approving the Company’s execution, delivery and performance of a loan facility with Lighthouse Capital Partners V, L.P. 
 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate on February 12, 2004. 
  

			
	CODEXIS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 I, the Chief Financial Officer of the Company, do hereby certify that Alan Shaw is the duly
qualified, elected and acting Chief Executive Officer of the Company and that the above signature is his or her genuine signature. 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Officer’s Certificate on
February 12, 2004. 
  

			
	CODEXIS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EVIDENCE OF INSURANCE 
  

	RE:	Loan and Security Agreement No. 3771 (“Agreement”) 

 Please submit the attached Certificate of Insurance to your Insurance Broker as soon as possible. 
 Please note that the Certificate of Insurance
is required prior to funding. 

			
	To:	  	 Broker: Please prepare a Certificate of Insurance as described and
 send to Certificate Holder via fax and regular mail below.

	From: Codexis, Inc.	  

  

													
	CERTIFICATE OF INSURANCE	  		  	DATE (MM/DD/YY)
	PRODUCER	  	  
 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND
CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW.

		
		  	INSURERS AFFORDING COVERAGE
	 INSURED 
  
 Codexis, Inc.
	  	INSURER A:
	  	INSURER B:
	  	INSURER C:

 COVERAGES 
 THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO
WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN. THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.

  

														
	 INSR
LTR
	 	 TYPE OF INSURANCE
	  	 POLICY
NUMBER
	  	 EFFECTIVE
DATE
(MM/DDYY)
	  	 EXPIRATION
DATE
(MM/DD/YY)
	 	 LIMITS

	A	 	X GENERAL LIABILITY	  		  		  		 	EACH OCCURRENCE	 	$	2,000,000
	 	COMMERCIAL GENERAL LIABILITY	  		  		  		 	FIRE DAMAGE (Any one fire)	 	$	included
	 	CLAIMS MADE        X OCCUR	  		  		  		 	MED EXP (Any one Person)	 	$	10,000
	 	  
	  		  		  		 	PERSONAL & ADV INJURY	 	$	1,000,000
	 	  
	  		  		  		 	GENERAL AGGREGATE	 	$	2,000,000
	 	GEN’L AGGREGATE LIMIT APPLIES	  		  		  		 	PRODUCTS-COM/OP AGG	 	$	2,000,000
	 	PER POLICY        PROJECT        LOC	  		  		  		 		 		
							
		 	AUTOMOBILE LIABILITY	  		  		  		 	COMBINED SINGLE LIMIT	 	$	 
		 	ANY AUTO	  		  		  		 	(Ea accident)	 		
		 	ALL OWNED AUTOS	  		  		  		 	BODILY INJURY	 	$	 
		 	SCHEDULED AUTOS	  		  		  		 	(Per person)	 		
		 	HIRED AUTOS	  		  		  		 	BODILY INJURY	 	$	 
		 	NON-OWNED AUTOS	  		  		  		 	(Per accident)	 		
		 		  		  		  		 	PROPERTY DAMAGE	 	$	 
		 		  		  		  		 	(Per accident)	 		
		 		  		  		  		 	OTHER THAN        EA OCC	 	$	 
		 		  		  		  		 	AUTO ONLY                AGG	 	$	 
							
	A	 	 EXCESS LIABILITY
 OCCUR            CLAIMS MADE
 DEDUCTIBLE
 RETENTION $    
	  		  		  		 	 EACH OCCURRENCE
 AGGREGATE
	 		
	 	  		  		  		 	 		
	 		  		  		  		 		 	$	 
	 		  		  		  		 		 	$	 
	 		  		  		  		 		 	$	 
							
	A	 	 OTHER
 Business Personal Property
	  		  		  		 	Limit:	 	 
 
 
 
 	“All Risk” of Direct
Physical Loss or
Damage (Subject to
Policy Exclusions
& Terms)

			
	 DESCRIPTION OF OPERATIONS/LOCATIONS/VEHICLES/EXCLUSIONS ADDED BY ENDORSEMENT/SPECIAL PROVISIONS
  
 Lighthouse Capital Partners is named as Additional Insured and Loss Payee.

		
	 CERTIFICATE HOLDER
  
	  	
	 Lighthouse Capital Partners
 500 Drake’s Landing Road
 Greenbrae, CA. 94904-3011
 Attn: Contract Administration
 Fax: 415-925-3387
 Phone: 415-464-5900
	  	SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO
THE LEFT, BUT FAILURE TO DO SO SHALL IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER, ITS AGENTS OR REPRESENTATIVES.

  

 EXHIBIT F 
 AUTHORIZATION FOR AUTOMATIC PAYMENT 
 The undersigned CODEXIS,
INC. (“Borrower”) authorizes Lighthouse Capital Partners V, L.P. and any and all affiliated funds (collectively, “Lender”) and the bank / financial institution (“Bank”) named below to initiate
variable debit and/or credit entries to Borrower’s deposit, checking or savings accounts as designated below and to cause funds transfers to an account of Lender as payment of any and all amounts due under the Loan and Security Agreement
between Borrower and Lender dated February 12, 2004 (the “Loan Agreement”). 
  

	 	1.	Lender is hereby authorized to initiate variable debit and/or credit transactions and resulting funds transfers in Borrower’s designated accounts with respect to amounts
calculated by Lender to be due and owing to Lender by Borrower periodically under the Loan Agreement. Borrower consents to all such debit and/or credit transactions and resulting funds transfers and hereby authorizes Lender to take all such actions
as may be required by Bank with respect to such transactions. Borrower acknowledges and agrees that such credit and/or debit entries may be made in amounts due under the Loan Agreement in order to cause timely payments as required by the terms of
the Loan Agreement. 

  

	 	2.	Borrower hereby authorizes Lender to release to Bank all information concerning Borrower which may be necessary or desirable for Bank to investigate or recover any erroneous funds
transfers which may occur. 

  

	 	3.	Borrower acknowledges and agrees that all such debit and/or credit transactions and funds transfers are intended to be made through an Automated Clearing House system and in
compliance with the NACHA Rules and in compliance with Bank’s security procedures. 

  

	 	4.	Borrower represents and warrants that the account information set forth below is accurate and complete and that each of the account(s) set forth below is a business account
maintained in Borrower’s name and for Borrower’s account. 

 This Consent shall be effective as of February 12,
2004 and shall remain in effect until the Loan Agreement has been terminated. Any cancellation by Borrower of this consent shall (i) be made in writing and (ii) delivered to Bank and Lender in such time as to afford Bank and Lender a
reasonable opportunity to act on said cancellation. 
  

			
	
	 
	(Name of Borrower’s Bank)
	
	 
	(Address of
Bank)                        (City)              
          (State)                        (Zip Code)
		
	Bank Routing Number	 	 
		 	(between these symbols /:    :/ on bottom left of check)

					
			
	Account Number:	  	 (checking /deposit/savings)
	 	
		  	 (circle one)
	 	

 Copy of a voided check is attached to this
form:        with regard to Account No.         

			
	Borrower Name:	  	Codexis, Inc.
	Borrower Address:	  	200 Penobscot Drive
		  	Redwood City, CA 94063

  

			
	Authorized by:	 	  

		 	(signature of authorized Borrower representative)

			
		
	Its:	 	  

		 	(title of authorized Borrower representative)

			
		
	Date authorized:	 	  

 Internal ACH Authorizations from Lender: 
  

											
		 	Approved by:	 	  
	 		 	Date:	 	  

						
		 	Approved by:	 	  
	 		 	Date:	 	  

 SCHEDULE 1 
 EXISTING LIENS 
 Pursuant to the Security Agreement, dated January 28, 2004, Wells Fargo Bank,
N.A. has a security interest in the 
 Wells Fargo Bank Market Rate Account #7735-114022, up to the amount of $450,000. 

 SCHEDULE 2 
 SUBSIDIARIES 
 NONE 
 COLLATERAL LOCATIONS 
  

					
	 	  	 Each Location Address where Lighthouse Capital Partners
has financed assets:
	  	 Landlord/Property Management Information:

	 Current Headquarters
 (Location 1)
	  	 Contact Name: Niall Murphy
 Address: 200
Penobscot Drive
 City, State, Zip: Redwood City, California 94063
 Phone: (650) 298-5365
 Fax: (650) 298-5449
 **Equip Type: Lab and computer
	  	 Contact Name: Ronette Tones
 Company Name:
Metropolitan Life Insurance Company c/o CBRE, Property Management
 Address: 701 Chesapeake Drive
 City, State, Zip: Redwood City, California 94063
 Phone: (650)
366-8383
 Fax: (650) 366-0409

			
	Location 2	  	 Contact Name: Niall Murphy
 Company
[LH1]
 Name: Codexis, Inc.
 Address: 501
Chesapeake Drive
 City, State, Zip: Redwood City, California 94063
 Phone: (650) 298-5365
 Fax: (650) 298-5449
 **Equip Type: Lab and computer
	  	 Contact Name: Ronette Tones
 Company Name:
Metropolitan Life Insurance Company c/o CBRE, Property Management
 Address: 701 Chesapeake Drive
 City, State, Zip: Redwood City, California 94063
 Phone: (650)
366-8383
 Fax: (650) 366-0409

			
	Location 3	  	 Contact Name: Brian Fenton
 Company Name:
Codexis, Inc.
 Address: 650 Washington Hwy.
 City,
State, Zip: Lincoln, Rhode Island, 02865 Phone: (401) 333-8899
 Fax: (401) 333-8895
 **Equip Type: Computer
	  	 Contact Name: Joseph Raheb
 Company Name:
Joseph Raheb
 Address: 650 Washington Hwy.
 City,
State, Zip: Lincoln, Rhode Island, 02865
 Phone: (401) 333-3377
 Fax: (401) 334-4152

			
	Location 4	  	 Contact Name: Kevin Taylor
 Company Name:
Codexis, Inc.
 Address: 5 Great Valley Parkway, Suite # 216
 City, State, Zip: Malvern, PA 19355
 Phone: (610) 648-3995
 Fax: (610) 648-3996
 **Equip Type: Computer
	  	 Contact Name: Sharon Nothnagle
 Company Name:
Executive Office Link
 Address: 7 Great Valley Parkway, Suite # 210
 City, State, Zip: Malvern, PA 19355
 Phone: (610) 251-6850
 Fax: (610) 889-9726

  

	**	Note Equip Type: (ie: Various, Web Server, Other)

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