Document:

Exhibit 10.120

 

Description of Executive Officer Compensation Arrangements

 

The following discussion
describes and analyzes the compensation policies, arrangements and decisions for our named executive officers in 2016. In 2011,
our stockholders adopted a three year interval for conducting future stockholder say-on-pay votes. Accordingly, we last conducted
a stockholder say-on-pay vote at our annual meeting in 2014 and at that time our stockholders approved, on an advisory basis, the
compensation of our named executive officers (our stockholders will again be voting, on an advisory basis, on the compensation
of our named executive officers as well as the frequency of the stockholder say-on-pay vote at our 2017 annual meeting). Our existing
compensation policies, arrangements and decisions are consistent with our compensation philosophy and objectives discussed below
and align the interests of our named executive officers with Amyris’ short-term and long-term goals. During 2016, our named
executive officers were:

 

	•		John Melo, President and Chief Executive Officer

	•		Raffi Asadorian, Chief Financial Officer(1)

	•		Joel Cherry, President, Research and Development

	•		Nicholas Khadder, Senior Vice President and General Counsel(2)

___________________________________

 

		(1)	Mr. Asadorian resigned from the company effective January 4, 2017, at which time Kathleen Valiasek assumed the role of Chief Financial Officer.

 

		(2)	Mr. Khadder resigned from the company effective June 14, 2016.

 

Compensation Philosophy and Objectives and
Elements of Compensation

 

The primary objectives of our executive compensation program in 2016 were
to:

 

	•		Attract, retain, and motivate highly talented employees that are key to our success;

	•		Reinforce our core values and foster a sense of ownership, urgency and entrepreneurial
spirit;

	•		Link compensation to individual, team, and company performance (as appropriate by
employee level);

	•		Emphasize performance-based compensation for individuals who can most directly impact
stockholder value; and

	•		Provide exceptional pay for delivering exceptional results.

 

Our success depends, among
other things, on attracting and retaining executive officers with experience and skills in a number of different areas as we continue
to drive improvements in our technology platform and production process, pursue and establish key commercial relationships, develop
and commercialize products, and establish a reliable supply chain and manufacturing organization.

 

Our business continues to
be in an early stage of development with cash management being one key consideration for our strategy and operations. Accordingly,
for 2016, we intended to provide a competitive compensation program that would enable us to attract and retain the top executives
and employees necessary to develop our business, while being prudent in the management of our cash and equity. Based on this approach,
we continued to aim to balance and reward annual and long-term performance with a total compensation package that included a mix
of both cash and equity. Our compensation program was intended to align the interests of management, key employees and stockholders
and to encourage the creation of stockholder value by providing long-term incentives through equity ownership. We continued to
adhere to this general compensation philosophy for 2016.

 

     

     

    

Our intent and philosophy
in designing compensation packages at the time of hiring of new executives is based on providing compensation that we believe is
sufficient to enable us to attract the necessary talent, within prudent limitations as discussed above. Compensation of our executive
officers after the initial period following their hiring is influenced by the amounts of compensation that we initially agreed
to pay them, as well as by our evaluation of their subsequent performance, changes in their levels of responsibility, retention
considerations, prevailing market conditions, the financial condition and prospects of our company, and our attempt to maintain
some level of internal pay parity in the compensation of existing executive officers relative to the compensation paid to more
recently hired executives.

 

We compensate our executive
officers with a combination of salaries, cash bonuses and equity awards. We believe this combination of cash and equity, subject
to strategic allocation among such components, is largely consistent with the forms of compensation provided by other companies
with which we compete for executive talent, and, as such, matches the expectations of our executive officers and of the market
for executive talent. We also believe that this combination provides appropriate incentive levels to retain our executives, reward
them for performance in the short term and induce them to contribute to the creation of value in Amyris over the long term. We
view the different components of our executive compensation as distinct, each serving particular functions in furthering our compensation
philosophy and objectives, and, together, providing a holistic approach to achieving such philosophy and objectives.

 

Base Salary. We believe
we must maintain base salary levels that are sufficiently competitive to position us to attract and retain the executive officers
we need and that it is important for our executive officers to perceive that over time they will continue to have the opportunity
to earn a salary that they regard as competitive. The Leadership Development and Compensation Committee of the Board (the “Leadership
Development and Compensation Committee” or the “Committee”) reviews and adjusts, as appropriate, the base salaries
of our executives on an annual basis, and makes decisions with respect to the base salaries of new executives at the time of hire.
In making such determinations, the Committee considers many factors, including our overall financial performance, the individual
performance of the executive officer in question (including, for executives other than our chief executive officer, recommendations
from our chief executive officer based on performance evaluations of the executive officer in question), the executive’s
potential to contribute to our annual and longer-term strategic goals, the executive officer’s scope of responsibilities,
qualifications and experience, competitive market practices for base salary, prevailing market conditions and internal pay parity.

 

Cash Bonuses. We believe
the ability to earn cash bonuses should provide incentives to our executive officers to effectively pursue goals established by
the Board and should be regarded by executive officers as appropriately rewarding effective performance against these goals. For
2016, the Leadership Development and Compensation Committee adopted a cash bonus plan for our executive officers, the details of
which are described below under “2016 Compensation.” The 2016 cash bonus plan included company performance goals and
individual performance goals and was structured to motivate our executive officers to achieve our short-term financial and operational
goals and to reward exceptional company and individual performance. In particular, our 2016 cash bonus plan was designed to provide
incentives to our executive officers to achieve 2016 company financial and operational targets on a quarterly and annual basis,
together with various key individual operational objectives that are considered for annual performance achievement. In general,
target bonuses for executives are first set in their offer letters based on similar factors to those described above with respect
to the determination of initial base salary at the time of hire (or promotion, as the case may be). For subsequent years, target
bonuses for executives may be adjusted by the Leadership Development and Compensation Committee based on various factors, including
any modifications to base salary, competitive market practices and other considerations described above with respect to adjustments
in executive base salaries.

 

Equity Awards. Our
equity awards are also designed to be sufficiently competitive to allow us to attract and retain executives. In 2016, we granted
both stock option and restricted stock unit awards to executive officers. Option awards for executive officers are granted with
an exercise price equal to the fair market value of our common stock on the date of grant; accordingly, such option awards will
have value to our named executive officers only if the market price of our common stock increases after the date of grant. Under
our 2010 Equity Incentive Plan, the fair market value of our common stock is the closing price of our common stock on The NASDAQ
Stock Market on the date of determination. Restricted stock unit awards represent the right to receive full-value shares of our
common stock without payment of any exercise price. Shares of our common stock are not issued when a restricted stock unit award
is granted; instead, once a restricted stock unit award vests, one share of our common stock is issued for each vested restricted
stock unit. Generally, we grant smaller restricted stock unit awards as compared to option awards because restricted stock units
have a greater fair value per unit than options. However, in 2016 we placed a greater emphasis on restricted stock unit awards
to increase the perceived value of the equity awards granted to our executives. The relative weighting between the option and restricted
stock unit awards granted to our executives is based on a review of market practices.

 

     

     

    

We typically grant option
awards with four-year vesting schedules. Stock option grants include a one year “cliff”, where the option award vests
as to 25% of the shares after one year, and monthly thereafter, subject to continued service through each vesting date. Our restricted
stock unit awards have generally been issued with three-year vesting schedules, vesting as to 1/3rd of the units annually,
subject to continued service through each vesting date. We believe such vesting schedules are generally consistent with the option
and restricted stock unit award granting practices of our peer group companies.

 

We grant equity awards to
our executive officers in connection with their hiring, or, as applicable, their promotion from other roles at the company. The
size of initial equity awards is determined based on the executive’s position with us and takes into consideration the executive’s
base salary and other compensation as well as an analysis of the grant and compensation practices of our peer group companies in
connection with establishing our overall compensation policies. The initial equity awards are generally intended to provide the
executive with an incentive to build value in the organization over an extended period of time, while remaining consistent with
our overall compensation philosophy. Insofar as we have to date incurred operating losses and consumed substantial amounts of cash
in our operations, and to compensate for cash salaries and cash bonus opportunities that were, in certain cases, lower than those
offered by competing employers, we have sought to attract executives to join us by granting equity awards that would have the potential
to provide significant value if we are successful.

 

We also occasionally grant
additional equity awards in recognition of commendable performance and in connection with significant changes in responsibilities.
Further, equity awards are a component of the annual compensation package of our executive officers. In 2016, the Leadership Development
and Compensation Committee granted equity awards based on input from management regarding performance, retention and other considerations.
In approving such awards, the Leadership Development and Compensation Committee has taken into account various factors, including
the responsibilities, past performance and anticipated future contribution of the executive officer, the executive’s overall
compensation package, the executive’s existing equity holdings in Amyris and practice at peer companies.

 

Role of Stockholder Say-on-Pay
Votes. At our 2011 and 2014 annual meetings of stockholders, our stockholders voted, on an advisory basis, on the compensation
of our named executive officers (commonly referred to as a “stockholder say-on-pay vote”). A majority of the votes
cast were voted in favor of the non-binding advisory resolutions approving the compensation of our named executive officers as
summarized in our 2011 and 2014 proxy statements. The Leadership Development and Compensation Committee believes that this affirms
our stockholders’ support of our approach to executive compensation, and, accordingly, did not materially change its approach
to executive compensation in 2016 and does not intend to do so in 2017. Our stockholders will again be voting, on an advisory basis,
on the compensation of our named executive officers as well as the frequency of future stockholder say-on-pay votes at our 2017
annual meeting.

 

Compensation Policies and Practices As They
Relate to Risk Management 

 

The Leadership Development
and Compensation Committee determined, through discussions with management and Compensia at Committee meetings held in February
2016 and February 2017, that our policies and practices of compensating our employees, including executive officers, are not reasonably
likely to have a material adverse effect on us. The assessments conducted by the Committee focused on the key terms of our bonus
payments and equity compensation programs in 2016, and our plans for such programs in 2017. Among other things, the Committee focused
on whether our compensation programs created incentives for risk-taking behavior and whether existing risk mitigation features
were sufficient in light of the overall structure and composition of our compensation programs. Among other things, the Committee
considered the following aspects of our overall compensation program:

 

     

     

    

		•	Our base salaries are generally high enough to provide our employees with
sufficient income so that they are not dependent on bonus income to meet their basic cost of living.

 

		•	Cash bonus targets are typically 10 – 20% of an employee’s base
salary (30 – 80% for executives), which provides balanced incentives for performance, but does not encourage excessive risk
taking to achieve such goals.

 

		•	For key employees, our 2016 bonus plan (and planned 2017 bonus plan) emphasizes
company performance over individual objectives and total bonus funding available for payout in a given year is capped at 137.5%
of target funding, with payouts ranging from 0% to 225% of an individual’s annual target bonus depending on company and individual
performance.

 

		•	Generally, we do not provide commission or similar compensation programs
to our employees. However, in 2016, we implemented a sales commission plan for certain individuals involved in sales activities.
The sales commission plan in 2016 for these individuals provided what we view as moderate leverage, in which 60-70% of the salesperson’s
cash compensation was base salary and 30-40% was commission-based, depending on the nature of the role. Further, under the sales
commission plan, commissions are not earned by the salesperson until the company has collected cash from the relevant customer.

 

		•	For our executives, we target the 40th percentile of our Peer Group (as defined below) for cash
compensation and greater than or equal to the 75th percentile of our Peer Group (subject to dilution constraints) for equity compensation,
which typically vests over three to four years, providing our executives with significant incentives for our longer-term success.

 

Based on these considerations,
the Committee determined that our compensation programs, including our executive and non-executive compensation programs, provide
an appropriate balance of incentives and do not encourage our executives or other employees to take excessive risks or otherwise
create risks that are likely to have a material adverse effect on us.

 

Role of Compensation Consultant.
In connection with an annual review of executive compensation programs for 2016, the Leadership Development and Compensation Committee
retained Compensia, a national compensation consulting firm, to provide it with advice and guidance on our executive compensation
policies and practices and to provide relevant information about the executive compensation practices of similarly situated companies.
In 2016, Compensia assisted in the preparation of materials for executive compensation proposals in advance of Leadership Development
and Compensation Committee meetings, including 2016 compensation levels for executives and the design of our cash bonus, equity,
severance and change of control programs and other executive benefit programs. Compensia also reviewed and advised the Leadership
Development and Compensation Committee on materials relating to executive compensation prepared by management for Committee consideration.
In addition, in the fourth quarter of 2015, Compensia assisted the Leadership Development and Compensation Committee in developing
a compensation Peer Group for 2016 (discussed below). The Leadership Development and Compensation Committee retained Compensia
again in the third quarter of 2016 to provide assistance with respect to our 2017 compensation planning, including updates to the
compensation Peer Group.

 

Compensia, under the direction
of the Leadership Development and Compensation Committee, may continue to periodically conduct a review of the competitiveness
of our executive compensation programs, including base salaries, cash bonus compensation, equity awards and other executive benefits,
by analyzing the compensation practices of companies in our compensation Peer Group, as well as data from third-party compensation
surveys. Generally, the Leadership Development and Compensation Committee uses the results of such analyses to assess the competitiveness
of our executives’ total compensation, and to determine whether each element of such total compensation is properly aligned
with reasonable and responsible practices among our peer companies.

 

     

     

    

The Leadership Development
and Compensation Committee also retained Compensia for assistance in reviewing and deciding on director compensation programs when
our director compensation program was originally adopted in late 2010 and again when such program was subsequently amended in December
2015 and November 2016, and to provide market data and materials to management and the Committee.

 

Compensation Decision Process

 

Under the charter of our Leadership
Development and Compensation Committee, the Board has delegated to the Committee the authority and responsibility to discharge
the responsibilities of the Board relating to compensation of our executive officers. This includes, among other things, review
and approval of the compensation of our executive officers and of the terms of any compensation agreements with our executive officers.

 

In general, our Leadership
Development and Compensation Committee is responsible for the design, implementation and oversight of our executive compensation
program. In accordance with its charter, the Committee determines the annual compensation of our Chief Executive Officer and other
executive officers and reports its compensation decisions to the Board. The Committee also administers our equity compensation
plans, including our 2010 Equity Incentive Plan and 2010 Employee Stock Purchase Plan. Generally, our Human Resources, Finance
and Legal departments work with our Chief Executive Officer to design and develop new compensation programs applicable to our executive
officers and directors, to recommend changes to existing compensation programs, to recommend financial and other performance targets
to be achieved under those programs, to prepare analyses of financial data, to prepare peer compensation comparisons and other
committee briefing materials, and to implement the decisions of the Leadership Development and Compensation Committee. Members
of these departments and our Chief Executive Officer also meet separately with Compensia to convey information on proposals that
management may make to the Leadership Development and Compensation Committee, as well as to allow Compensia to collect information
about Amyris to develop its recommendations. In addition, our Chief Executive Officer conducts reviews of the performance and compensation
of the other executive officers, and based on these reviews and input from Compensia and our Human Resources department, makes
recommendations regarding executive compensation (other than his own) directly to the Leadership Development and Compensation Committee.
For the Chief Executive Officer’s compensation, the Chief Human Resources Officer works directly with the Leadership Development
and Compensation Committee chair, as well as Compensia and the Human Resources, Finance and Legal Departments of Amyris to design,
develop, recommend to the Committee and implement the above compensation analysis and programs, as well as review the performance
of the Chief Executive Officer. None of our executive officers participated in the determinations or deliberations of the Leadership
Development and Compensation Committee regarding the amount of any component of his or her own 2016 compensation.

 

Use of Competitive Data.
To monitor the competitiveness of our executive officers’ compensation, the Leadership Development and Compensation Committee
adopted a compensation peer group (or the Peer Group) used in connection with 2016 compensation that reflected the pay of executives
in comparable positions at similarly-situated companies. The data gathered from the Peer Group was used as a reference in setting
executive pay levels (including cash and equity compensation), Board compensation, pay and incentive plan practices, severance
and change-in-control practices, equity utilization, and pay/performance alignment. The Peer Group was composed of a cross-section
of publicly-traded, U.S.-based companies of similar size to Amyris (on the basis of revenue, market capitalization, number of employees
and R&D spend) from related industries (biotechnology, chemicals, oil, gas and consumable fuels, food products, personal products
and household products). Based on these criteria, the following companies were included in the Peer Group adopted by the Leadership
Development and Compensation Committee in November 2015 for use in assessing the market position of our executive compensation
for 2016:

 

     

     

    

2016 Peer Group

 

		·	Balchem (Specialty Chemicals)

 

		·	BioAmber (Commodity Chemicals)

 

		·	Chemtura (Specialty Chemicals)

 

		·	Codexis (Specialty Chemicals)

 

		·	Innospec (Specialty Chemicals)

 

		·	Intrexon (Biotechnology)

 

		·	Kraton Performance Polymers (Specialty Chemicals)

 

		·	Landec (Packaged Foods & Meats)

 

		·	Metabolix (Specialty Chemicals)

 

		·	Renewable Energy Group (Oil & Gas Refining & Marketing)

 

		·	Rentech (Forest Products)

 

		·	Senomyx (Specialty Chemicals)

 

		·	Solazyme (Specialty Chemicals)

 

In November 2016, the Leadership Development
and Compensation Committee undertook a review of the Peer Group for 2017. Similar to our approach for the 2016 Peer Group, we identified
potential peers by screening publicly-traded, U.S.-based companies of similar size to us (on the basis of revenue, market capitalization,
number of employees and R&D spend) from related industries (biotechnology, chemicals, oil, gas and consumable fuels, food products,
personal products and household products). Based on such analysis, we did not make any changes to the Peer Group for 2017.

 

In addition to reviewing the
compensation practices of the Peer Group, the Leadership Development and Compensation Committee looks to the collective experience
and judgment of its members and advisors, as well as relevant industry survey data, in determining total compensation and the various
compensation components provided to our executive officers. While the Leadership Development and Compensation Committee does not
believe that the Peer Group data is appropriate as a stand-alone tool for setting executive compensation due to the unique nature
of our business, it believes that this information is a valuable reference source during its decision-making process.

 

Target Compensation Levels.
For 2016, consistent with 2015, the Leadership Development and Compensation Committee generally targeted the 40th percentile of
our competitive market for total cash compensation (base salary and target cash bonus), as determined based on the Peer Group,
supplemented by data from relevant industry surveys. The Committee chose the 40th percentile for total cash compensation in part
because we are still in the early stages of product development and therefore need to conserve our cash while we ramp up our operations.
Equity has been a critical and prominent component in our overall compensation package and we believe that it will remain an important
tool for attracting, retaining and motivating our key talent by providing an opportunity for wealth creation as a result of our
long-term success, particularly while we are growing our business and providing total cash compensation that is below the median
of our competitive market. As a result, the Leadership Development and Compensation Committee has generally targeted equity compensation
levels at or above the 75th percentile of our competitive market for equity compensation based on the Peer Group, supplemented
by data from relevant industry surveys, and taking into consideration the Leadership Development and Compensation Committee approved
targeted annual burn rate.

 

The Leadership Development
and Compensation Committee approved annual equity awards to our named executive officers in May 2016 based primarily on our compensation
strategy to provide annual equity compensation at or above the 75th percentile of the Peer Group (subject to dilution constraints).
Additionally, in determining these annual equity grants, the Leadership Development and Compensation Committee considered the retention
value of existing awards held by our named executive officers (taking into account option exercise prices and the prevailing market
value of our common stock), the executives’ overall compensation packages, practice at peer companies and the responsibilities,
performance, anticipated future contributions and retention risk of our named executive officers.

 

     

     

    

For 2017, we expect to continue
to target the same percentiles as we have in prior years using our Peer Group and relevant industry survey data, which approach
the Leadership Development and Compensation Committee approved in August 2016.

 

2016 Compensation

 

Background. In setting
the compensation program and decisions for our executive officers for 2016, the Leadership Development and Compensation Committee
sought to balance achievement of critical operational goals with retention of key personnel, including our executive officers.
Accordingly, the Committee focused in particular on providing a strong equity compensation program in order to provide strong retention
incentives through challenging periods. It also focused on cash management in setting our total cash compensation target percentiles
(and associated salary and bonus target levels) for executive officers. Another key theme for 2016 was establishing strong incentives
to drive company performance, including continued emphasis on company performance goals over individual goals in the 2016 executive
cash bonus plan and on equity compensation for longer-term upside potential and sharing in company growth.

 

Base Salaries. In May
2016, the Leadership Development and Compensation Committee reviewed executive base salaries, bonus targets and total cash compensation
against the Peer Group and determined that no base salary adjustments were needed to ensure competitive base salaries for our executive
officers.

 

Cash Bonuses. The Leadership
Development and Compensation Committee adopted a 2016 bonus plan for our executive officers in February 2016. Under the plan, executive
officers were eligible for bonuses based on the achievement of company metrics for each quarter in 2016, as well as a portion allocated
to annual company and individual performance. The 2016 bonus plan was intended to provide a balanced focus on both our long-term
strategic goals and shorter-term quarterly operational goals. The 2016 bonus plan provided for funding and payout of cash bonus
awards based on the company’s quarterly and annual performance during 2016 under certain metrics set by the Leadership Development
and Compensation Committee for each quarter and for the year. Payouts, if any, under the 2016 bonus plan occurred following a review
of our results and performance each quarter and, for the annual component, a review occurred in February 2017 with respect to the
annual performance of the company as well as each individual’s performance. The 2016 bonus plan provided for a 50% weighting
for quarterly achievement (with each quarter worth 12.5% of the total bonus fund for the year) and 50% for full 2016 achievement.

 

The total funding possible
under the 2016 bonus plan was based on a cash value (or the “target bonus fund”) determined by the executive officers’
target bonus levels. Target bonus levels for the executive officers varied by officer, but were generally set between 30% and 35%
of their annual base salary, other than for Mr. Melo, whose target bonus level was set at approximately 80% of his annual base
salary. The quarterly and annual funding of the 2016 bonus plan was based on achievement of the following company performance metrics
for each quarter during 2016 (as determined by the Leadership Development and Compensation Committee and, in the case of quarterly
funding, as applicable for the quarter based on our operating plan): total revenues (weighted 40%), cash operating expenditures
(weighted 30%) and production costs (weighted 30%). For each quarterly period and for the annual period under the bonus plan, “threshold,”
“target” and “superior” performance levels were set for each performance metric, which performance levels
were intended to capture the relative difficulty of achievement of that metric.

 

If the company did not achieve
at least a 70% weighted average achievement level of the performance metrics described above that achieved at least the “threshold”
performance level for a given bonus plan period (the “funding threshold”), no funding would occur for such period.
If the company achieved at least the funding threshold level, 70% funding would occur. For a weighted average achievement between
the funding threshold level and “target” level, a pro rata increase in funding would occur up to 100% of the target
bonus fund allocated to such period. For weighted average achievement above the target level, an increase in funding of 2.5% for
every 1% above target performance would occur up to, for the quarterly funding, 125% of the target bonus fund for such quarter,
and for the annual funding, 150% of the annual target bonus fund.

 

     

     

    

Any payouts for the quarterly
bonus periods would be the same as the funded level (provided the recipient met eligibility requirements through the payout date),
and would be subject to a cap of 100% of the allocated quarterly target bonus fund. Any funding in excess of 100% of the allocated
quarterly target bonus fund would not be paid out, and instead would be allocable to the annual bonus fund. Excess quarterly funding
not paid, but added to the annual bonus fund, is in addition to the annual bonus fund maximum of 150% of the annual target bonus
fund. Payouts for the annual bonus period would be made from the aggregate funded amount in the discretion of the Committee based
on company and individual performance, and could range from 0% to 200% of an individual’s funded amount for the annual bonus
period (including any excess quarterly funding). The Committee chose to emphasize company performance goals for the quarterly and
annual bonus plan periods given the critical importance of our short term strategic goals, but to retain reasonable incentives
and rewards for exceptional individual performance, recognizing the value of such incentives and rewards to our operational performance
and to individual retention. For 2016, the Leadership Development and Compensation Committee set the following target bonus levels
for our named executive officers:

 

	Name	 	Target Bonus 
($)
	John Melo	 	 	450,000	 
	Raffi Asadorian(1)	 	 	150,000	 
	Joel Cherry	 	 	126,000	 
	Nicholas Khadder(2)	 	 	100,000	 

____________

		(1)	Mr. Asadorian resigned from the company effective January 4, 2017, at which time Kathleen Valiasek assumed the role of Chief
Financial Officer.

 

		(2)	Mr. Khadder resigned from the company effective June 14, 2016.

 

The full year target bonus for each of our
named executive officers was reviewed by the Leadership Development and Compensation Committee in early 2016 based upon a review
of target total cash compensation for similar roles among executives at companies in the Peer Group. As a result of this analysis,
the 2016 bonus targets for each of our named executive officers were identical to the 2015 bonus targets for such executive officers.

 

Based on the foregoing bonus
plan structure, the Leadership Development and Compensation Committee was responsible for determining the percentage achievement
levels for Amyris for each of the quarters in 2016 and the levels of achievement for Amyris and each individual executive officer
with respect to the annual portion following the end of 2016. Individual bonuses were awarded for each quarter based on the Leadership
Development and Compensation Committee’s assessment of company results, and with respect to the annual portion, the Leadership
Development and Compensation Committee’s assessment of company results as well as each executive officer’s contributions
to these results, his or her progress toward achieving his or her individual goals, and his or her demonstrating our core values.

 

If the minimum threshold level
for company performance had not been achieved in any quarter or for the full year, no bonus funding would have occurred for such
period, regardless of individual performance. For example, the minimum company performance level for the first quarter of 2016
was not achieved and therefore no bonuses were paid under the 2016 bonus plan for the first quarter of 2016. For individual performance,
achievement below the threshold level would have resulted in bonus funding and eligibility being determined in the discretion of
the Leadership Development and Compensation Committee. Also, actual payment of any bonuses in 2016 remained subject to the final
discretion of the Committee.

 

Company Performance Goals.
Each quarter, company performance was measured and weighted against targets related to total revenues, cash operating expenditures
and production costs. The quarterly and annual weighting and achievement for each metric are described below.

 

These targets were initially
discussed with the Board and the Leadership Development and Compensation Committee through the second half of 2015 and adopted
in final form in March 2016 and subsequently discussed and evaluated each quarter in 2016 and February 2017 based on quarterly
and annual performance (in February 2017, the Leadership Development and Compensation Committee discussed and evaluated the fourth
quarter as well as the full year 2016 results) and continued development of our business and operating plans for 2016 and beyond.
The specific goals comprising the targets were both qualitative and quantitative, and achievement levels were to be determined
in the discretion of the Leadership Development and Compensation Committee following each period under the bonus plan.

 

     

     

    

Degree of Difficulty in
Achieving Performance Goals. The Leadership Development and Compensation Committee considered the likelihood of achievement
when recommending and approving, respectively, the company and individual performance goals and bonus plan structures for each
of the bonus plan periods in 2016, but it did not undertake a detailed statistical analysis of the difficulty of achievement of
each measure. For 2016, the Committee considered the 70% achievement level to be achievable with significant effort, 100% to be
challenging, requiring circumstances to align as predicted and exceptional levels of effort on the part of the executive team,
and any amounts in excess of 100% to be unlikely, requiring significant unexpected sources of revenue or financing, breakthroughs
in technology, manufacturing operations and process development, and business development efforts, as well as favorable external
conditions.

 

2016 Quarterly and Annual Bonus Plan Funding and Award Decisions.
In each of May 2016, August 2016, November 2016 and February 2017, the Leadership Development and Compensation Committee determined
that the company’s quarterly and annual performance goals were achieved as follows:

 

	Company Performance Goal	 	Weight	 	 	Weighted Achievement Level	 	 	Funding Level	 
	Q1
	Product Revenue and Collaboration Inflows	 	 	55	%	 	 	0	%	 	 	 	 
	Cash Opex	 	 	45	%	 	 	42.1	%	 	 	 	 
	Brotas Cash Production Costs	 	 	0	%	 	 	N/A	 	 	 	 	 
	Total Q1	 	 	100.0	%	 	 	42.1	%	 	 	0	%(1)
	Q2
	Product Revenue and Collaboration Inflows	 	 	40	%	 	 	44.8	%	 	 	 	 
	Cash Opex	 	 	30	%	 	 	27.2	%	 	 	 	 
	Brotas Cash Production Costs	 	 	30	%	 	 	0	%	 	 	 	 
	Total Q2	 	 	100.0	%	 	 	72.0	%	 	 	72.0	%
	Q3
	Product Revenue and Collaboration Inflows	 	 	40	%	 	 	25.0	%	 	 	 	 
	Cash Opex	 	 	30	%	 	 	27.1	%	 	 	 	 
	Brotas Cash Production Costs	 	 	30	%	 	 	28.0	%	 	 	 	 
	Total Q3	 	 	100.0	%	 	 	80.1	%	 	 	80.1	%
	Q4
	Product Revenue and Collaboration Inflows	 	 	40	%	 	 	35.3	%	 	 	 	 
	Cash Opex	 	 	30	%	 	 	29.4	%	 	 	 	 
	Brotas Cash Production Costs	 	 	30	%	 	 	25.7	%	 	 	 	 
	Total Q4	 	 	100.0	%	 	 	90.4	%	 	 	90.4	%
	ANNUAL
	Product Revenue and Collaboration Inflows	 	 	40	%	 	 	32.2	%	 	 	 	 
	Cash Opex	 	 	30	%	 	 	27.9	%	 	 	 	 
	Brotas Cash Production Costs	 	 	30	%	 	 	27.3	%	 	 	 	 
	Total Annual	 	 	100.0	%	 	 	87.4	%	 	 	87.4	%
	 

                                             (1) Because the 70% threshold was not met, no bonus was payable for Q1 2016.

 

     

     

    

Individual Performance
Goals. 

 

For the annual portion of the bonus plan tied
to individual performance, the Committee considered several factors, including the following:

 

		•	For Mr. Melo, the achievement of growing product and collaboration revenues,
meeting technical targets, developing efficient and stable manufacturing operations, managing operating expenses, improving employee
engagement, maintaining a safe work environment, executive leadership and living the company’s values.

 

		•	For Mr. Asadorian, the achievement of ensuring sufficient liquidity and
adequate capital to run the business and manage growth, ensuring proper management of the finance department to support the business,
and improving finance and IT application processes for efficiencies and cost savings, executive leadership and living the company’s
values.

 

		•	For Dr. Cherry, the achievement of increasing collaboration revenue through
the expansion of existing partnerships and developing new partnerships, improving employee engagement, maintaining a safe work
environment, managing operating expenses, meeting technical targets, executive leadership and living the company’s values.

 

		•	For Mr. Khadder, the achievement of supporting joint ventures, collaborations,
fundraising and other corporate transactions, managing operating expenses, maintaining effective compliance functions, managing
the company’s intellectual property portfolio, executive leadership and living the company’s values.

 

Based on the foregoing, and taking
into account the factors above, the Committee approved the following 2016 cash bonus awards:

 

     

     

    

	Name	 	2016 Cumulative Quarterly Bonus Payouts ($)	 	 	2016 Annual Portion Bonus Payout ($)	 	 	2016 Aggregate Annual and Quarterly Bonus Payouts ($)	 	 	Annual Bonus Target ($)	 	 	2016 Actual Bonus Earned as a % of Target Bonus	 
	John Melo	 	 	136,406	 	 	 	196,650	 	 	 	333,056	 	 	 	450,000	 	 	 	74.0	 
	Raffi Asadorian(1)	 	 	28,519	 	 	 	-	 	 	 	28,519	 	 	 	150,000	 	 	 	19.0	 
	Joel Cherry	 	 	38,194	 	 	 	55,062	 	 	 	93,256	 	 	 	126,000	 	 	 	74.0	 
	Nicholas Khadder(2)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	100,000	 	 	 	-	 

________________________

		(1)	Mr. Asadorian resigned from the company effective January 4, 2017, at which time Kathleen Valiasek assumed
the role of Chief Financial Officer. Mr. Asadorian was not eligible for the 2016 fourth quarter or
annual bonuses because he ceased being an employee of Amyris prior to the evaluation and payout of such bonuses.

 

		(2)	Mr. Khadder resigned from the company effective June 14, 2016. Mr. Khadder was not eligible for the 2016 second, third or fourth
quarter or annual bonuses because he ceased being an employee of Amyris prior to the evaluation and payout of such bonuses.

 

The Committee considered a variety of factors in determining, in its discretion, to award the bonus payouts
described above. In addition to the levels of achievement in the 2016 bonus plan company performance (for the quarterly and annual
portions) and individual performance (for the annual portion) categories, the Committee considered our cash needs as well as the
level of performance of each named executive officer in achieving company results and their respective assigned individual goals.
We believe that, notwithstanding our continuing need to preserve cash, the payment of these awards was appropriate because the
bonus plan appropriately held named executive officers accountable for achievement of company and individual goals, and the payouts
were reasonable and appropriate in light of the company’s progress.

 

Equity Awards. In May 2016, the Leadership Development and Compensation Committee approved annual equity awards for our
named executive officers. These included the option and restricted stock unit awards set forth in the “Grants of Plan-Based
Awards in 2016” table below. The Leadership Development and Compensation Committee determined the allocation of equity awards
between options and restricted stock units after consultation with Compensia, in evaluating the practices of peer companies (including
the Peer Group) and in consultation with management, taking into consideration, among other things, the appropriate balance between
rewarding previous performance, retention, upside value potential tied to the company’s and the executive officer’s
future performance, and the mix of the executive officer’s current holdings.

 

The size of the awards varied
among our named executive officers based on the value of unvested equity awards already held by the named executive officer, the
relative contributions of the named executive officer during 2015, and anticipated levels of responsibility for key corporate objectives
in 2016. For the 2016 stock option awards granted to our named executive officers, 25% of the shares subject to each award will
vest one year from the vesting commencement date (May 1, 2016) and 1/48th of the shares subject to the award will vest
monthly thereafter, subject to continued service through each vesting date. The 2016 restricted stock unit awards will vest annually
over three years from the vesting commencement date (May 1, 2016), subject to continued service through each vesting date.

 

Please see the “Grants
of Plan-Based Awards in 2016” table below for more information regarding the award types and sizes, grant dates, exercise
prices and vesting schedules of the awards described in the preceding paragraph.

 

Severance Plan. In November
2013, the Leadership Development and Compensation Committee adopted the Amyris, Inc. Executive Severance Plan (or the “Plan”).
The Plan has an initial term of 36 months and thereafter will be automatically extended for successive additional one-year periods
unless the company provides six months’ notice of non-renewal prior to the end of the applicable term. In May 2016, the Leadership
Development and Compensation Committee reviewed the terms of the Plan and elected to allow it to automatically renew upon the expiration
of its initial term in November 2016. The Leadership Development and Compensation Committee adopted the Plan to provide a consistent
and updated severance framework for Amyris executives that aligns with peer practices. All continuing named executive officers,
and all senior level employees of Amyris that are eligible to participate in the Plan (or, collectively, the “participants”),
have entered into participation agreements to participate in the Plan. The benefits under the Plan supersede and replace any rights
the participants have in connection with any change of control or severance benefits contained in such participants’ employment
offer letters, equity award agreements or any other agreement that specifically relates to accelerated vesting of equity awards.
Mr. Asadorian received certain benefits under the Plan in connection with his separation from the company in January 2017. Mr.
Khadder was not eligible for and did not receive any benefits under the Plan in connection with his separation from the company
in June 2016.

 

     

     

    

We believe that the Plan appropriately
balances our need to offer a competitive level of severance protection to our executive officers and to induce our executive officers
to remain in our employ through the potentially disruptive conditions that may exist around the time of a change in control, while
not unduly rewarding executive officers for a termination of their employment.

 

Other Executive Benefits
and Perquisites. We provide the following benefits to our executive officers on the same basis as other eligible employees:

 

	•		health insurance;

	•		vacation, personal holidays and sick days;

	•		life insurance and supplemental life insurance;

	•		short-term and long-term disability; and

	•		a Section 401(k) plan with an employer matching contribution.

 

We believe that these benefits
are generally consistent with those offered by other companies with which we compete for executive talent.

 

Some of the executive officers
whom we have hired, including Mr. Asadorian, held positions in locations outside of Northern California at the time they agreed
to join us at our headquarters in Emeryville, California. We have agreed in these instances to pay certain relocation and travel
expenses to these executives, including temporary housing. The amounts of relocation and travel expenses paid to our named executive
officers are included in the “All Other Compensation” column of the “Summary Compensation” table below
and the associated footnotes. Given the high cost of living in the San Francisco Bay Area relative to most other metropolitan areas
in the United States, we believe that for us not to be limited to hiring executives located near our headquarters in Emeryville,
California, we must be willing to offer to pay an agreed upon amount of relocation costs.

 

Other Compensation Practices
and Policies. The following additional compensation practices and policies apply to our named executive officers:

 

Timing of Equity Awards.
The timing of equity awards has been determined by the Board or the Leadership Development and Compensation Committee based on
the Board’s or the Committee’s view at the time regarding the adequacy of executive equity interests in Amyris for
purposes of retention and motivation.

 

In March 2016, the Board ratified
our existing policy regarding equity award grant dates, fixing grant dates in an effort to ensure the integrity of the equity award
granting process. This policy took effect beginning with equity awards granted after the original adoption of the policy in March
2011. Under the policy, equity awards are generally granted on the following schedule:

 

		•	For equity awards to ongoing employees, the grant date is set as the first
business day of the week following the week in which the award is approved; and

 

		•	For equity awards to new hires, the grant date is set as the first business
day of the week following the later of the week in which the award is approved or the week in which the new hire commences his
or her employment.

 

     

     

    

Tax Considerations.
Section 162(m) of the Code disallows a tax deduction by any publicly held corporation for individual compensation exceeding $1.0
million in any taxable year for its chief executive officer and its three other most highly-compensated executive officers (other
than its chief financial officer), unless such compensation is “performance-based” or satisfies the conditions of another
exemption. To date, the Committee has not taken the deductibility limit imposed by Section 162(m) into consideration in setting
compensation. However, our 2010 Equity Incentive Plan includes various provisions designed to allow us to qualify stock options
and other equity awards as “performance-based compensation” under Section 162(m), including a limitation on the maximum
number of shares subject to awards that may be granted to an individual under the 2010 Equity Incentive Plan in any one year. Among
other requirements, for certain awards granted under the 2010 Equity Incentive Plan to qualify as fully deductible performance-based
compensation under Section 162(m), our stockholders were required to re-approve the 2010 Equity Incentive Plan on or before the
first annual meeting of stockholders at which directors were to be elected that occurred after the close of the third calendar
year following the calendar year of our initial public offering. We sought and received such approval at our 2012 annual meeting
of stockholders. Section 162(m) also requires re-approval of the 2010 Equity Incentive Plan by stockholders after five years
if the compensation committee has retained discretion to select the criteria used to set performance goals under the 2010 Equity
Incentive Plan from year to year. The 2010 Equity Incentive Plan permits the Leadership Development and Compensation Committee
to choose from among several objective performance measures as the basis for the granting and/or vesting of “performance-based”
equity compensation under the 2010 Equity Incentive Plan. Accordingly, we are seeking re-approval of the 2010 Equity Incentive
Plan by our stockholders at our 2017 annual meeting of stockholders so that certain grants made under the 2010 Equity Incentive
Plan may qualify as “performance-based compensation” under Section 162(m) of the Code and therefore continue to be
exempt from the cap on our tax deduction imposed by Section 162(m) of the Code.

 

Our Leadership Development
and Compensation Committee may adopt a policy at some point in the future providing that, where reasonably practicable, we will
seek to qualify the compensation paid to our executive officers for an exemption from the deductibility limitations of Section
162(m). Until such policy is implemented, our Leadership Development and Compensation Committee may, in its discretion, authorize
compensation payments that do not consider the deductibility limit imposed by Section 162(m) when it believes that such payments
are appropriate to attract and retain executive talent.

 

Compensation Recovery Policy.
We do not have a formal policy regarding adjustment or recovery of awards or payments if the relevant performance measures upon
which they are based are restated or otherwise adjusted in a manner that would reduce the size of the award or payment. Under those
circumstances, the Board or the Leadership Development and Compensation Committee would evaluate whether adjustments or recoveries
of awards were appropriate based upon the facts and circumstances surrounding the restatement or other adjustment. We anticipate
that the Board or the Leadership Development and Compensation Committee will adopt a policy regarding restatements in the future
based on anticipated SEC and NASDAQ regulations requiring listed companies to have a policy that requires repayment of incentive
compensation that was paid to current or former executive officers in the three fiscal years preceding any restatement due to material
noncompliance with financial reporting requirements.

 

Stock Ownership Policy.
We have not established stock ownership or similar guidelines with regard to our executive officers. All of our executive officers
currently have a direct or indirect, through their stock option holdings, equity interest in our company and we believe that they
regard the potential returns from these interests as a significant element of their potential compensation for services to us.

 

Insider Trading Policy
and Hedging Prohibition. We have a policy entitled “Procedures and Guidelines Governing Securities Trades by Company
Personnel” (referred to as our “Insider Trading Policy”) that, among other things, prohibits our employees, officers
and directors from trading in our securities while in possession of material, non-public information. In addition, under our Insider
Trading Policy, our employees, officers and directors may not acquire, sell or trade in any interest or position relating to the
future price of our securities (such as a put option, a call option or a short sale).EX-10.57

 Exhibit 10.57 

AGREEMENT FOR PURCHASE 

AND SALE OF REAL PROPERTY 

THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY (the “Agreement”) is entered into this 24th day of October, 2016, by and between COMSTOCK REDLAND ROAD II, L.C., a Virginia limited liability company (the “Seller”), and MOMENTUM APARTMENTS, LLC, a Virginia limited liability
company (the “Purchaser”). 
 WHEREAS, Seller is the owner of certain real property in Montgomery County
(“County”), State of Maryland, as more particularly described on Exhibit “A”, attached hereto and made a part hereof (the “Property”); and 

WHEREAS, the “Property” shall include all rights, privileges, easements and appurtenances belonging or appertaining thereto,
including any right, title and interest of Seller, if any (none represented or warranted hereby), in and to (i) adjacent streets, alleys, rights-of-way, waterways,
creeks or streams, and (ii) impact fee credits or prepaid fees related to the Property, and all of Seller’s right, title and interest, if any (none represented or warranted hereby), in all (a) engineering plans and work documents,
(b) takeoffs, (c) federal, state and local permits of any kind, valid or expired, and (d) warranty or punch list agreements with city, county, state or federal government agencies ((a) through (d) being collectively the
“Development Documents”); and 
 WHEREAS, Seller desires to sell and Purchaser wishes to purchase the Property
pursuant to the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the Purchase Price (defined below)
and the mutual promises of the parties as set forth herein, Seller does hereby agree to sell to Purchaser and Purchaser agrees to purchase from Seller in fee simple the Property pursuant to the following covenants, conditions, terms and obligations:

 1. PURCHASE AND SALE. Seller agrees to sell the Property to Purchaser, and Purchaser agrees to purchase the Property as provided
herein. 
 2. DEPOSIT. Upon execution of this Agreement by all parties, Purchaser shall deposit with Stewart Title & Escrow,
Inc. (“Escrow Agent”) the sum of Fifty Thousand Dollars ($50,000)(“Initial Deposit”), which Initial Deposit shall be refundable until the expiration of the Feasibility Period (defined below). Upon the expiration of the
Feasibility Period, provided Purchaser has not terminated this Agreement, Purchaser shall deposit an additional sum of Fifty Thousand Dollars ($50,000)(“Additional Deposit”) with the Escrow Agent. The Initial Deposit and the Additional
Deposit shall be referred to herein collectively as the “Deposit.” The Deposit shall be non-refundable except in the event of (i) a Seller default, (ii) the failure of Purchaser to obtain
an award of Low Income Housing Tax Credits and lender financing for the development of the Property (“Financing”), or (iii) as otherwise provided herein. 

3. FEASIBILITY PERIOD. All engineering, development, marketing and other inspections, tests and examinations shall be conducted within twenty-one (21) days of the Effective Date (“Feasibility Period”) by parties qualified and, where applicable, licensed to conduct such inspections, tests and/or examinations. Purchaser shall
pay the costs of all tests, inspections, examinations, investigations, and reviews conducted pursuant to this Agreement. After the performance of any tests, inspections, examinations, investigations and reviews, Purchaser shall promptly repair any
damage to the Property to substantially the same condition as existed prior to the conduct of said tests, inspections, examinations, investigations and reviews, and this obligation of Purchaser shall survive any termination of this Agreement. Prior
to undertaking any activity or exercising any rights granted in this Agreement, Purchaser shall obtain, and subsequently maintain in full force and effect throughout the duration of this Agreement, commercial general liability insurance in an amount
not less than One Million and No/100 Dollars ($1,000,000.00). Such policy or policies shall name Seller as an additional insured, and shall cover damage to property and persons resulting from or connected with any activity of Purchaser as
contemplated under this Agreement. Notwithstanding anything to the contrary set forth in this Agreement, Purchaser agrees to indemnify and hold Seller harmless from any and all liability, loss or damage, including reasonable attorneys’ fees and
related costs and expenses arising out of, or resulting from, any and all engineering, development, marketing and other studies that may be conducted by Purchaser, including, without limitation, physical damage to the Property (and any adjoining
property) and claims of mechanics and materialmen arising out of such activities. Furthermore, and notwithstanding anything in this Agreement to the contrary, Purchaser shall not be permitted to perform a Phase II environmental audit and inspection
of the Property or any other form of invasive property testing without Seller’s prior written approval, which may be withheld for any reason or no reason; provided, however, that Seller hereby expressly acknowledges that Purchaser shall be
permitted to make customary and reasonable soil borings and test pits during its examination of the Property. Purchaser’s obligations to Seller under this Paragraph 3 shall survive any termination of this Agreement for one hundred eighty
(180) days. 
 4. PURCHASE PRICE AND CLOSING. Upon satisfaction of the Conditions Precedent to Closing (as defined in
Paragraph 5), Seller shall sell, and Purchaser agrees to purchase the Property in accordance with the terms of this Agreement. The purchase price for the Property is Three Million Five Hundred Thousand and NO/100 Dollars ($3,500,000.00) (the
“Purchase Price”). The Deposit will be applied towards the Purchase Price and the balance thereof shall be paid by Purchaser at Closing (defined below) via wire transfer to the Escrow Agent. The closing (the
“Closing”) of the Property shall occur no later than June 30, 2017; provided; however; that if the Conditions Precedent to Closing have not occurred by such date, then Closing may be extended to December 31, 2017
(“Outside Closing Date”). In no event shall the Closing occur later than the Outside Closing Date; provided, however, that Purchaser may elect for Closing to occur on an earlier date upon providing Seller three (3) days prior
notice. The Closing shall be held at the offices of Escrow Agent or such other place as mutually agreed by Seller and Purchaser. Time is of the essence with respect to the date of Closing. 

 5. CONDITIONS PRECEDENT TO CLOSING. The obligation of Purchaser to purchase the Property
shall be conditioned upon satisfaction of the following at or prior to Closing, any of which may be waived by Purchaser in its sole and absolute discretion (the “Conditions Precedent to Closing”): 

5(a) All conditions of title have been met pursuant to Subparagraph 6(a) and Seller shall have cured any title objection Seller has
agreed to cure in accordance with Subparagraph 6(d). 
 5(b) Seller is not in default of this Agreement. 

5(c) The representations and warranties by Seller contained in this Agreement must be true. 

5(d) Purchaser shall have received approvals from Montgomery County, Maryland, a funding commitment letter from a third party lender, and an
award letter for Low Income Housing Tax Credits from the Maryland Department of Housing and Community Development to build an affordable, multi-family residential unit building on the Property. 

5(e) Purchaser and Seller’s affiliate, Comstock Redland Road, L.C., shall enter into a Temporary Construction and Easement Agreement for
the use of adjacent property (no more than 1 building pad on the adjacent property) for staging and storage of materials by Purchaser for construction of the building on the Property. 

In the event that any of the foregoing Conditions Precedent to Closing are not satisfied on or prior to the date of Closing, then Seller or
Purchaser may elect to either (i) waive the applicable unsatisfied Conditions Precedent to Closing and proceed to Closing on the scheduled Closing date, in the Purchaser’s sole discretion, or (ii) immediately terminate this Agreement
by written notice to the other party, in which case the Deposit shall be returned to Purchaser within five (5) days of such termination and thereafter the parties shall be relieved of all further liability hereunder with the exception of
Purchaser’s obligations to Seller that survive any termination of this Agreement. In the event of a termination of this Agreement by Purchaser, Purchaser shall, at no additional cost or expense to Seller, assign to Purchaser all contracts,
permits, applications, or any other documents requested by Purchaser that were prepared for the Property or performed for Purchaser. 
 6.
TITLE. 
 6(a) Title to the Property is to be conveyed hereunder, free of liens, judgments, tenancies, and reservations, subject,
however, to any matters of title not objected to by Purchaser, or deemed approved by Purchaser, during Purchaser’s examination of title (as described in this Paragraph 6) (collectively, the “Permitted Exceptions”) . 

6(b) Purchaser, at Purchaser’s expense, shall obtain a commitment for an owner’s policy of title insurance (hereafter “Title
Commitment”) from Escrow Agent (or such other title insurance company selected by Purchaser), in the amount acceptable to Purchaser’s lender, insuring Purchaser as the prospective owner of fee simple marketable title to the Property.

 6(c) Purchaser, in Purchaser’s sole discretion, and at Purchaser’s sole expense, may cause to be prepared a survey of the
Property (the “Survey”). 
 6(d) At the Closing, the Escrow Agent shall agree to issue to Purchaser an ALTA Owners Title
Insurance Policy (2006) with coverage in an amount acceptable to Purchaser’s lender showing title to the Property vested in Purchaser subject only to the Permitted Exceptions and the standard printed exceptions, exclusions and conditions
in the policy of title insurance (“Title Policy”). Seller shall not provide endorsements or extended or additional coverage to the Title Policy and the Purchaser’s inability to obtain endorsements or additional or extended coverage to
the Title Policy shall not be a closing condition or a cause to delay the Closing. 

 7. CLOSINGS, CONVEYANCE 

7(a) Any escrow fee shall be equally shared between Purchaser and Seller. Any transfer or conveyance taxes or fees, filing fees and/or costs
associated with the recordation of the deed shall be at Seller’s expense. Purchaser shall pay all costs and expenses associated with Purchaser’s financing, procurement of a survey, and procurement of title insurance. 

7(b) Subject to Section 7(d) below, Seller shall be responsible for all real estate taxes, assessments, homeowner’s association dues or
other charges accruing prior to the date of the Closing and Purchaser shall be responsible for such real estate taxes, assessments, homeowner’s association dues and other charges accruing on or after the date of the Closing. At Closing, real
estate taxes and other charges payable on an annual or periodic basis shall be prorated to the date of Closing based on the most recent available tax information. 

7(c) Seller shall be responsible for any agricultural land, recapture or rollback tax due in connection with the conveyance or deed
under any applicable law, regulation or ordinance (or any similar tax or assessment) levied as of the date of the Closing. 
 7(d) At
Closing, Purchaser shall reimburse Seller for any and all amounts expended by Seller for Seller’s interest carry on its existing loan with Eaglebank from November 1, 2016 to the date of Closing, and for Seller’s payment of real estate
taxes on the Property up to the amount of $100,000. 
 7(e) At Closing, the Property shall be conveyed by Seller to Purchaser or
Purchaser’s designee by Special Warranty Deed, in proper form for recording in the County. 
 7(f) If required, at or prior to Closing,
Seller shall deliver to Purchaser a “Certification of Non-Foreign Status” which meets the requirements of Section 1445 of the Internal Revenue Code and Internal Revenue Regulations for the
purpose of informing the transferee that withholding of Federal taxes is not required. 
 7(g) If any mechanics’ or materialmen’s
liens are filed against the Property at the time of Closing pursuant to any work performed or materials furnished pursuant to any agreement made by Seller, Seller will forthwith pay or bond same in order to release the Property from the operation
and effect of such lien, or obtain affirmative title insurance over such lien reasonably acceptable to Purchaser. 
 8. DEFAULT;
LIABILITY OF PARTIES. 
 8(a) In the event Purchaser breaches this Agreement, Seller’s sole and exclusive remedy shall be to
terminate this Agreement and receive the Deposit. Thereafter, Purchaser and Seller shall be relieved of further liability hereunder, at law or in equity, it being the agreement of the parties that Purchaser shall have no other liability or
obligation for default hereunder (except with respect to such obligations as may, pursuant to the terms hereof, survive termination of this Agreement). 

8(b) Notwithstanding anything to the contrary contained herein, in the event Seller breaches this Agreement (which breach, failure or default
is not remedied or cured by Seller pursuant to any other provisions hereof), Purchaser’s sole and exclusive remedy shall be either: 

(i) to receive the return to Purchaser of the Deposit as full, fixed and liquidated damages, not as a penalty, the parties hereby
acknowledging the difficulty of ascertaining Purchaser’s damages in such a circumstance and agreeing that this remedy represents a reasonable and mutual attempt by Seller and Purchaser to anticipate the consequence to Purchaser of Seller’s
breach, whereupon this Agreement shall terminate. Thereafter, Purchaser and Seller shall be relieved of further liability hereunder, at law or in equity, it being the agreement of the parties that Seller shall have no liability or obligation for
default hereunder except to the extent of the amounts set forth herein, and except obligations that survive termination, and in no event shall Seller’s liability or responsibility for any failure, breach or default hereunder exceed the total
amounts set forth herein; or 
 (ii) to commence an action against Seller for specific performance of this Agreement or similar legal or
equitable action; provided, however, that Purchaser shall not be entitled to pursue any action for specific performance against Seller if Seller is prevented from performing as a result of any of the following: (A) an order or regulation of any
governmental or regulatory authority having jurisdiction over Seller or any affiliate thereof, or (B) the levy of a fine, imposition of any reserve requirement or any other action that has a material adverse effect (apart from the act of
specific performance) on Seller or any affiliate undertaken by any such governmental or regulatory authority, or (C) Seller having received an opinion of reputable counsel or its internal legal department that Seller’s performance
hereunder could result in a violation of any law, rule, regulation, or order of any such governmental or regulatory authority or the levy of any fine, imposition of an additional reserve requirement or any other action that has a material adverse
effect (apart from the act of specific performance) on Seller or any affiliate. 

 8(c) Seller and Purchaser acknowledge and represent that neither has engaged the services of a
real estate broker in connection with the transaction described in this Agreement. Should any claim for commission be asserted or established, the party in breach of its representation in this Paragraph 8(c) hereby expressly agrees to hold the other
harmless with respect to all costs relating thereto (including reasonable attorneys’ fees) to the extent that the breaching party is shown to have been responsible for the creation of such claim. Anything to the contrary in this Agreement
notwithstanding, such agreement of each party to hold the other harmless shall survive the Closing and any termination of this Agreement. 

8(d) No failure(s) or default(s) by Purchaser or Seller shall result in the termination or limitation of any right hereunder or the exercise
of any rights or remedies with respect to such failure(s) or default(s) unless and until the defaulting party shall have been notified in writing by a document specifically entitled “Notice of Default” and shall have failed to remedy the
specified failure(s) or default(s) within fifteen (15) days after the receipt of said written notice or if the cure thereof cannot be completed within fifteen (15) days, then a reasonable period of time not to exceed an additional thirty
(30) days provided the party diligently and continuously pursues such cure. The scope of the breach or default and of the required cure shall be limited to the failure(s) or default(s) specifically stated in the Notice of Default, and any right
to claim or pursue a breach of or default under this Agreement following any such failure to cure shall be limited to the specific failure(s) or default(s) stated in such Notice of Default. The provisions of this Subparagraph 8(d) shall not apply to
Purchaser’s failure to timely deliver the Deposit to Seller (which failure shall result in this Agreement being null and void without any further action of Seller), or to a default by Purchaser for failure to close on the purchase of the
Property as and when required hereunder. 
 9. SELLER’S REPRESENTATIONS, WARRANTIES AND COVENANTS. Seller hereby represents,
warrants and covenants to Purchaser that: 
 9(a) To the best of Seller’s knowledge, Seller is currently the fee simple owner of the
Property. 
 9(b) Seller has full authority to execute this Agreement and transfer the Property to Purchaser at Closing. 

9(c) Except as may be required by law or agreed to by Purchaser, during the term of this Agreement, Seller will not make any commitments or
representations to the applicable governmental authorities, or to adjoining or surrounding property owners, which would materially interfere with Purchaser’s ability to improve the Property. 

9(d) Seller has granted no person any contract right or other right to possession of all or any portion of the Property. 

9(e) Except as may be required by law or agreed to by Purchaser, Seller shall not materially alter the condition of the Property during the
term of this Agreement. 
 9(f) As of the date of this Agreement, to the actual knowledge of Seller: 

(i) Seller has received no notice that any substance, material or waste which is or becomes designated, classified or regulated as being
“toxic” or “hazardous” or a “pollutant” or which is or becomes similarly designated, classified or regulated under any Environmental Law (a “Hazardous Substance”) is now or has been used or stored on or
within any portion of the Property in violation of Environmental Laws (“Environmental Law” includes without limitation any law, statute, ordinance or regulation pertaining to health, industrial hygiene or the environment, including,
without limitation, CERCLA (Comprehensive Environmental Response, Compensation and Liability Act of 1980) and RCRA (Resources Conservation and Recovery Act of 1976). 

(ii) Seller has received no notice of federal, state or local enforcement, clean-up, removal, remedial
or other governmental or regulatory actions instituted or completed affecting the Property; and 
 (iii) Seller has received no notice of a
claim made by any third party against Seller relating to any Hazardous Substances on or within the Property. 
 9(g) From the Effective Date
through the Closing, Seller shall promptly notify Purchaser if to the actual knowledge of Seller there are any threatened or pending investigations by any governmental agency under any law, regulation or ordinance, including those pertaining to any
Hazardous Substance, zoning violations, erosion control violations or violations or any permits or approvals. 
 10. AS-IS. PURCHASER ACKNOWLEDGES TO AND AGREES WITH SELLER THAT PURCHASER IS PURCHASING THE PROPERTY IN AN “AS IS” CONDITION “WITH ALL FAULTS” AND SPECIFICALLY AND EXPRESSLY WITHOUT ANY
WARRANTIES, REPRESENTATIONS OR GUARANTEES, EITHER EXPRESS OR IMPLIED, OF ANY KIND, NATURE OR TYPE WHATSOEVER FROM OR ON BEHALF OF SELLER OTHER THAN THOSE EXPRESSLY STATED IN THIS AGREEMENT OR IN THE DEED. 

 PURCHASER HEREBY ACKNOWLEDGES THAT IT SHALL NOT BE ENTITLED TO, AND SHALL NOT, RELY ON SELLER,
ITS AGENTS, EMPLOYEES OR REPRESENTATIVES, AND SELLER HEREBY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, EITHER UNDER COMMON LAW, BY STATUTE, OR OTHERWISE, AS TO (I) THE QUALITY, NATURE, ADEQUACY OR
PHYSICAL CONDITION OF THE PROPERTY INCLUDING, BUT NOT LIMITED TO, ANY STRUCTURAL ELEMENTS, FOUNDATION, ACCESS, LANDSCAPING, SEWAGE OR UTILITY SYSTEMS AT THE PROPERTY, IF ANY; (II) THE QUALITY, NATURE, ADEQUACY OR PHYSICAL CONDITION OF SOILS AND
GROUND WATER OR THE EXISTENCE OF GROUND WATER AT THE PROPERTY; (III) THE EXISTENCE, QUALITY, NATURE, ADEQUACY OR PHYSICAL CONDITION OF ANY UTILITIES SERVING THE PROPERTY; (IV) THE DEVELOPMENT POTENTIAL OF THE PROPERTY, ITS VALUE, ITS
PROFITABILITY, ITS HABITABILITY, MERCHANTABILITY OR FITNESS, SUITABILITY OR ADEQUACY OF THE PROPERTY FOR ANY PARTICULAR PURPOSE; (V) THE ZONING OR OTHER LEGAL STATUS OF THE PROPERTY; (VI) THE COMPLIANCE OF THE PROPERTY OR ITS OPERATIONS
WITH ANY APPLICABLE CODE, STATUTE, LAW, ORDINANCE, RULE, REGULATION, COVENANT, PERMIT, AUTHORIZATION, STANDARD, CONDITION OR RESTRICTION OF ANY GOVERNMENTAL OR REGULATORY AUTHORITY; (VII) THE QUALITY OF ANY LABOR OR MATERIALS RELATING IN ANY
WAY TO THE PROPERTY; (VIII) THE SQUARE FOOTAGE OR ACREAGE OF THE PROPERTY; OR (IX) THE OPERATION OF THE PROPERTY FROM THE DATE OF THIS AGREEMENT UNTIL THE CLOSING. 

PURCHASER ACKNOWLEDGES THAT SELLER HOLDS TITLE TO THE PROPERTY, THROUGH FORECLOSURE OR OTHERWISE, PRIMARILY TO PROTECT ITS SECURITY INTEREST
WITHIN THE MEANING OF THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY ACT (“CERCLA”), 42 U.S.C. § 9601 ET SEQ. AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. 

WITHOUT IN ANY WAY LIMITING THE GENERALITY OF THE PRECEDING, PURCHASER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT IT HEREBY WAIVES, RELEASES
AND DISCHARGES ANY CLAIM IT HAS, MIGHT HAVE HAD OR MAY HAVE IN THE FUTURE AGAINST THE SELLER WITH RESPECT TO COSTS, DAMAGES, OBLIGATIONS, PENALTIES, CAUSES OF ACTION AND OTHER LIABILITIES (WHETHER ACCRUED, CONTINGENT, ARISING BEFORE OR AFTER THIS
AGREEMENT, OR OTHERWISE) ARISING AS A RESULT OF (I) THE CONDITION OF THE PROPERTY, EITHER PATENT OR LATENT (EXCEPT TO THE EXTENT THAT THE AFFIRMATIVE ACTS OF SELLER DURING SELLER’S PERIOD OF DIRECT OWNERSHIP OF THE PROPERTY DIRECTLY
RESULTED IN ANY DAMAGE TO THE PHYSICAL CONDITION OF THE PROPERTY OR VIOLATIONS OF APPLICABLE LEGAL REQUIREMENTS WITH RESPECT TO THE PHYSICAL CONDITION OF THE PROPERTY), (II) ITS ABILITY OR INABILITY TO OBTAIN OR MAINTAIN BUILDING PERMITS, EITHER
TEMPORARY OR FINAL CERTIFICATES OF OCCUPANCY OR OTHER LICENSES FOR THE USE OR OPERATION OF THE PROPERTY, AND/OR CERTIFICATES OF COMPLIANCE FOR THE PROPERTY, (III) THE ACTUAL OR POTENTIAL INCOME OR PROFITS TO BE DERIVED FROM THE PROPERTY,
(IV) THE REAL ESTATE TAXES OR ASSESSMENTS NOW OR HEREAFTER PAYABLE THEREON, (V) EXCEPT TO THE EXTENT THAT THE AFFIRMATIVE ACTS OF SELLER DURING SELLER’S PERIOD OF DIRECT OWNERSHIP OF THE PROPERTY DIRECTLY RESULTED IN ANY VIOLATIONS OF
APPLICABLE ENVIRONMENTAL LAWS WITH RESPECT TO PROPERTY, THE PAST, PRESENT OR FUTURE CONDITION OR COMPLIANCE OF THE PROPERTY, OR COMPLIANCE OF PAST OWNERS AND OPERATORS OF THE PROPERTY, IN REGARD TO ANY PAST, PRESENT AND FUTURE FEDERAL, STATE AND
LOCAL ENVIRONMENTAL PROTECTION, POLLUTION CONTROL, POLLUTION CLEANUP, AND CORRECTIVE ACTION LAWS, RULES, REGULATIONS, ORDERS, AND REQUIREMENTS (INCLUDING WITHOUT LIMITATION CERCLA, RCRA, AND OTHERS PERTAINING TO THE USE, HANDLING, GENERATION,
TREATMENT, STORAGE, RELEASE, DISPOSAL, REMOVAL, REMEDIATION OR RESPONSE TO, OR NOTIFICATION OF GOVERNMENTAL ENTITIES CONCERNING, TOXIC, HAZARDOUS, OR OTHERWISE REGULATED WASTES, SUBSTANCES, CHEMICALS, POLLUTANTS OR CONTAMINANTS), OR LAND USE LAWS,
RULES, REGULATIONS, ORDERS OR REQUIREMENTS, (VI) EXCEPT TO THE EXTENT THAT THE AFFIRMATIVE ACTS OF SELLER DURING SELLER’S PERIOD OF DIRECT OWNERSHIP OF THE PROPERTY DIRECTLY RESULTED IN ANY VIOLATIONS OF APPLICABLE ENVIRONMENTAL LAWS, THE
PRESENCE ON, IN, UNDER OR NEAR THE PROPERTY OF (INCLUDING WITHOUT LIMITATION ANY RESULTANT OBLIGATION UNDER CERCLA, THE RESOURCE CONSERVATION AND RECOVERY ACT (“RCRA”), 42 U.S.C. § 6973 et seq., ANY STATE STATUTE
OR REGULATION, OR OTHERWISE, TO REMOVE, REMEDIATE OR RESPOND TO) ASBESTOS CONTAINING MATERIAL, RADON, UREA FORMALDEHYDE OR ANY OTHER TOXIC, HAZARDOUS OR OTHERWISE REGULATED WASTE, SUBSTANCE, CHEMICAL, POLLUTANT OR CONTAMINANT, AND (VII) ANY
OTHER STATE OF FACTS WHICH EXIST WITH RESPECT TO THE PROPERTY. 

 PURCHASER ACKNOWLEDGES AND AGREES THAT THE TERMS AND CONDITIONS OF THIS PARAGRAPH 10 SHALL
EXPRESSLY SURVIVE THE TERMINATION OF THIS AGREEMENT AND/OR THE RECORDATION OF A SPECIAL WARRANTY DEED FOR THE PROPERTY. 
 11.
MISCELLANEOUS. 
 11(a) All notices and other communications hereunder shall be in writing, and be deemed duly given: (i) when
given, if personally delivered or sent by electronic mail; (ii) three (3) days after mailing, if mailed by certified mail, return receipt requested, postage prepaid; or (iii) one business (1) day after shipping via FedEx or other
nationally recognized overnight courier service: 
  

					
		 	If to Purchaser:	  	Stratford Capital Group
		 		  	8245 Boone Boulevard, Suite 640
		 		  	Vienna, Virginia 22182
		 		  	Attention: Stephen P. Wilson
			
		 	If to Seller:	  	Comstock Redland Road II, L.C.
		 		  	1886 Metro Center Drive, 4th Floor
		 		  	Reston, VA 20190
		 		  	Attention: Christopher Clemente, CEO
			
		 	and, with copy to:	  	Comstock Redland Road II, L.C.
		 		  	1886 Metro Center Drive, 4th Floor
		 		  	Reston, VA 20190
		 		  	Attention: Jubal Thompson, General Counsel
			
		 	If to Escrow Agent:	  	Stewart Title and Escrow, Inc.
		 		  	10505 Judicial Drive, #300
		 		  	Fairfax, VA 22030
		 		  	Attn: Mark Fitzgerald, Senior Vice President

 The parties hereto shall be responsible for notifying each other of any change of address. 

11(b) If any term, covenant or condition of this Agreement, or the application thereof to any party or circumstance, shall be invalid or
unenforceable, the remainder of this Agreement shall not be affected thereby, and each term shall be valid and enforceable to the fullest extent permitted by law. 

11(c) It is the intention of the parties hereto that all questions with respect to the construction of this Agreement, and the rights or
liabilities of the parties hereunder, shall be determined in accordance with the laws of the State of Maryland, without regard to conflicts of law rules. Time is hereby declared to be of the essence in the performance of each of Seller’s and
Purchaser’s obligations hereunder. 
 11(d) Any date specified in this Agreement which is a Saturday, Sunday or legal holiday shall be
extended to the first regular business day after such date, which is not a Saturday, Sunday or legal holiday. 
 11(e) This Agreement,
together with the Exhibits attached hereto, contains the final and entire agreement between the parties hereto with respect to the subject matter hereof. The recitals set forth in the beginning of this Agreement are incorporated herein. No change or
modification of this Agreement, or any waiver of the provisions hereof, shall be valid unless the same is in writing and signed by the parties hereto. Waiver from time to time of any provision hereunder will not be deemed to be a full waiver of such
provision, or a waiver of any other provisions hereunder. The terms of this Agreement are mutually agreed to be clear and unambiguous, shall be considered the workmanship of all of the parties and shall not be construed against the drafting party.

 11(f) Titles to Paragraphs and Subparagraphs are for convenience only, and are not intended to limit or expand the covenants and
obligations expressed thereunder. 
 11(g) This Agreement may be executed in several counterparts, each of which shall be deemed an
original, but all of which shall constitute one and the same instrument. 
 11(h) In the event of any dispute or controversy arising out of
or relating to this Agreement or the parties’ compliance therewith, it is agreed that the exclusive forum for determination of any and all such disputes or controversies shall be the appropriate trial court for the jurisdiction in which the
Property is located. Moreover, in addition to any other relief to which it may be entitled, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and costs incurred in regard to such dispute or controversy. THE
PARTIES WAIVE THEIR RESPECTIVE RIGHTS OF TRIAL BY JURY. 

 11(i) The parties acknowledge that Seller and/or its affiliates currently maintain signage and
marketing information on the Property. The parties agree that unless said signage and/or marketing information interferes with the construction of the building on the Property, Seller and its affiliates shall be entitled to continue to place signage
and marketing materials on the Property for its adjacent development. 
 12. ASSIGNMENT; SURVIVAL. Seller may not assign this
Agreement to any party without the express written consent of Purchaser, which consent may not be unreasonably withheld or delayed; provided, however, Seller may assign this Agreement without the Purchaser’s consent to any entity controlling,
controlled by, under common control with or otherwise affiliated with Seller. Purchaser may not assign this Agreement to any party without the express written consent of Seller, which consent may be withheld for any reason or no reason; provided,
however, Purchaser may assign this Agreement without Seller’s consent to any entity controlling, controlled by, under common control with or otherwise affiliated with Purchaser. This Agreement shall be binding upon the parties hereto and each
of their respective heirs, executors, administrators, successors and assigns. The provisions of this Agreement and the obligations of the parties shall survive the execution and delivery of the deed executed hereunder and shall not be merged
therein, except that any representations and warranties of the parties hereunder shall survive Closing for only six (6) months. 
 13.
ESCROW AGENT. The terms and conditions set forth in this Agreement shall constitute both an agreement between Seller and Purchaser and instructions for Escrow Agent, which Escrow Agent shall acknowledge and agree to be bound by, as evidenced
by its execution of this Agreement. Seller and Purchaser shall promptly execute and deliver to Escrow Agent any separate or additional escrow instructions requested by Escrow Agent which are consistent with the terms of this Agreement. Any separate
or additional instructions shall not modify or amend the provisions of this Agreement unless otherwise expressly agreed by mutual consent of Purchaser and Seller. Purchaser and Seller both hereby acknowledge and agree that Escrow Agent shall hold
and deliver the Deposit and all other deposits which may be made under this Agreement in accordance with the terms and conditions of this Agreement and that Escrow Agent shall be relieved of all liability and held harmless by both Seller and
Purchaser in the event Escrow Agent makes any disbursement of such monies in accordance with the terms and provisions of this Agreement. Escrow Agent shall be relieved from any responsibility or liability and held harmless by both Purchaser and
Seller in connection with the discharge of Escrow Agent’s duties hereunder provided that Escrow Agent exercises ordinary and reasonable care in the discharge of such duties. 

15. OFAC COMPLIANCE. Purchaser represents and warrants that: (i) it is not on an SDN List (defined below), nor is it directly or
indirectly owned or controlled by an SDN (defined below); and (ii) the purchase and sale of the Property, and the consummation of any other transaction contemplated by this Agreement, will not violate any country sanctions program administered
and enforced by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury. For the purposes hereof, an “SDN List” is defined as one of the lists published by OFAC of individuals and companies owned or
controlled by, or acting for or on behalf of, OFAC targeted countries, as well as individuals, groups, and entities, such as terrorists and narcotics traffickers, designated under OFAC programs that are not country-specific, and an “SDN”
is one of the individuals or companies listed on an SDN List. 
 16. EFFECTIVE DATE. This Agreement shall become effective on the
date last signed by Purchaser and Seller (“Effective Date”). 
 (SIGNATURES FOLLOW ON NEXT PAGE) 

 WITNESS, the following signatures. 

 

							
	SELLER:
	
	COMSTOCK REDLAND ROAD II, L.C.
			
		 	By:	 	Comstock Holding Companies, Inc.,
	Manager	 		 	
		
	By:	 	  

	Christopher Clemente, Chief Executive Officer
	Date:	 	  

 (SIGNATURES CONTINUE ON NEXT PAGE) 

 
							
	PURCHASER:
	
	MOMENTUM APARTMENTS, LLC, a Virginia limited liability company
	
	By: Momentum General Partners, LLC a Virginia limited liability company, its managing member
		
	By:	 	SCG Development Partners, LLC, a Delaware limited liability company, its managing member
			
		 	By:	 	SCG Development Manager, LLC, a Delaware limited liability company, its managing member
				
		 		 	By:	 	SCG Capital Corp., a Delaware corporation, its sole member
				
		 		 	By:	 	  

		 		 	Name:	 	Stephen P. Wilson
		 		 	Title:	 	President – Virginia Office
		
	Date:	 	  

 (SIGNATURES CONTINUE ON NEXT PAGE) 

 Escrow Agent executes this Agreement for the sole purpose of evidencing its agreement to the matters set forth in
Paragraph 13 hereof. 
  

			
	ESCROW AGENT:
	
	STEWART TITLE & ESCROW, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

 EXHIBIT “A” 

PROPERTY

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