Document:

eXHIBIT
10.23

 

aCONSENT
AND MODIFICATION UNDER Loan and Security Agreement

 

This
Consent and Modification under Loan and Security Agreement (this “Agreement”), dated as of December
18, 2019 (the “Effective Date”), is among Danimer Scientific
Holdings, LLC, a Delaware limited liability company (“Danimer Holdings”), Meredian,
Inc., a Georgia corporation (“Meredian”), Meredian Bioplastics,
Inc., a Georgia corporation (“Meredian Bioplastics”), Danimer
Scientific, L.L.C., a Georgia limited liability company (“Danimer Scientific”), Danimer
Bioplastics, INC., a Georgia corporation (“Danimer Bioplastics”), Danimer
Scientific Kentucky, INC., a Delaware corporation (“Danimer Kentucky”; together with Danimer
Holdings, Meredian, Inc., Meredian Bioplastics, Danimer Scientific, Danimer Bioplastics and with any other Person that at any
time after the date hereof becomes a Borrower, each a “Borrower” and collectively, “Borrowers”),
the Subsidiaries of Meredian Holdings Group, Inc., a Georgia corporation (“Parent”)
and Borrowers from time to time party hereto as Guarantors; the several entities party hereto as Lenders and White
Oak Global Advisors, LLC, a Delaware limited liability company, as administrative agent (“Administrative
Agent”).

 

Recitals:

 

A. Borrowers,
the Affiliates of Borrowers from time to time party thereto as Guarantors, the entities from time to time party thereto as Lenders
and Administrative Agent are party to that certain Loan and Security Agreement, dated as of March 13, 2019, as amended by that
certain Consent and Modification under Loan and Security Agreement dated as of November 5, 2019 (the “First Amendment”)
(as so amended, the “Existing Loan Agreement”, as the same is further amended pursuant to this Agreement
and as it may be further amended, supplemented and/or otherwise modified from time to time, the “Loan Agreement”).

 

B. Pursuant
to Section 7.13 of the Loan Agreement, Borrowers may not permit Parent to incur any liabilities, other than those specifically
provided for in such section. Pursuant to the First Amendment, Lenders previously consented to the incurrence by Parent of the
Parent $5,000,000 Debt. Borrowers have now requested that Lenders consent to Parent’s incurrence of an additional $5,000,000
of unsecured indebtedness (the “Parent Second $5,000,000 Debt”), pursuant to loan documents and instruments,
including, without limitation, the Investor Notes (as defined below) in form and substance satisfactory to Administrative Agent
in its discretion (the “Parent Second $5,000,000 Debt Documents”).

 

C. Borrowers
have requested that Administrative Agent and the Lenders (a) consent to the Parent Second $5,000,000 Debt, pursuant to the Parent
Second $5,000,000 Debt Documents and (c) amend certain provisions of the Existing Loan Agreement as provided herein, on and subject
to the terms and conditions set forth herein. Administrative Agent, on behalf of and at the direction of Lenders, is willing to
agree to the requests of Borrowers, but only on the terms and conditions set forth herein.

 

Agreement:

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and conditions contained herein, and for good and valuable
consideration, the receipt and sufficiency of which are hereby specifically acknowledged, the parties hereby covenant and agree
as follows:

 

1. Definitions;
References; Interpretation.

 

(a) Unless
otherwise specifically defined herein, each capitalized term used herein (including in the Recitals hereof) that is defined in
the Loan Agreement shall have the meaning assigned to such term in the Loan Agreement.

 

(b) Each
reference to “this Agreement,” “hereof,” “hereunder,” “herein” and “hereby”
and each other similar reference contained in the Loan Agreement, and each reference to “the Loan Agreement” and each
other similar reference in the other Loan Documents, shall from and after the date of this Agreement, refer to the Loan Agreement,
as amended hereby. This Agreement is a Loan Document.

 

     

     

    

 

(c) The
rules of interpretation set forth in Section 1.02 of the Loan Agreement shall be applicable to this Agreement, mutatis mutandis.

 

2. Acknowledgments
of Obligations and Related Matters.

 

(a) Acknowledgment
of Obligations. Borrowers hereby acknowledge, confirm and agree that Borrowers are, jointly and severally, unconditionally
indebted to Administrative Agent and Lenders as of the close of business on December 17, 2019, in respect of the Loans and all
other Obligations in the aggregate principal amount of not less than $28,875,000.00, together with interest accrued and accruing
thereon, and all fees, costs, expenses and other sums and charges now or hereafter payable by Borrowers to Administrative Agent
and Lenders pursuant to the Loan Agreement and the other Loan Documents, all of which are unconditionally owing by Borrowers to
Administrative Agent and Lenders pursuant to the Loan Documents, in each case without offset, defense or counterclaim of any kind,
nature or description whatsoever.

 

(b) Acknowledgment
of Security Interests. Borrowers hereby acknowledge, confirm and agree that Administrative Agent and Lenders have, and shall
continue to have, valid, enforceable and perfected security interests in and liens upon the Collateral heretofore granted by Borrowers
to Administrative Agent, for the benefit of Lenders, pursuant to the Loan Documents or otherwise granted to or held by Administrative
Agent.

 

(c) Binding
Effect of Loan Documents. Borrowers hereby acknowledge, confirm and agree that: (i) each of the Loan Documents to which any
Borrower is a party has been duly executed and delivered to Administrative Agent and Lenders by such Borrower and each is in full
force and effect as of the date hereof, (ii) the agreements and obligations of Borrowers contained in such Loan Documents to which
any Borrower is a party and in this Agreement constitute the legal, valid and binding Obligations of Borrowers, enforceable against
Borrowers in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or limiting creditors’ rights generally or by equitable principles relating
to enforceability, and Borrowers have no valid defense to the enforcement of such Obligations, and (iii) Administrative Agent
and Lenders are and shall be entitled to the rights, remedies and benefits provided for in the Loan Documents and pursuant to
applicable law, but subject to the terms and conditions of this Agreement.

 

3. Modifications
to the Loan Agreement. Upon the effectiveness of this Agreement in accordance with the provisions hereof and notwithstanding
anything to the contrary contained in the Existing Loan Agreement or the Loan Documents:

 

(a)
Modification of Certain Defined Terms Under Section 1.01 of the Existing Loan Agreement. Section 1.01 of the Existing Loan
Agreement is hereby modified as of the Effective Date of this Agreement to amend and restate in their entirety the following defined
terms contained therein to read as follows:

 

“Investor
Note” means a promissory note or notes evidencing Parent Subordinated Debt in form and substance satisfactory to
Administrative Agent and Lenders, including, without limitation, the Parent $5,000,000 Debt Documents and the Parent Second $5,000,000
Debt Documents. “Investor Notes” means the collective reference to all Investor Notes.

 

(b) Modification
to Section 1.01 of the Existing Loan Agreement to Add Certain New Defined Terms. Section 1.01 of the Existing Loan Agreement
is hereby modified as of the Effective Date of this Agreement to add the following new defined terms therein in alphabetical order:

 

“December
Consent and Modification Agreement” means that certain Consent and Modification Agreement dated as of December 18,
2019, as amended, restated, renewed, supplemented or otherwise modified from time to time.

 

    2

     

    

 

“Parent
Second $5,000,000 Debt” has the meaning ascribed thereto in the December Consent and Modification Agreement.

 

“Parent
Second $5,000,000 Debt Documents” has the meaning ascribed thereto in the December Consent and Modification Agreement.

 

“Parent
Subordinated Debt” means unsecured, subordinated indebtedness of Parent consented to in writing from time to time
by Administrative Agent and Lenders in an original principal amount not to exceed in the aggregate $10,000,000, inclusive of the
Parent $5,000,000 Debt and the Parent Second $5,000,000 Debt.

 

(c) Modification
to Section 7.13 of the Existing Loan Agreement. Section 7.13 of the Existing Loan Agreement is hereby amended and restated
as of the Effective Date of this Agreement, in its entirety to read as follows:

 

“Section
7.13.Parent as Holding Company.

 

Permit
Parent to (a) incur any liabilities, other than (i) liabilities under the Loan Documents, (ii) liabilities under the Subordinated
Advantage Loan Documents, (iii) tax liabilities in the ordinary course of business, (iv) Parent Subordinated Debt, and (v) corporate,
administrative and operating expenses in the ordinary course of business, including, but not limited to, such expenses inherent
in providing the services to Loan Parties contemplated under the Management Services Agreement, (b) own or acquire any assets,
other than (i) the Equity Interests of Parent (by way of repurchase) or any Loan Party, (ii) the Equity Interests of QALICB, (iii)
cash and Cash Equivalents, (iv) hold a leasehold interest in any Facility, including as lessee or sublessor, or (c) engage in
any trade or business, other than (i) owning the Equity Interests of Loan Parties and activities incidental thereto, (ii) owning
the Equity Interests of QALICB and activities incidental thereto, (iii) acting as a Guarantor and granting to Administrative Agent,
a Lien on certain Collateral, (iv) being the employer of executive officers of Parent and/or Loan Parties under executive officer
employment agreements and (v) providing services under the Management Services Agreement.”

 

4. Consents.

 

(a) Subject
to the satisfaction of the conditions precedent set forth in Section 7 hereof and pursuant to Section 7.13 of the Loan Agreement,
Administrative Agent consents, on behalf of itself and the Lenders, to Parent entering into the Parent Second $5,000,000 Debt
Documents and incurring the Parent Second $5,000,000 Debt.

 

(b) Except
as expressly set forth in this Agreement, the foregoing consent shall not constitute (a) a modification or alteration of the terms,
conditions or covenants of the Loan Agreement or any other Loan Document, or (b) a waiver, release or limitation upon the exercise
by Administrative Agent or any Lender of any of its rights, legal or equitable, thereunder.

 

5. Reserved.

 

6. Representations
and Warranties. Each Borrower hereby represents and warrants to Administrative Agent and Lenders as follows:

 

(a) No
Default or Event of Default has occurred and is continuing (or would result from the amendment of the Existing Loan Agreement
contemplated hereby).

 

(b) The
execution, delivery and performance by each Loan Party of this Agreement has been duly authorized by all necessary corporate and
other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person
other than such as have been obtained or made and are in full force and effect.

 

    3

     

    

 

(c) On
and as of the date of this Agreement, all representations and warranties of each Loan Party contained in the Loan Agreement and
in each other Loan Document are true and correct in all material respects (except to the extent such representations and warranties
expressly refer to an earlier or specified date, in which case they are true and correct in all material respects as of such earlier
or specified date).

 

7. Conditions
of Effectiveness.

 

(a) The
Agreement shall become effective as of the Effective Date of this Agreement upon the satisfaction of all of the following conditions:

 

(i) Borrowers
shall have delivered to Administrative Agent an original (or executed faxed or electronic copy) of this Agreement, duly executed
by each of the Loan Parties;

 

(ii) Borrowers
shall have delivered to Administrative Agent fully executed copies of the Parent Second $5,000,000 Debt Documents and the same
shall be in full force and effect, and shall be satisfactory in all respects to Administrative Agent;

 

(iii) Administrative
Agent shall have received evidence that the full proceeds of the Parent Second $5,000,000 Debt received by Parent shall have been
contributed as equity to the capital of Danimer Holdings in form and substance satisfactory to Administrative Agent;

 

(iv) each
of the representations and warranties contained in Section 6 of this Agreement shall be true, correct and accurate as of the date
of this Agreement; and

 

(v) the
receipt by Administrative Agent of the payment, in immediately available funds, of all reasonable out-of-pocket fees, costs, charges
and expenses incurred by Administrative Agent in connection with the preparation, execution and delivery of this Agreement or
any of the transactions arising hereunder or otherwise related hereto or referred to herein, including any actual out-of-pocket
costs, expenses, charges or expenses of Administrative Agent and the reasonable fees, charges and disbursements of counsel for
Administrative Agent.

 

(b) The
parties hereto specifically acknowledge and agree that: (i) the execution and delivery of this Agreement shall not be deemed to
create a course of dealing or otherwise obligate Administrative Agent or Lenders to execute similar agreements under the same,
similar or different circumstances in the future; and (ii) neither Administrative Agent nor any Lender has any obligation to further
amend provisions of, or waive compliance with or consent to a departure from the requirements of, the Existing Loan Agreement
or any of the other Loan Documents. Except as expressly amended pursuant hereto, the Existing Loan Agreement and each of the other
Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects, and
the Collateral described in the Loan Documents shall continue to secure the Obligations. Each of the Guarantors party hereto:
(i) specifically consents to the terms of this Agreement; (ii) reaffirms its obligations under its Guaranty and under all other
Loan Documents to which it is a party; (iii) reaffirms the waivers of each and every one of the defenses to such obligations as
set forth in such Guaranty and each such other Loan Document; and (iv) reaffirms that its obligations under such Guaranty and
each such other Loan Document are separate and distinct from the obligations of any other party under the Loan Documents.

 

    4

     

    

 

8. General
Release. On and as of the Effective Date of this Agreement and in consideration of the agreements set forth herein, each Loan
Party which is a party hereto, on behalf of itself and its successors and assigns, does hereby: (a) release, acquit and forever
discharge Administrative Agent and each Lender, all of Administrative Agent’s and each Lender’s predecessors-in-interest,
and all of Administrative Agent’s and each Lender’s past and present officers, directors, managers, members, attorneys,
affiliates, employees and agents, of and from any and all claims, demands, obligations, liabilities, indebtedness, breaches of
contract, breaches of duty or of any relationship, acts, omissions, misfeasance, malfeasance, causes of action, defenses, offsets,
debts, sums of money, accounts, compensation, contracts, controversies, promises, damages, costs, losses and expenses, of every
type, kind, nature, description or character, whether known or unknown, suspected or unsuspected, liquidated or unliquidated (each
of the foregoing, a “Claim”), each as though fully set forth herein at length, that any Borrower, any Loan
Party or any of their respective successors or assigns now has or may have as of the Effective Date of this Agreement in any way
arising out of, connected with or related to any or all of the transactions contemplated by the Loan Documents (including this
Agreement) or any of them or any provision or failure to provide credit or other accommodations to any Borrower or any other Person
under the Loan Documents (including this Agreement) or any of them or any other agreement, document or instrument referred to,
or otherwise related to, any or all of the Loan Documents (including this Agreement) or any of them (each, a “Released
Claim”); and (b) specifically acknowledge and agree that: (i) none of the provisions of the release contained in Section
6(a) above (the “General Release”) shall be construed as or constitute an admission of any liability on the
part of Administrative Agent or Lenders (or any of them); (ii) the provisions of the General Release shall constitute an absolute
bar to any Released Claim of any kind, whether any such Released Claim is based on contract, tort, warranty, mistake or any other
theory, whether legal, statutory or equitable; and (iii) any attempt to assert a Released Claim barred by the provisions of the
General Release shall subject it to the provisions of applicable law setting forth the remedies for the bringing of groundless,
frivolous or baseless claims or causes of action.

 

9. General
Provisions.

 

(a) This
Agreement shall be binding upon and inure to the benefit of the parties to the Loan Agreement and their respective successors
and assigns.

 

(b) This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. Each of the parties hereto understands and agrees that this document
(and any other document required herein) may be delivered by the other party thereto either in the form of an executed original
or an executed original sent by facsimile or electronic transmission to be followed promptly by mailing of a hard copy original,
and that receipt by Administrative Agent of an electronically or telecopier facsimile document purportedly bearing the signature
of Borrowers and shall bind Borrowers with the same force and effect as the delivery of a hard copy original.

 

(c) This
Agreement contains the entire and exclusive agreement of the parties to the Loan Agreement with reference to the matters discussed
herein. This Agreement supersedes all prior drafts and communications with respect hereto. This Agreement may not be amended except
in accordance with the provisions of the Loan Agreement.

 

(d) Article
X of the Existing Loan Agreement (except Section 10.14 thereof) is incorporated herein by this reference and made applicable as
if set forth herein in full, mutatis mutandis.

 

[Remainder
of page intentionally left blank.]

 

    5

     

    

 

In
Witness Whereof, the parties hereto have duly
executed and delivered this Agreement as of the date first written above.

 

	BORROWERS:	 	 	 
	 	 	 
	DANIMER
    SCIENTIFIC HOLDINGS, LLC	 	MEREDIAN,
    INC. 
	 	 	 
	By:	/s/
    John A. Dowdy, III	 	By:	/s/
    John A. Dowdy, III
	Name:	John
    A. Dowdy, III	 	Name:	John
    A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 
	MEREDIAN
    BIOPLASTICS, INC.	 	DANIMER
    SCIENTIFIC, L.L.C. 
	 	 	 
	By:	/s/
    John A. Dowdy, III	 	By:	/s/
    John A. Dowdy, III
	Name:	John
    A. Dowdy, III	 	Name:	John
    A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 
	DANIMER
    BIOPLASTICS, INC.	 	DANIMER
    SCIENTIFIC KENTUCKY, INC. 
	 	 	 
	By:	/s/
    John A. Dowdy, III	 	By:	/s/
    John A. Dowdy, III
	Name:	John
    A. Dowdy, III	 	Name:	John
    A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	GUARANTOR:	 	 	 
	 	 	 	 	 
	Acknowledged
    and Agreed to, including, without	 	 
	limitation,
    the provisions of Section 7(b) herein:	 	 
	 	 	 	 
	MEREDIAN
    HOLDINGS GROUP, INC.	 	 	 
	 	 	 	 	 
	By:	/s/
    John A. Dowdy, III	 	 	 
	Name:	John
    A. Dowdy, III	 	 	 
	Title:	CFO	 	 	 

 

    6

     

    

 

	Administrative
    Agent:	 
	 	 
	WHITE OAK GLOBAL ADVISORS, LLC,	 
	a Delaware limited liability company	 
	 	 
	By: 	/s/
    David Hackett	 
	Name: 	David Hackett	 
	Title: 	Head of Underwriting	 
	 	 
	Lenders:	 
	 	 
	White
    Oak Global Advisors, LLC,	 
	 	 
	a Delaware limited liability company,
    as	 
	investment manager for the Lender
    identified on Schedule 2.01 to Loan Agreement as BESPOKE	 
	 	 
	By: 	/s/
    David Hackett	 
	Name:	David Hackett	 
	Title: 	Head of Underwriting	 
	 	 
	 	 
	White
    Oak Global Advisors, LLC,	 
	 	 
	a Delaware limited liability company,
    as	 
	investment manager for the Lender
    identified on Schedule 2.01 to Loan Agreement as BRPD2	 
	 	 
	By: 	/s/
    David Hackett	 
	Name: 	David Hackett	 
	Title: 	Head of Underwriting	 

 

 

7Exhibit
10.24

 

CONSENT
AND MODIFICATION UNDER Loan and Security Agreement

 

This Consent and Modification
under Loan and Security Agreement (this “Agreement”), dated as of January 23, 2020 (the “Effective
Date”), is among Danimer Scientific Holdings, LLC, a Delaware limited
liability company (“Danimer Holdings”), Meredian, Inc.,
a Georgia corporation (“Meredian”), Meredian Bioplastics, Inc.,
a Georgia corporation (“Meredian Bioplastics”), Danimer Scientific,
L.L.C., a Georgia limited liability company (“Danimer Scientific”), Danimer
Bioplastics, INC., a Georgia corporation (“Danimer Bioplastics”), Danimer
Scientific Kentucky, INC., a Delaware corporation (“Danimer Kentucky”; together with Danimer Holdings,
Meredian, Inc., Meredian Bioplastics, Danimer Scientific, Danimer Bioplastics and with any other Person that at any time after
the date hereof becomes a Borrower, each a “Borrower” and collectively, “Borrowers”),
the Subsidiaries of Meredian Holdings Group, Inc., a Georgia corporation (“Parent”)
and Borrowers from time to time party hereto as Guarantors; the several entities party hereto as Lenders and White
Oak Global Advisors, LLC, a Delaware limited liability company, as administrative agent (“Administrative
Agent”).

 

Recitals:

 

A. Borrowers,
the Affiliates of Borrowers from time to time party thereto as Guarantors, the entities from time to time party thereto as Lenders
and Administrative Agent are party to that certain Loan and Security Agreement, dated as of March 13, 2019, as amended by that
certain Consent and Modification under Loan and Security Agreement dated as of November 5, 2019 (the “First Modification
Agreement”), as amended by that certain Consent and Modification under Loan and Security Agreement dated as of December
18, 2019 (the “Second Modification Agreement”) (as so amended, the “Existing Loan Agreement”,
as the same is further amended pursuant to this Agreement and as it may be further amended, supplemented and/or otherwise modified
from time to time, the “Loan Agreement”).

 

B. Pursuant
to Section 7.13 of the Loan Agreement, Borrowers may not permit Parent to incur any liabilities, other than those specifically
provided for in such section. Pursuant to the First Modification Agreement and the Second Modification Agreement, Lenders previously
consented to the incurrence by Parent of the Parent Subordinated Debt in an aggregate amount not to exceed $10,000,000. Borrowers
have now requested that Lenders consent to Parent’s incurrence of up to an additional $1,000,000 of Parent Subordinated Debt,
pursuant to loan documents and instruments, including, without limitation, the Investor Notes (as defined below) in form and substance
satisfactory to Administrative Agent in its discretion.

 

C. Borrowers
have requested that Administrative Agent and the Lenders (a) consent to an increase in the permitted aggregate amount of Parent
Subordinated Debt, and (c) amend certain provisions of the Existing Loan Agreement as provided herein, on and subject to the terms
and conditions set forth herein. Administrative Agent, on behalf of and at the direction of Lenders, is willing to agree to the
requests of Borrowers, but only on the terms and conditions set forth herein.

 

Agreement:

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and conditions contained herein, and for good and valuable consideration,
the receipt and sufficiency of which are hereby specifically acknowledged, the parties hereby covenant and agree as follows:

 

1. Definitions;
References; Interpretation.

 

(a) Unless
otherwise specifically defined herein, each capitalized term used herein (including in the Recitals hereof) that is defined in
the Loan Agreement shall have the meaning assigned to such term in the Loan Agreement.

 

(b) Each
reference to “this Agreement,” “hereof,” “hereunder,” “herein” and “hereby”
and each other similar reference contained in the Loan Agreement, and each reference to “the Loan Agreement” and each
other similar reference in the other Loan Documents, shall from and after the date of this Agreement, refer to the Loan Agreement,
as amended hereby. This Agreement is a Loan Document.

 

(c) The
rules of interpretation set forth in Section 1.02 of the Loan Agreement shall be applicable to this Agreement, mutatis mutandis.

 

     

     

    

 

2. Acknowledgments
of Obligations and Related Matters.

 

(a) Acknowledgment
of Obligations. Borrowers hereby acknowledge, confirm and agree that Borrowers are, jointly and severally, unconditionally
indebted to Administrative Agent and Lenders as of the close of business on January __, 2020, in respect of the Loans and all other
Obligations in the aggregate principal amount of not less than $[_______________], together with interest accrued and accruing
thereon, and all fees, costs, expenses and other sums and charges now or hereafter payable by Borrowers to Administrative Agent
and Lenders pursuant to the Loan Agreement and the other Loan Documents, all of which are unconditionally owing by Borrowers to
Administrative Agent and Lenders pursuant to the Loan Documents, in each case without offset, defense or counterclaim of any kind,
nature or description whatsoever.

 

(b) Acknowledgment
of Security Interests. Borrowers hereby acknowledge, confirm and agree that Administrative Agent and Lenders have, and shall
continue to have, valid, enforceable and perfected security interests in and liens upon the Collateral heretofore granted by Borrowers
to Administrative Agent, for the benefit of Lenders, pursuant to the Loan Documents or otherwise granted to or held by Administrative
Agent.

 

(c) Binding
Effect of Loan Documents. Borrowers hereby acknowledge, confirm and agree that: (i) each of the Loan Documents to which any
Borrower is a party has been duly executed and delivered to Administrative Agent and Lenders by such Borrower and each is in full
force and effect as of the date hereof, (ii) the agreements and obligations of Borrowers contained in such Loan Documents to which
any Borrower is a party and in this Agreement constitute the legal, valid and binding Obligations of Borrowers, enforceable against
Borrowers in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or limiting creditors’ rights generally or by equitable principles relating
to enforceability, and Borrowers have no valid defense to the enforcement of such Obligations, and (iii) Administrative Agent and
Lenders are and shall be entitled to the rights, remedies and benefits provided for in the Loan Documents and pursuant to applicable
law, but subject to the terms and conditions of this Agreement.

 

3. Modifications
to the Loan Agreement. Upon the effectiveness of this Agreement in accordance with the provisions hereof and notwithstanding
anything to the contrary contained in the Existing Loan Agreement or the Loan Documents:

 

(a) 
Modification of Certain Defined Terms Under Section 1.01 of the Existing Loan Agreement. Section 1.01 of the Existing Loan
Agreement is hereby modified as of the Effective Date of this Agreement to amend and restate in their entirety the following defined
terms contained therein to read as follows:

 

“Parent
Subordinated Debt” means unsecured, subordinated indebtedness of Parent consented to in writing from time to time
by Administrative Agent and Lenders in an original principal amount not to exceed in the aggregate $11,000,000, inclusive of the
Parent $5,000,000 Debt and the Parent Second $5,000,000 Debt, pursuant to and evidenced by Investor Notes.

 

(b) Modification
to Section 1.01 of the Existing Loan Agreement to Add Certain New Defined Terms. Section 1.01 of the Existing Loan Agreement
is hereby modified as of the Effective Date of this Agreement to add the following new defined terms therein in alphabetical order:

 

“First
Modification Agreement” means that certain Consent and Modification under Loan and Security Agreement dated as of
November 5, 2019, as amended, restated, renewed, supplemented or otherwise modified from time to time (formerly defined as the
“Consent and Modification Agreement” in the First Modification Agreement).

 

    2

     

    

 

“Second
Modification Agreement” means that certain Consent and Modification under Loan and Security Agreement dated as of
December 18, 2019, as amended, restated, renewed, supplemented or otherwise modified from time to time (formerly defined as the
“December Consent and Modification Agreement” in the Second Modification Agreement).

 

“Third
Modification Agreement” means that certain Consent and Modification Agreement dated as of January __, 2020, as amended,
restated, renewed, supplemented or otherwise modified from time to time.

 

4. 
Consents.

 

(a) Subject
to the satisfaction of the conditions precedent set forth in Section 7 hereof and pursuant to Section 7.13 of the Loan Agreement,
Administrative Agent consents, on behalf of itself and the Lenders, to Parent incurring up to an additional $1,000,000 of Parent
Subordinated Debt on or after the date hereof.

 

(b) Except
as expressly set forth in this Agreement, the foregoing consent shall not constitute (a) a modification or alteration of the terms,
conditions or covenants of the Loan Agreement or any other Loan Document, or (b) a waiver, release or limitation upon the exercise
by Administrative Agent or any Lender of any of its rights, legal or equitable, thereunder.

 

5. Reserved.

 

6. Representations
and Warranties. Each Borrower hereby represents and warrants to Administrative Agent and Lenders as follows:

 

(a) No
Default or Event of Default has occurred and is continuing (or would result from the amendment of the Existing Loan Agreement contemplated
hereby).

 

(b) The
execution, delivery and performance by each Loan Party of this Agreement has been duly authorized by all necessary corporate and
other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person
other than such as have been obtained or made and are in full force and effect.

 

(c) On
and as of the date of this Agreement, all representations and warranties of each Loan Party contained in the Loan Agreement and
in each other Loan Document are true and correct in all material respects (except to the extent such representations and warranties
expressly refer to an earlier or specified date, in which case they are true and correct in all material respects as of such earlier
or specified date).

 

7. Conditions
of Effectiveness.

 

(a) The
Agreement shall become effective as of the Effective Date of this Agreement upon the satisfaction of all of the following conditions:

 

(i) Borrowers
shall have delivered to Administrative Agent an original (or executed faxed or electronic copy) of this Agreement, duly executed
by each of the Loan Parties;

 

(ii) Borrowers
shall have delivered to Administrative Agent fully executed copies of any Investor Notes executed in connection with the increase
in Parent Subordinated Debt contemplated hereunder and the same shall be in full force and effect, and shall be satisfactory in
all respects to Administrative Agent;

 

(iii) Administrative
Agent shall have received evidence that the full proceeds of the additional Parent Subordinated Debt contemplated hereunder received
by Parent shall have been contributed as equity to the capital of Danimer Holdings in form and substance satisfactory to Administrative
Agent;

 

    3

     

    

 

(iv) each
of the representations and warranties contained in Section 6 of this Agreement shall be true, correct and accurate as of the date
of this Agreement; and

 

(v) the
receipt by Administrative Agent of the payment, in immediately available funds, of all reasonable out-of-pocket fees, costs, charges
and expenses incurred by Administrative Agent in connection with the preparation, execution and delivery of this Agreement or any
of the transactions arising hereunder or otherwise related hereto or referred to herein, including any actual out-of-pocket costs,
expenses, charges or expenses of Administrative Agent and the reasonable fees, charges and disbursements of counsel for Administrative
Agent.

 

(b) The
parties hereto specifically acknowledge and agree that: (i) the execution and delivery of this Agreement shall not be deemed to
create a course of dealing or otherwise obligate Administrative Agent or Lenders to execute similar agreements under the same,
similar or different circumstances in the future; and (ii) neither Administrative Agent nor any Lender has any obligation to further
amend provisions of, or waive compliance with or consent to a departure from the requirements of, the Existing Loan Agreement or
any of the other Loan Documents. Except as expressly amended pursuant hereto, the Existing Loan Agreement and each of the other
Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects, and the
Collateral described in the Loan Documents shall continue to secure the Obligations. Each of the Guarantors party hereto: (i) specifically
consents to the terms of this Agreement; (ii) reaffirms its obligations under its Guaranty and under all other Loan Documents to
which it is a party; (iii) reaffirms the waivers of each and every one of the defenses to such obligations as set forth in such
Guaranty and each such other Loan Document; and (iv) reaffirms that its obligations under such Guaranty and each such other Loan
Document are separate and distinct from the obligations of any other party under the Loan Documents.

 

8. General
Release. On and as of the Effective Date of this Agreement and in consideration of the agreements set forth herein, each Loan
Party which is a party hereto, on behalf of itself and its successors and assigns, does hereby: (a) release, acquit and forever
discharge Administrative Agent and each Lender, all of Administrative Agent’s and each Lender’s predecessors-in-interest,
and all of Administrative Agent’s and each Lender’s past and present officers, directors, managers, members, attorneys,
affiliates, employees and agents, of and from any and all claims, demands, obligations, liabilities, indebtedness, breaches of
contract, breaches of duty or of any relationship, acts, omissions, misfeasance, malfeasance, causes of action, defenses, offsets,
debts, sums of money, accounts, compensation, contracts, controversies, promises, damages, costs, losses and expenses, of every
type, kind, nature, description or character, whether known or unknown, suspected or unsuspected, liquidated or unliquidated (each
of the foregoing, a “Claim”), each as though fully set forth herein at length, that any Borrower, any Loan Party
or any of their respective successors or assigns now has or may have as of the Effective Date of this Agreement in any way arising
out of, connected with or related to any or all of the transactions contemplated by the Loan Documents (including this Agreement)
or any of them or any provision or failure to provide credit or other accommodations to any Borrower or any other Person under
the Loan Documents (including this Agreement) or any of them or any other agreement, document or instrument referred to, or otherwise
related to, any or all of the Loan Documents (including this Agreement) or any of them (each, a “Released Claim”);
and (b) specifically acknowledge and agree that: (i) none of the provisions of the release contained in Section 6(a) above (the
“General Release”) shall be construed as or constitute an admission of any liability on the part of Administrative
Agent or Lenders (or any of them); (ii) the provisions of the General Release shall constitute an absolute bar to any Released
Claim of any kind, whether any such Released Claim is based on contract, tort, warranty, mistake or any other theory, whether legal,
statutory or equitable; and (iii) any attempt to assert a Released Claim barred by the provisions of the General Release shall
subject it to the provisions of applicable law setting forth the remedies for the bringing of groundless, frivolous or baseless
claims or causes of action.

 

    4

     

    

 

9. General
Provisions.

 

(a) This
Agreement shall be binding upon and inure to the benefit of the parties to the Loan Agreement and their respective successors and
assigns.

 

(b) This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together
shall constitute but one and the same instrument. Each of the parties hereto understands and agrees that this document (and any
other document required herein) may be delivered by the other party thereto either in the form of an executed original or an executed
original sent by facsimile or electronic transmission to be followed promptly by mailing of a hard copy original, and that receipt
by Administrative Agent of an electronically or telecopier facsimile document purportedly bearing the signature of Borrowers and
shall bind Borrowers with the same force and effect as the delivery of a hard copy original.

 

(c) This
Agreement contains the entire and exclusive agreement of the parties to the Loan Agreement with reference to the matters discussed
herein. This Agreement supersedes all prior drafts and communications with respect hereto. This Agreement may not be amended except
in accordance with the provisions of the Loan Agreement.

 

(d) Article
X of the Existing Loan Agreement (except Section 10.14 thereof) is incorporated herein by this reference and made applicable as
if set forth herein in full, mutatis mutandis.

 

[Remainder
of page intentionally left blank.]

 

    5

     

    

 

In
Witness Whereof, the parties hereto have duly executed and delivered this Agreement as of the date first written above.

 

	BORROWERS:	 	 
	 	 	 
	DANIMER SCIENTIFIC HOLDINGS, LLC	 	MEREDIAN, INC.
	 	 	 	 	 
	By:	/s/ John A. Dowdy, III	 	By:	/s/ John A. Dowdy, III
	Name: 	John A. Dowdy, III	 	Name: 	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	MEREDIAN BIOPLASTICS, INC.	 	DANIMER SCIENTIFIC, L.L.C.
	 	 	 	 	 
	By:	/s/ John A. Dowdy, III	 	By:	/s/ John A. Dowdy, III
	Name:	John A. Dowdy, III	 	Name:	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	DANIMER BIOPLASTICS, INC.	 	DANIMER SCIENTIFIC KENTUCKY, INC.
	 	 	 	 	 
	By:	/s/ John A. Dowdy, III	 	By:	/s/ John A. Dowdy, III
	Name:	John A. Dowdy, III	 	Name:	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO

 

GUARANTOR:

 

Acknowledged and Agreed to, including, without 

limitation, the provisions of Section 7(b) herein:

 

	MEREDIAN HOLDINGS GROUP, INC.	 
	 	 	 
	By: 	/s/ John A. Dowdy, III	 
	Name: 	John A. Dowdy, III	 
	Title:	CFO	 

 

     

     

    

 

	Administrative Agent:	 
	 	 
	WHITE OAK GLOBAL ADVISORS, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By:	/s/ David Hackett	 
	Name: 	David Hackett	 
	Title:	Head of Underwriting	 
	 	 	 
	Lenders:	 
	 	 	 
	White Oak Global Advisors, LLC,	 
	a Delaware limited liability company, as	 
	investment manager for the Lender identified on Schedule 2.01 to Loan Agreement as BESPOKE	 
	 	 	 
	By:	/s/ David Hackett	 
	Name:	David Hackett	 
	Title:	Head of Underwriting	 
	 	 	 
	White Oak Global Advisors, LLC,	 
	a Delaware limited liability company, as	 
	investment manager for the Lender identified on Schedule 2.01 to Loan Agreement as BRPD2	 
	 	 	 
	By:	/s/ David Hackett	 
	Name:	David Hackett	 
	Title:	Head of Underwriting

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