Document:

Exhibit 10.30

 

THE EXCHANGE CONTEMPLATED HEREIN IS
INTENDED TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

EXCHANGE AGREEMENT

 

This Exchange Agreement
(this “Agreement”) is entered into as of April 30, 2020 by and between Iliad Research and Trading, L.P., a Utah
limited partnership (“Lender”), and China Recycling Energy Corporation, a Nevada corporation (“Borrower”).
Capitalized terms used in this Agreement without definition shall have the meanings given to them in the Exchange Note (defined
below).

 

A. Borrower
previously sold and issued to Lender that certain Convertible Promissory Note dated January 31, 2019 in the original principal
amount of $1,050,000.00 (the “Original Note”) pursuant to that certain Securities Purchase Agreement dated January
31, 2019 by and between Lender and Borrower (the “Purchase Agreement”).

 

B. Pursuant
to an Exchange Agreement dated April 14, 2019 (the “Exchange Agreement”), Borrower and Lender exchanged the
Original Note for a new Promissory Note in the original principal amount of $1,173,480.00 (the “Exchange Note,”
and together with the Exchange Agreement and all other documents entered into in conjunction therewith, the “Exchange
Documents”).

 

C. Subject
to the terms of this Agreement, Borrower and Lender desire to partition a new Promissory Note in the original principal amount
of $150,000.00 (the “Partitioned Note”) from the Exchange Note and then cause the outstanding balance of the
Exchange Note to be reduced by an amount equal to the initial outstanding balance of the Partitioned Note.

 

D. Borrower
and Lender further desire to exchange (such exchange is referred to as the “Note Exchange”) the Partitioned
Note for the delivery of 50,000 shares of the Company’s Common Stock, par value $0.001 (the “Common Stock,”
and such 50,000 shares of Common Stock, the “Exchange Shares”), according to the terms and conditions of this
Agreement.

 

E. The
Note Exchange will consist of Lender surrendering the Partitioned Note in exchange for the Exchange Shares, which will be issued
free of any restrictive securities legend pursuant to Rule 144. Other than the surrender of the Partitioned Note, no consideration
of any kind whatsoever shall be given by Lender to Borrower in connection with this Agreement.

 

F. Lender
and Borrower now desire to exchange the Partitioned Note for the Exchange Shares on the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1. Recitals
and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement are
true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2. Partition.
Effective as of the date hereof, Borrower and Lender agree that the Partitioned Note is hereby partitioned from the Exchange Note.
Following such partition of the Exchange Note, Borrower and Lender agree that the Exchange Note shall remain in full force and
effect, provided that the outstanding balance of the Exchange Note shall be reduced by an amount equal to the initial outstanding
balance of the Partitioned Note.

 

     

     

    

 

3. Issuance
of Shares. Pursuant to the terms and conditions of this Agreement, the Exchange Shares shall be delivered to Lender on or before
May 5, 2020 and the Note Exchange shall occur with Lender surrendering the Partitioned Note to Borrower on the Free Trading Date
(as defined below). On the Free Trading Date, the Partitioned Note shall be cancelled and all obligations of Borrower under the
Partitioned Note shall be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via DWAC to Lender’s
designated brokerage account. Subject to the securities laws and regulations, Borrower agrees to provide all necessary cooperation
or assistance that may be required to cause all Exchange Shares delivered hereunder to become Free Trading (the first date such
occurs, the “Free Trading Date”). For purposes hereof, the term “Free Trading” means that
(a) the Exchange Shares have been cleared and approved for public resale by the compliance departments of Lender’s brokerage
firm and the clearing firm servicing such brokerage, and (b) such shares are held in the name of the clearing firm servicing Lender’s
brokerage firm and have been deposited into such clearing firm’s account for the benefit of Lender.

 

4. Closing.
The closing of the transaction contemplated hereby (the “Closing”) along with the delivery of the Exchange Shares
to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange by email of .pdf documents,
but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

5. Holding
Period, Tacking and Legal Opinion. Lender and Borrower agree that for the purposes of Rule 144 (“Rule 144”)
of the Securities Act of 1933, as amended (the “Securities Act”), the holding period of the Partitioned Note
and the Exchange Shares will include Lender’s holding period of the Exchange Note from January 31, 2019, which date is the
date that the Original Note was originally issued. Borrower agrees not to take a position contrary to this Section 5 in any document,
statement, setting, or situation. Borrower agrees to take all action necessary to issue the Exchange Shares without restriction,
and not containing any restrictive legend without the need for any action by Lender; provided that the applicable holding period
has been met. In furtherance thereof, prior to the Closing, counsel to Lender may, in its sole discretion, provide an opinion that:
(a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current public information
requirements; and (b) the transactions contemplated hereby and all other documents associated with this transaction comport with
the requirements of Section 3(a)(9) of the Securities Act. Borrower represents that it is in full compliance with the tests and
standards set forth in Rule 144(i)(2) as of the date of this Agreement. The Exchange Shares are being issued in substitution of
and exchange for and not in satisfaction of the Partitioned Note. The Exchange Shares shall not constitute a novation or satisfaction
and accord of the Partitioned Note. Borrower acknowledges and understands that the representations and agreements of Borrower in
this Section 5 are a material inducement to Lender’s decision to consummate the transactions contemplated herein.

 

6. Representations,
Warranties and Agreements of Borrower. In order to induce Lender to enter into this Agreement, Borrower, for itself, and for
its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Borrower has full
power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of
which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Borrower hereunder, (c) except as specifically set forth herein, nothing herein shall in any manner release, lessen, modify
or otherwise affect Borrower’s obligations under the Exchange Note, (d) the issuance of the Exchange Shares is duly authorized
by all necessary corporate action and the Exchange Shares are validly issued, fully paid and non-assessable, free and clear of
all taxes, liens, claims, pledges, mortgages, restrictions, obligations, security interests and encumbrances of any kind, nature
and description, (e) Borrower has not received any consideration in any form whatsoever for entering into this Agreement, other
than the surrender of the Partitioned Note, and (f) Borrower has taken no action which would give rise to any claim by any person
for a brokerage commission, placement agent or finder’s fee or other similar payment by Borrower related to this Agreement.

 

    2

     

    

 

7. Representations,
Warranties and Agreements of Lender. In order to induce Borrower to enter into this Agreement, Lender, for itself, and for
its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Lender has full power
and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of which
have been duly authorized by all proper and necessary action, and (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Lender hereunder.

 

8. Arbitration.
By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as defined in the Purchase Agreement)
set forth as an exhibit to the Purchase Agreement and the parties agree to submit all Claims (as defined in the Purchase Agreement)
arising under this Agreement or any Transaction Document or other agreement between the parties and their affiliates to binding
arbitration pursuant to the Arbitration Provisions.

 

9. Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the
Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference. BORROWER HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

10. Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies of this Agreement
and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute effective
execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.
Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed
to be their original signatures for all purposes.

 

    3

     

    

 

11. Attorneys’
Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of this Agreement, the
prevailing party shall therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses
paid by such prevailing party in connection with the arbitration, litigation and/or dispute without reduction or apportionment
based upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair an
arbitrator’s or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

12. No
Reliance. Each party acknowledges and agrees that neither the other party nor any of such other party’s officers, directors,
members, managers, equity holders, representatives or agents has made any representations or warranties to the party or any of
its agents, representatives, officers, directors, or employees except as expressly set forth in this Agreement and the Exchange
Documents and, in making its decision to enter into the transactions contemplated by this Agreement, the party is not relying on
any representation, warranty, covenant or promise of the other party or such other party’s officers, directors, members,
managers, equity holders, agents or representatives other than as set forth in this Agreement.

 

13. Severability.
If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve the objective
of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.

 

14. Entire
Agreement. This Agreement, together with the Exchange Documents, and all other documents referred to herein, supersedes all
other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect to
the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

15. Amendments.
This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision of this Agreement
may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

16. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Lender hereunder
may be assigned by Lender to a third party, including its financing sources, in whole or in part. Neither party shall assign this
Agreement or any of its obligations herein without the prior written consent of the other party.

 

    4

     

    

 

17. Continuing
Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Exchange Note and each of the
other Exchange Documents shall remain in full force and effect, enforceable in accordance with all of its original terms and provisions.
This Agreement shall not be effective or binding unless and until it is fully executed and delivered by Lender and Borrower. If
there is any conflict between the terms of this Agreement, on the one hand, and the Exchange Note or any other Transaction Document,
on the other hand, the terms of this Agreement shall prevail.

 

18. Time
of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

19. Notices.
Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under this Agreement
to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase Agreement.

 

20. Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

[Remainder of page intentionally left blank] 

 

    5

     

    

  

IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	CHINA RECYCLING ENERGY CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	LENDER:
	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 
	 	By:	 Iliad Management, LLC, its General Partner
	 	 	 
	 	 	By:	Fife Trading, Inc., its Manager
	 	 	 	 	                      
	 	 	 	By:	/s/ John M. Fife
	 	 	 	 	John M. Fife, President

 

[Signature Page
to Exchange Agreement]

 

 

6Exhibit

Exhibit 10.1

Execution Copy

AMENDMENT TO SENIOR CONVERTIBLE NOTE DUE 2022 AND WAIVER AND FORBEARANCE AGREEMENT
This AMENDMENT TO SENIOR CONVERTIBLE NOTE DUE 2022 AND WAIVER AND FORBEARANCE AGREEMENT (this “Amendment”) is made and entered into as of May 1, 2020, by and among Amyris, Inc., a Delaware corporation (the “Company”) and [___________] (the “Holder”).
RECITALS
WHEREAS, the Company has issued that certain Senior Convertible Note due 2022 (the “Note”), to the Holder pursuant to exchanges for prior convertible notes of the Company in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”), as set forth in (i) that certain Exchange Agreement, dated as of November 8, 2019, by and among the Company and the investors on the Schedule of Buyers attached thereto (the “Original Exchange Agreement”) (as the same may be amended from time to time) and (ii) that certain Exchange Agreement, dated as of December 30, 2019, by and among the Company and the Buyer (the “Subsequent Exchange Agreement”) (as the same may be amended from time to time);
WHEREAS, the Company and the Holder desire to amend certain provisions of the Note;
WHEREAS, pursuant to Section 18 of the Note, the Note may be amended with the written consent of the Company and the Required Holders (as defined in the Original Exchange Agreement);
WHEREAS, as of the date hereof, the Holder constitutes the Required Holders (as defined in the Original Exchange Agreement); and
WHEREAS, the Company and Holder have entered into that certain Waiver and Forbearance Agreement, dated as of February 18, 2020 (the “Forbearance Agreement”) and desire to amend certain provisions of the Forbearance Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:
ARTICLE I
AMENDMENT OF NOTES
1.1.    Definitions.
1.1.1.    the definition of “Additional Redemption Base Price” as set forth in the Note is hereby amended and restated in its entirety to read as follows:
“Additional Redemption Base Price” means, with respect to a redemption of this Note to pursuant to Section 7(A), a cash amount equal to the Redemption 

US-DOCS\115544437.13       065377-0005

Percentage of the product of (A) the Conversion Rate in effect as of the Trading Day immediately preceding the related Redemption Date; (B) the Principal Amount of this Note to be so redeemed divided by $1,000; and (C) the Additional Redemption Stock Price for such redemption.
1.1.2.    The definition of “Amortization Payment” as set forth in the Note is hereby amended and restated in its entirety to read as follows:
“Amortization Payment” means, (A) with respect to Amortization Dates up to and including April 1, 2020, [___________] ($[_______]), (B) with respect to Amortization Dates after April 1, 2020, zero dollars ($0), and (C) any Specified Amortization Payment (as set for in Section 4(D)); provided, that the Holder and the Company may agree to increase the size of any Amortization Payment by mutual written consent; and provided further, that in no event shall the amount of any Amortization Payment exceed 110% of the amount of Principal outstanding with respect to the Note as of such Amortization Date.
1.1.3.    The definition of “Business Day” as set forth in the Note is hereby amended and restated in its entirety to read as follows:
“Business Day” means any day other than a Saturday, a Sunday or any day on which commercial banks in The City of New York are authorized or required by law or executive order to close or be closed; provided, however, for clarification, commercial banks in The City of New York shall not be deemed to be authorized or required by law or executive order to close or be closed due to “stay at home”, “shelter-in-place”, “non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are open for use by customers on such day.
1.1.4.    The definition of “Conversion Rate” as set forth in the Note is hereby amended and restated in its entirety to read as follows:
“Conversion Rate” initially means 285.7143 shares of Common Stock per $1,000 Principal Amount of Notes; provided, however, that the Conversion Rate is subject to adjustment pursuant to Section 8; provided, further, that whenever this Note refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date.
1.1.5.    The definitions of “Equity Triggering Event” and “Equity Triggering Event Conversion Period” are hereby deleted from the Note in their entirety, and all references in the Note to “Event of Default/Equity Triggering Event Additional Shares”, “Event of Default/Equity Triggering Event Conversion Price” or “Event of Default/Equity Triggering Event Conversion Rate” 

are hereby amended and restated to refer to “Event of Default Additional Shares”, “Event of Default Conversion Price” and “Event of Default Conversion Rate”, respectively.
1.1.6.    The definition of “Interest Payment Date” as set forth in the Note is hereby amended and restated in its entirety to read as follows:
“Interest Payment Date” means, with respect to this Note, (A) each August 1, November 1, February 1 and May 1 of each calendar year; and (B) if not otherwise included in clause (A), the Maturity Date. 
1.1.7. The definition of “Maturity Date” as set forth in the Note is hereby amended and restated in its entirety to read as follows:
“Maturity Date” means June 1, 2021.
1.1.8.    The definition of “Principal Amount” as set forth in the Note is hereby amended and restated in its entirety to read as follows:
“Principal Amount” has the meaning set forth in the cover page of this Note; provided, however, that the Principal Amount of this Note will be subject to reduction (A) pursuant to Section 7 and Section 8; (B) by an amount equal to (i) the sum of all Amortization Payments (other than any Specified Amortization Payment made pursuant to Section 4(D)) made prior to date of determination of the Principal Amount of the Note then outstanding, divided by (ii) one and one-tenth (1.1); and (C) by an amount equal to (i) any Specified Amortization Payment made pursuant to Section 4(D) prior to date of determination of the Principal Amount of the Note then outstanding, divided by (ii) one and five-hundredths (1.05).
1.1.8.    The definition of “Redemption Base Price” as set forth in the Note is hereby amended and restated in its entirety to read as follows:
“Redemption Base Price” means, with respect to a redemption of this Note pursuant to Section 7(A), a cash amount equal to the Redemption Percentage of the greater of (A) the Principal Amount of such Note to be so redeemed; and (B) the product of (x) the Conversion Rate in effect as of the Trading Day immediately preceding the related Redemption Date; (y) the Principal Amount of this Note to be so redeemed divided by $1,000; and (z) the Redemption Stock Price for such redemption.
1.1.9.    A new definition of “Redemption Percentage” is hereby added to the Note after the definition of “Redemption Date” and shall read in its entirety as follows:
“Redemption Percentage” means, (A) with respect to a redemption of this Note pursuant to Section 7(A) on or prior to October 1, 2020, one hundred percent (100%); (B) with respect to a redemption of this Note pursuant to Section 7(A) 

after October 1, 2020 but on or prior to December 31, 2020, one hundred and five percent (105%); and (C) with respect to a redemption of this Note pursuant to Section 7(A) after December 31, 2020, one hundred and ten percent (110%).

1.1.10.    A new definition of “Specified Amortization Payment” is hereby added to the Note after the definition of “Significant Subsidiary” and shall read in its entirety as follows:
“Specified Amortization Payment” has the meaning set forth in Section 4(D).”

1.2.     Section 4(D) the Note. A new Section 4(D) is added to the Note following Section 4(C) and shall read in its entirety as follows:

“(D) Specified Amortization Payments. The Company shall make the following amortization payments to the Holder (each a “Specified Amortization Payment”):

(i)    On the earlier of (x) the day the Company has received aggregate cash proceeds from any public offerings or private placements of its securities occurring on or after May 1, 2020 of not less than fifty million dollars ($50,000,000) and (y) May 31, 2020, the Company shall make an amortization payment with respect to this Note equal to (A) [___________] ($[________]) if such payment is made on or before May 15, 2020 (and the Principal Amount shall, notwithstanding the definition of “Principal Amount,” be reduced by such payment by an amount equal to the quotient of (x) such payment divided by (y) one and five hundredths (1.05)) and (B) [___________] ($[_________]) if such payment is made after May 15, 2020 (and the Principal Amount shall, notwithstanding the definition of “Principal Amount,” be reduced by such payment by an amount equal to the quotient of (x) such payment divided by (y) one and seventy five thousandths (1.075)), provided, that the Holder may, in its sole discretion, convert part or all of such amortization payment into Conversion Consideration in accordance with Section 8; and

(ii) On December 1, 2020, the Company shall make an amortization payment with respect to this Note equal to [___________]; provided, that this Section 4(D)(ii) shall not apply if, during the period beginning on May 1, 2020 and ending on December 1, 2020, the Company has received aggregated net cash proceeds of not less than fifty million dollars ($50,000,000) from one or more issuances of Capital Stock or incurrences of Permitted Indebtedness, by the Company, or any combination thereof, and before giving effect to transaction expenses; provided, further that the Holder may, in its sole discretion, defer the payment of part or all of such amortization payment to any future Amortization Date upon not less than two (2) Business Days’ prior notice to the Company; and provided, further, that the Holder may, in its sole discretion, convert part or all of such amortization payment into Conversion Consideration in accordance 

with Section 8.  For the avoidance of doubt, financings completed prior to May 1, 2020 will not be included for purposes of determining compliance with this Section 4(D)(ii).”

1.3.    Section 5(G)(iii) of the Note. Section 5(G)(iii) of the Note is hereby amended and restated in its entirety to read as follows:
(iii)    Pre-Delivery Share Reduction. Notwithstanding anything to the contrary contained herein, from and after May 1, 2020, [___________] ([________]) shares of Common Stock that were previously Pre-Delivery Shares hereunder shall no longer constitute Pre-Delivery Shares and, subject to that certain letter agreement between the Company and the Holder dated as of May 1, 2020, shall be Freely Tradable shares of Common Stock owned by the Holder, free from all preemptive or similar rights or Liens with respect thereto. For the avoidance of doubt, as of May 1, 2020, the total number of Pre-Delivery Shares outstanding shall be deemed to be [___________] ([_________]) shares.
1.4.    Section 5(G)(iv) of the Note. Section 5(G)(iv) of the Note is hereby amended and restated in its entirety to read as follows:
(ii)    Delivery of Pre-Delivery Shares by the Holder. Within ten (10) Business Days following redemption or repayment of this Note in full and the satisfaction or discharge by the Company of all outstanding Company obligations hereunder, the Holder shall deliver [___________] ([________]) shares (subject to proportionate adjustments for events of the type set forth in Section 8(F)(i)(1)) of the Company’s Common Stock to the Company, free from all preemptive or similar rights or Liens with respect to the delivery thereof; provided, that, to the extent the Company fails to deliver any fully paid and nonassessable Freely Tradable shares of Common Stock to the Holder as required under Section 5(G)(i) or Section 5(G)(ii), the number of shares of the Company’s Common Stock to be delivered under this Section 5(G)(iv) shall be reduced by the number of such shares of Common Stock the Company failed to deliver. For the avoidance of doubt, this Section 5(G)(iv) shall not apply to the transactions contemplated by the Exchange Agreement.
1.5.    Sections 7(E) of the Note. Section 7(E) of the Note is hereby deleted.
1.6.    Section 8(H) of the Note. Section 8(H) of the Note is hereby amended and restated in its entirety to read as follows:
(H)    Adjustments to the Conversion Rate in Connection with an Event of Default.  If an Event of Default occurs and the Conversion Date for the conversion of a Note occurs during the related Event of Default Conversion Period, then, subject to Section 8(J)(ii), the Conversion Rate applicable to such conversion will be increased by a number of shares equal to the Event of Default Additional Shares.

1.7.    Section 9(H) of the Note. Section 9(H) is hereby amended and restated in its entirety to read as follows:
(H)    [Reserved]
1.8.    Section 9(I) of the Note. Section 9(I) is hereby amended and restated in its entirety to read as follows:
(I) [Reserved]
1.9.    Conversion Notice. The conversion notice attached to the Note shall be amended and restated to read in its entirety as set forth on Exhibit A hereto.
1.10    Article References. All references to “Articles” of the Note shall instead refer to the equivalent “Section”, as applicable. 
ARTICLE II
AMENDMENT OF FORBEARANCE AGREEMENT
2.1.    The definition of “Forbearance Period” as set forth in the Forbearance Agreement is hereby amended and restated in its entirety to read as follows:
(a)    “Forbearance Period” means the period commencing on the date hereof and ending on the date which is the earliest of (i) with respect to the Specified Existing Defaults, the earlier of (X) the day the Company has received aggregate cash proceeds from any public offerings or private placements of its securities occurring on or after May 1, 2020 of not less than fifty million dollars ($50,000,000) and (Y) May 31, 2020, and with respect to the Specified Anticipated Default, May 29, 2020, (ii) the occurrence or existence of any Event of Default, other than the Specified Defaults and any Event of Default giving rise to a Termination Event, or (iii) the occurrence of any Termination Event.

2.2.    The definition of “Specified Existing Defaults” as set forth in the Forbearance Agreement is hereby amended and restated in its entirety to read as follows:
(d)    “Specified Existing Defaults” means each of: (1) Company's failure, on or before January 31, 2020, to receive aggregated net cash proceeds of not less than fifty million dollars ($50,000,000) from one or more issuances of Capital Stock or incurrences of Permitted Indebtedness (as defined in the Note) by the Company, or any combination thereof, and before giving effect to transaction expenses, (2) Company’s failure, on or before January 31, 2020, to (i) repay in full or convert into equity all Indebtedness outstanding under its Credit and Security Agreement, dated November 14, 2019 by and among the Company, certain of the Company’s subsidiaries, Schottenfeld Opportunities Fund II, L.P. (“SOP”) and Phase Five Partners, LP (“Phase Five”) (the “November Credit 

Agreement”), or (ii) amend all such Indebtedness to fit within clause (E) of the definition of Permitted Indebtedness so it does not have a final maturity date, amortization payment, sinking fund, mandatory redemption or other repurchase obligation or put right at the option of the lender or holder of such Indebtedness earlier than ninety one (91) days following the Maturity Date, or any combination of the foregoing with respect to all such Indebtedness, (3) Company’s entry into a secured loan agreement on December 19, 2019 with an initial maturity date of January 31, 2020 with Nikko Chemicals Co., Ltd., in violation of Section 9(D) of the Note; and (4) the occurrence of an Event of Default under clause 11(A)(xi) of the Note, solely to the extent arising from defaults (I) in existence on the date hereof with respect to the notes issued under (A) those certain credit agreements dated September 10, 2019 by and among the Company, certain of the Company’s subsidiaries and each of SOP, Koyote Trading, LLC, and Phase Five (the “September Credit Agreements”) or (B)the November Credit Agreement and (II) for which the holder of such notes has not declared any portion of such indebtedness due and payable or taken any other steps to enforce such indebtedness.

ARTICLE III
MISCELLANEOUS
3.1.    Rule 144 Holding Period.    The Company and the Holder acknowledge and agree that, as set forth in the Original Exchange Agreement and the Subsequent Exchange Agreement, the Note will continue to have a holding period under Rule 144 promulgated under the Securities Act that will be deemed to have commenced as of December 10, 2018. 
3.2.    Disclosure of Amendment.    On or before 4:30 p.m., New York time, on May 4, 2020, the Company shall file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by this Amendment in the form required by the U.S. Securities Exchange Act of 1934, as amended, and attaching the form of this Amendment (including all attachments, the “8-K Filing”). From and after the filing of the 8-K Filing, the Company shall have disclosed all material, nonpublic information (if any) provided to the Holder by the Company or any of its subsidiaries or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Exchange Agreement, this Amendment or the Transaction Documents (as defined in the Exchange Agreement).
3.3.     Fees.  The Company shall, by no later than May 6, 2020, reimburse Latham & Watkins LLP (counsel to the Holder), for all reasonable, documented costs and expenses incurred by it in connection with preparing, delivering, executing and enforcing this Agreement and the Amendment to Warrants to Purchase Shares of Common Stock entered into by the Company and Holder as of the date hereof (including, without limitation, all reasonable, documented legal fees and disbursements in connection therewith, and due diligence in connection with the transactions contemplated thereby) in an aggregate amount not to exceed $30,000.

3.4.     Minimum Debt Equitization.  The Company represents that the Company has complied in full with the requirements of Section 9(I) of the Note, as in effect immediately prior to the effectiveness of this Amendment.
3.5.     Other Agreements.
3.5.1     Letter Agreement Termination.  The Company and the Holder hereby agree that the certain letter agreement between the parties dated March 27, 2020 shall be deemed null and void.  For the avoidance of doubt, no Equity Triggering Event Conversion Period shall exist following May 1, 2020, and the Holder shall not be entitled to issuance of any additional shares on the basis of any Equity Triggering Event prior to May 1, 2020.
3.5.2    May 2020 Amortization Payment.  Notwithstanding anything in the Note or that certain Waiver and Forbearance Agreement dated February 18, 2020 between the Company and the Holder to the contrary, no Amortization Payment shall be due on May 1, 2020. 
3.6    Consents.  The Company hereby covenants to obtain all necessary consents from holders of the Company’s other outstanding Indebtedness to permit entry into this Amendment without causing an “Event of Default” under such Indebtedness prior to the termination of any applicable cure periods in such Indebtedness.
3.7    Captions.  The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment.  Except as otherwise indicated, all references in this Amendment to “Sections” are intended to refer to the Sections or Articles of the Note, as applicable.
3.8.     Governing Law. The internal law of the State of New York will govern and be used to construe this Amendment. The Company and the Holder irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Amendment.
3.9.    Principal Amount; No Other Amendment. The Company and the Holder acknowledge and agree that the Principal Amount outstanding under the Note as of the date hereof is [___________] ($[_________]).  Except for the matters expressly set forth in this Amendment, all other terms of the Note are hereby ratified and shall remain unchanged and in full force and effect.
3.10.    Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument.
3.11.    Electronic and Facsimile Signatures.  Any signature page delivered electronically or by facsimile (including without limitation transmission by .pdf) shall be binding to the same extent as an original signature page, with regard to any agreement subject to the terms hereof or any amendment thereto.  Any party who delivers such a signature page agrees to later deliver an original counterpart to the other party if so requested.

[Signature Pages Follow]

The parties hereto have executed this Amendment to Senior Convertible Note due 2022 and Waiver and Forbearance Agreement as of the date first written above.
COMPANY:

AMYRIS, INC.

By:    /s/ Han Kieftenbeld    
Name: Han Kieftenbeld
Title: Chief Financial Officer

The parties hereto have executed this Amendment to Senior Convertible Note due 2022 and Waiver and Forbearance Agreement as of the date first written above.
REQUISITE HOLDER:
 
[_______________]

By:            
Name: 
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}]]