Document:

EX-10.41

 Exhibit 10.41 

THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES IN THE UNITED STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND
THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR
RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 CONVERTIBLE PROMISSORY NOTE 

 

			
	 Note Series:
	 	 2021A

	 Date of Note:
	 	  

	 Principal Amount of Note:
	 	 $

 For value received MICROMIDAS, INC., a Delaware corporation (the
“Company”), promises to pay to the undersigned holder or such party’s assigns (the “Holder”) the principal amount set forth above with simple interest on the outstanding principal amount at the
rate of 8% per annum. Interest shall commence with the date hereof and shall continue on the outstanding principal amount until paid in full or converted. Interest shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All unpaid interest and principal shall be due and payable upon request of the Majority Holders on or after September 30, 2021 (the “Maturity Date”). 

1.    BASIC TERMS. 

(a)    Series of Notes. This convertible promissory note (the “Note”) is
issued as part of a series of notes designated by the Note Series above (collectively, the “Notes”), and having an aggregate principal amount not to exceed $10,000,000 and issued in a series of multiple closings to certain
persons and entities (collectively, the “Holders”). The Company shall maintain a ledger of all Holders. 

(b)    Payments. All payments of interest and principal shall be in lawful money of the United States of
America and shall be made pro rata among all Holders. All payments shall be applied first to accrued interest, and thereafter to principal. 

(c)    Prepayment. The Company may not prepay this Note prior to the Maturity Date without the consent of
the Holders of a majority of the outstanding principal amount of the Notes (the “Majority Holders”). 

2.    CONVERSION AND REPAYMENT. 

(a)    Conversion upon a Qualified Financing. Upon the occurrence of a Qualified Financing that is
consummated prior to the Maturity Date (or if the Notes are not repaid in full on the Maturity Date, such later date prior to the repayment of the Notes in full as may be specified in writing from time to time by the Majority Holders), then the
outstanding principal amount of this Note and any unpaid accrued interest shall automatically convert in whole without any further action by the Holder into 

 
shares of Conversion Stock at the Conversion Price. The issuance of Conversion Stock pursuant to the conversion of this Note shall be upon and subject to the same terms and conditions applicable
to such Conversion Stock in the Qualified Financing (except that the Notes shall be converted into Conversion Stock at the conversion price specified in this Section 2(a)); provided, however, that notwithstanding anything to the contrary
herein, in connection with a Qualified Financing that is a SPAC Transaction, the issuance of Conversion Stock shall be deemed to occur immediately prior to the closing of the SPAC Transaction. As used herein, the following terms shall have the
meaning set forth below: 
 (i)    “Conversion Price” means, (i) with respect to
any Series D Preferred Shares, a conversion price equal to the cash price paid per share paid for the Series D Preferred Shares by the Investors in the Qualified Financing multiplied by 0.80, and (ii) with respect to common stock of the Company
in connection with a SPAC Transaction, 0.80 multiplied by the per share value attributed to the shares of the Company’s common stock as set forth in the definitive agreement entered into with respect to the SPAC Transaction. 

(ii)    “Conversion Stock” means, (a) in the case of a Qualified Financing that is an
equity financing, Series D Preferred Shares issued in connection with such Qualified Financing, or (b) in the case of a Qualified Financing that is a SPAC Transaction, shares of common stock of the Company, which shall be exchangeable into
common stock of the SPAC (or comparable type of securities) issued to the stockholders of the Company in connection with the SPAC Transaction. 

(iii)    “Qualified Financing” means, as applicable, either: (i) a bona fide
arms-length SPAC Transaction, or (ii) a bona fide arms-length equity financing in which the Company issues and sells shares of the Series D Preferred Stock of the Company (the “Series D Preferred Shares”) to investors
(the “Investors”) in exchange for total cash proceeds received by the Company equal to not less than $50,000,000 (including the outstanding principal amount of the Notes and the unpaid accrued interest thereon that are
converted into Series D Preferred Shares pursuant to this Section 2(a) and the corresponding conversion provisions of the Notes); provided, however, that such an equity financing shall only be deemed a Qualified Financing if (A) such
financing has been approved by and on behalf of the Company by the Board of Directors of the Company in accordance with the applicable requirements set forth in the organizational documents of the Company and meets all of the other conditions
described in the certificate to be delivered pursuant to Section 2(c), and (B) the proceeds from such equity financing are available in full to the Company as of the date of consummation thereof (with no portion of such proceeds being
withheld or placed in escrow or subject to any other holdback or deferred payment arrangement) for purposes of funding the growth and development of the business of the Company and its subsidiaries in accordance with the operating budget of the
Company in effect as of such date that has been approved by the Board of Directors of the Company. 

(iv)    “SPAC” means, a Special Purpose Acquisition Company. 

(v)    “SPAC Transaction” means, a business combination of the Company with a SPAC
pursuant to which all or substantially all of the outstanding shares of capital stock of the Company and all or substantially all other securities of the Company issuable or convertible into such capital stock are converted into cash and/or shares
of such SPAC. 
 (b)    Change of Control. If the Company consummates a Change of Control (as defined
below) while this Note remains outstanding, the Company shall repay the Holder in cash in an amount equal to (i) the outstanding principal amount of this Note plus any unpaid accrued interest on the original principal, plus (ii) a
repayment premium equal to 100% of the outstanding principal amount of this Note. For purposes of this Note, a “Change of Control” means (i) a consolidation or merger of the Company with or into any other corporation or
other entity or person, or any other corporate reorganization, 

  
 2. 

 
other than any such consolidation, merger or reorganization in which the shares of capital stock of the Company immediately prior to such consolidation, merger or reorganization continue to
represent a majority of the voting power of the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related transactions to which the Company is a party in which in excess of 50% of
the Company’s voting power is transferred; or (iii) the sale or transfer of all or substantially all of the Company’s assets, or the exclusive license of all or substantially all of the Company’s material intellectual property;
provided that a Change of Control shall not include a Qualified Financing, any transaction or series of transactions principally for bona fide equity financing purposes in which cash is received by the Company or any successor, indebtedness of the
Company is cancelled or converted or a combination thereof. The Company shall give the Holder notice of a Change of Control not less than 10 days prior to the anticipated date of consummation of the Change of Control. Any repayment pursuant to this
paragraph in connection with a Change of Control shall be subject to any required tax withholdings and may be made by the Company (or any party to such Change of Control or its agent) following the Change of Control in connection with payment
procedures established in connection with such Change of Control. 
 (c)    Procedure for Conversion. In
connection with any conversion of this Note into capital stock, the Holder shall surrender this Note to the Company and deliver to the Company any documentation reasonably required by the Company (including, in the case of a Qualified Financing, all
financing documents executed by the Investors in connection with such Qualified Financing). The Company shall not be required to issue or deliver the capital stock into which this Note may convert until the Holder has surrendered this Note to
the Company and delivered to the Company any such documentation. Upon the conversion of this Note into capital stock pursuant to the terms hereof, in lieu of any fractional shares to which the Holder would otherwise be entitled, the Company
shall pay the Holder cash equal to such fraction multiplied by the price at which this Note converts. 

(d)    Interest Accrual. If a Change of Control or Qualified Financing is consummated, all interest on this
Note shall be deemed to have stopped accruing as of a date selected by the Company that is up to 10 days prior to the signing of the definitive agreement for the Change of Control or Qualified Financing. 

3.    REPRESENTATIONS AND WARRANTIES. 

(a)    Representations and Warranties of the Company. The Company hereby represents and warrants to the
Holder as of the date the first Note was issued as follows: 
 (i)    Organization, Good Standing and
Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has the requisite corporate power to own and operate its properties and assets and to carry on
its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its
properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business (a “Material Adverse
Effect”). 
 (ii)    Corporate Power. The Company has all requisite corporate power
to issue this Note and to carry out and perform its obligations under this Note. The Company’s Board of Directors (the “Board”) has approved the issuance of this Note based upon a reasonable belief that the issuance of
this Note is appropriate for the Company after reasonable inquiry concerning the Company’s financing objectives and financial situation. 

  
 3. 

 (iii)    Authorization. All corporate action on the part
of the Company, the Board and the Company’s stockholders necessary for the issuance and delivery of this Note has been taken. This Note constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, subject
to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws. Any securities issued upon conversion of this Note (the
“Conversion Securities”), when issued in compliance with the provisions of this Note, will be validly issued, fully paid, nonassessable, free of any liens or encumbrances and issued in compliance with all applicable federal
and securities laws. 
 (iv)    Governmental Consents. All consents, approvals, orders or authorizations
of, or registrations, qualifications, designations, declarations or filings with, any governmental authority required on the part of the Company in connection with issuance of this Note has been obtained. 

(v)    Compliance with Laws. To its knowledge, the Company is not in violation of any applicable statute,
rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the ownership of its properties, which violation of which would have a Material
Adverse Effect. 
 (vi)    Compliance with Other Instruments. The Company is not in violation or default
of any term of its certificate of incorporation or bylaws, or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of any judgment, decree, order or writ, other than such violation(s) that would
not have a Material Adverse Effect. The execution, delivery and performance of this Note will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving of notice, either a default under
any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture or nonrenewal of any
material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties. Without limiting the foregoing, the Company has obtained all waivers reasonably necessary with respect to
any preemptive rights, rights of first refusal or similar rights, including any notice or offering periods provided for as part of any such rights, in order for the Company to consummate the transactions contemplated hereunder without any third
party obtaining any rights to cause the Company to offer or issue any securities of the Company as a result of the consummation of the transactions contemplated hereunder. 

(vii)    No “Bad Actor” Disqualification. The Company has exercised reasonable care to determine
whether any Company Covered Person (as defined below) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Act
(“Disqualification Events”). To the Company’s knowledge, no Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent required, with any disclosure obligations under Rule
506(e) under the Act. For purposes of this Note, “Company Covered Persons” are those persons specified in Rule 506(d)(1) under the Act; provided, however, that Company Covered Persons do not include (a) any Holder, or
(b) any person or entity that is deemed to be an affiliated issuer of the Company solely as a result of the relationship between the Company and any Holder. 

(viii)    Offering. Assuming the accuracy of the representations and warranties of the Holder contained in
subsection (b) below, the offer, issue and sale of this Note and the Conversion Securities (collectively, the “Securities”) are and will be exempt from the registration and prospectus delivery requirements of the Act,
and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit or qualification requirements of all applicable state securities laws. 

  
 4. 

 (ix)    Use of Proceeds. The Company shall use the
proceeds of this Note solely for the operations of its business, and not for any personal, family or household purpose.  

(b)    Representations and Warranties of the Holder. The Holder hereby represents and warrants to the
Company as of the date hereof as follows: 
 (i)    Purchase for Own Account. The Holder is acquiring the
Securities solely for the Holder’s own account and beneficial interest for investment and not for sale or with a view to distribution of the Securities or any part thereof, has no present intention of selling (in connection with a distribution
or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention. 

(ii)    Information and Sophistication. Without lessening or obviating the representations and warranties
of the Company set forth in subsection (a) above, the Holder hereby: (A) acknowledges that the Holder has received all the information the Holder has requested from the Company and the Holder considers necessary or appropriate for deciding
whether to acquire the Securities, (B) represents that the Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities and to obtain any additional
information necessary to verify the accuracy of the information given the Holder and (C) further represents that the Holder has such knowledge and experience in financial and business matters that the Holder is capable of evaluating the merits
and risk of this investment. 
 (iii)    Ability to Bear Economic Risk. The Holder acknowledges that
investment in the Securities involves a high degree of risk, and represents that the Holder is able, without materially impairing the Holder’s financial condition, to hold the Securities for an indefinite period of time and to suffer a complete
loss of the Holder’s investment. 
 (iv)    Further Limitations on Disposition. Without in any way
limiting the representations set forth above, the Holder further agrees not to make any disposition of all or any portion of the Securities unless and until: 

(1)    There is then in effect a registration statement under the Act covering such proposed disposition and such
disposition is made in accordance with such registration statement; or 
 (2)    The Holder shall have notified
the Company of the proposed disposition and furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an
opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under the Act or any applicable state securities laws; provided that no such opinion shall be required for dispositions in compliance
with Rule 144 under the Act, except in unusual circumstances. 
 (3)    Notwithstanding the provisions of
paragraphs (1) and (2) above, no such registration statement or opinion of counsel shall be necessary for a transfer by the Holder to a partner (or retired partner) or member (or retired member) of the Holder in accordance with partnership or
limited liability company interests, or transfers by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were the
Holders hereunder. 

  
 5. 

 (v)    Accredited Investor Status. The Holder is an
“accredited investor” as such term is defined in Rule 501 under the Act. 
 (vi)    No “Bad
Actor” Disqualification. The Holder represents and warrants that neither (A) the Holder nor (B) any entity that controls the Holder or is under the control of, or under common control with, the Holder, is subject to any
Disqualification Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Act and disclosed in writing in reasonable detail to the Company. The Holder represents that the Holder has exercised
reasonable care to determine the accuracy of the representation made by the Holder in this paragraph, and agrees to notify the Company if the Holder becomes aware of any fact that makes the representation given by the Holder hereunder inaccurate.

 (vii)    Foreign Investors. If the Holder is not a United States person (as defined by
Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”)), the Holder hereby represents that he, she or it has satisfied itself as to the full observance of the laws of the Holder’s
jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Note, including (A) the legal requirements within the Holder’s jurisdiction for the purchase of the Securities, (B) any foreign exchange
restrictions applicable to such purchase, (C) any governmental or other consents that may need to be obtained, and (D) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or
transfer of the Securities. The Holder’s subscription, payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Holder’s jurisdiction. 

(viii)    Forward-Looking Statements. With respect to any forecasts, projections of results and other
forward-looking statements and information provided to the Holder, the Holder acknowledges that such statements were prepared based upon assumptions deemed reasonable by the Company at the time of preparation. There is no assurance that such
statements will prove accurate, and the Company has no obligation to update such statements. 

4.    EVENTS OF DEFAULT. 

(a)    If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration
of the Majority Holders and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under subsection (ii) or (iii) below), this Note shall accelerate and all principal and unpaid
accrued interest shall become due and payable. The occurrence of any one or more of the following shall constitute an “Event of Default”: 

(i)    The Company fails to pay timely any of the principal amount due under this Note on the date the same
becomes due and payable or any unpaid accrued interest or other amounts due under this Note on the date the same becomes due and payable; 

(ii)    The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or
moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or 

(iii)    An involuntary petition is filed against the Company (unless such petition is dismissed or discharged
within 60 days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee or assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the
Company). 

  
 6. 

 (b)    In the event of any Event of Default hereunder, the
Company shall pay all reasonable attorneys’ fees and court costs incurred by the Holder in enforcing and collecting this Note. 

5.    MISCELLANEOUS PROVISIONS. 

(a)    Waivers. The Company hereby waives demand, notice, presentment, protest and notice of dishonor. 

(b)    Further Assurances. The Holder agrees and covenants that at any time and from time to time the Holder
will promptly execute and deliver to the Company such further instruments and documents and take such further action as the Company may reasonably require in order to carry out the full intent and purpose of this Note and to comply with state or
federal securities laws or other regulatory approvals. 
 (c)    Transfers of Notes. This Note may be
transferred only upon its surrender to the Company for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, this Note shall be reissued to, and
registered in the name of, the transferee, or a new Note for like principal amount and interest shall be issued to, and registered in the name of, the transferee. Interest and principal shall be paid solely to the registered holder of this Note.
Such payment shall constitute full discharge of the Company’s obligation to pay such interest and principal. 

(d)    Waiver of Statutory Information Rights. The Holder, on behalf of the Holder and all beneficial owners
of the Securities now or hereafter owned by the Holder (a “Beneficial Owner”), acknowledges and agrees that that neither the Holder nor any of the Beneficial Owners will have any right to receive any information from the
Company by virtue of ownership of any of the Securities. Without limiting the foregoing, to the fullest extent permitted by law, the Holder hereby unconditionally and irrevocably waives all rights under Section 220 of the Delaware General
Corporation Law and all such similar information and/or inspection rights that may be provided under the law of any jurisdiction, or any federal, state or foreign regulation, that are, or may become, applicable to the Company or the Company’s
capital stock (the “Inspection Rights”) on behalf of the Holder and all Beneficial Owners. The Holder, on behalf of the Holder and all Beneficial Owners, hereby covenants and agrees that neither the Holder nor any Beneficial
Owner shall directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The Holder hereby
further warrants and represents that the Holder has reviewed this waiver with its legal counsel, and that the Holder knowingly and voluntarily waives its rights otherwise provided by Section 220 of the Delaware General Corporation Law (or under
similar rights under other applicable law). The terms of this Section 5(e) shall survive any conversion and/or repayment of this Note. 

(e)    Amendment and Waiver. Any term of this Note may be amended or waived with the written consent of the
Company and the Holder. In addition, any term of this Note may be amended or waived with the written consent of the Company and the Majority Holders. Upon the effectuation of such waiver or amendment with the consent of the Majority Holders in
conformance with this paragraph, such amendment or waiver shall be effective as to, and binding against the holders of, all of the Notes, and the Company shall promptly give written notice thereof to the Holder if the Holder has not previously
consented to such amendment or waiver in writing; provided that the failure to give such notice shall not affect the validity of such amendment or waiver. 

  
 7. 

 (f)    Governing Law. This Note shall be governed by and
construed under the laws of the State of Delaware, as applied to agreements among Delaware residents, made and to be performed entirely within the State of Delaware, without giving effect to conflicts of laws principles. 

(g)    Binding Agreement. The terms and conditions of this Note shall inure to the benefit of and be binding
upon the respective successors and assigns of the parties. Nothing in this Note, expressed or implied, is intended to confer upon any third party any rights, remedies, obligations or liabilities under or by reason of this Note, except as expressly
provided in this Note. 
 (h)    Counterparts; Manner of Delivery. This Note may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes. 
 (i)    Titles and Subtitles. The titles and subtitles used in this Note are used for
convenience only and are not to be considered in construing or interpreting this Note. 
 (j)    Notices.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal
business hours of the recipient, if not, then on the next business day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications to a party shall be sent to the party’s address set forth on the signature page hereto or at such other address(es) as such
party may designate by 10 days’ advance written notice to the other party hereto. A copy of any notice to the Company shall be sent to Cooley LLP, 101 California Street, 5th Floor, San Francisco, CA 94111-5800, Attn: Peter H. Werner, e-mail: pwerner@cooley.com. 
 (k)    Expenses. The Company and the
Holder shall each bear its respective expenses and legal fees incurred with respect to the negotiation, execution and delivery of this Note and the transactions contemplated herein. 

(l)    Waiver of Conflicts. Each party to this Note acknowledges that Cooley LLP
(“Cooley”), outside general counsel to the Company, has in the past performed and is or may now or in the future represent the Holder or the Holder’s affiliates in matters unrelated to the transactions contemplated by
this Note (the “Note Financing”), including representation of the Holder or the Holder’s affiliates in matters of a similar nature to the Note Financing. The applicable rules of professional conduct require that Cooley
inform the parties hereunder of this representation and obtain their consent. Cooley has served as outside general counsel to the Company and has negotiated the terms of the Note Financing solely on behalf of the Company. The Company and the Holder
hereby (i) acknowledge that they have had an opportunity to ask for and have obtained information relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation;
(ii) acknowledge that with respect to the Note Financing, Cooley has represented solely the Company, and not any Holder or any stockholder, Board member or employee of the Company or director, stockholder or employee of the Holder; and
(iii) gives the Holder’s informed consent to Cooley’s representation of the Company in the Note Financing. 

(m)    Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy
accruing to the Holder, upon any breach or default of the Company under this Note shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or 

  
 8. 

 
default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by the Holder of any breach or default under this Note, or any waiver by the Holder of any provisions or
conditions of this Note, must be in writing and shall be effective only to the extent specifically set forth in writing and that all remedies, either under this Note, or by law or otherwise afforded to the Holder, shall be cumulative and not
alternative. This Note shall be void and of no force or effect in the event that the Holder fails to remit the full principal amount to the Company within five calendar days of the date of this Note. 

(n)    Entire Agreement. This Note constitutes the full and entire understanding and agreement between the
parties with regard to the subjects hereof, and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein. 

(o)    Exculpation among Holders. The Holder acknowledges that the Holder is not relying on any person, firm
or corporation, other than the Company and its officers and Board members, in making its investment or decision to invest in the Company. 

(p)    Senior Indebtedness. The indebtedness evidenced by this Note is subordinated in right of payment to
the prior payment in full of any Senior Indebtedness in existence on the date of this Note or hereafter incurred. “Senior Indebtedness” shall mean, unless expressly subordinated to or made on a parity with the amounts due
under this Note, all amounts due in connection with (i) indebtedness of the Company to banks or other lending institutions regularly engaged in the business of lending money (excluding venture capital, investment banking or similar institutions
and their affiliates, which sometimes engage in lending activities but which are primarily engaged in investments in equity securities), and (ii) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in
exchange for such Senior Indebtedness, or any indebtedness arising from the satisfaction of such Senior Indebtedness by a guarantor. 

(q)    Broker’s Fees. Each party hereto represents and warrants that no agent, broker,
investment banker, person or firm acting on behalf of or under the authority of such party hereto is or will be entitled to any broker’s or finder’s fee or any other commission directly or indirectly in connection with the transactions
contemplated herein. Each party hereto further agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this subsection being untrue. 

(r)    California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS NOTE
HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION OR IN THE ABSENCE OF AN
EXEMPTION FROM SUCH QUALIFICATION IS UNLAWFUL. PRIOR TO ACCEPTANCE OF SUCH CONSIDERATION BY THE COMPANY, THE RIGHTS OF ALL PARTIES TO THIS NOTE ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION FROM SUCH QUALIFICATION
BEING AVAILABLE. 
 [Signature pages follow] 

  
 9. 

 The parties have executed this CONVERTIBLE PROMISSORY NOTE
as of the date first noted above. 
  

			
	COMPANY:
	
	MICROMIDAS, INC. 

 
			
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	E-mail:	 	  

	Address:

 SIGNATURE PAGE TO 

MICROMIDAS, INC. 
 CONVERTIBLE
PROMISSORY NOTE 

 The parties have executed this CONVERTIBLE PROMISSORY NOTE
as of the date first noted above. 
  

					
	 HOLDER (if an entity):

		
	Name of Holder:	 	  

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

			
	 	 	E-mail:	 	  

	 	 	Address:	 	  

	 	 	 	 	  

	
	 HOLDER (if an individual):

		
	Name of Holder:	 	  

	Signature:	 	  

					
			
	 	 	E-mail:	 	  

	 	 	Address:	 	  

	 	 	 	 	  

 SIGNATURE PAGE TO 

MICROMIDAS, INC. 
 CONVERTIBLE
PROMISSORY NOTEEX-10.42

 Exhibit 10.42 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], 

HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE 

REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. 

STRICTLY PRIVATE & CONFIDENTIAL 

OFFTAKE SUPPLY AGREEMENT 

between 
 Pepsi-Cola
Advertising and Marketing, Inc. 
 and 

Micromidas, Inc. (dba Origin Materials) 

Dated August 3, 2018 
  

 TABLE OF CONTENTS 

 

							
	 1.
	    	DEFINITIONS AND INTERPRETATION	  	 	2	 
			
	 2.
	    	PURPOSE	  	 	11	 
			
	 3.
	    	AGREEMENT STRUCTURE	  	 	12	 
			
	 4.
	    	CONDITIONS PRECEDENT	  	 	12	 
			
	 5.
	    	PIONEER PLANT	  	 	15	 
			
	 6.
	    	NEW PLANT	  	 	17	 
			
	 7.
	    	PRODUCTION; QUALITY	  	 	18	 
			
	 8.
	    	PRICE AND PAYMENT	  	 	20	 
			
	 9.
	    	QUANTITIES	  	 	21	 
			
	 10.
	    	ORDER—DELIVERY	  	 	23	 
			
	 11.
	    	CUSTOMS CLEARANCE	  	 	24	 
			
	 12.
	    	TITLE AND RISKS	  	 	25	 
			
	 13.
	    	PRIORITY RIGHTS TO ADDITIONAL OR DIFFERENT PRODUCT	  	 	25	 
			
	 14.
	    	AUDIT AND FINANCIAL REVIEW RIGHTS	  	 	27	 
			
	 15.
	    	INTELLECTUAL PROPERTY	  	 	27	 
			
	 16.
	    	FORCE MAJEURE EVENTS	  	 	28	 
			
	 17.
	    	[RESERVED]	  	 	28	 
			
	 18.
	    	TERM	  	 	28	 
			
	 19.
	    	TERMINATION	  	 	29	 
			
	 20.
	    	CONSEQUENCES OF EXPIRATION AND TERMINATION	  	 	30	 
			
	 21.
	    	REPRESENTATIONS AND WARRANTIES	  	 	31	 
			
	 22.
	    	LIABILITY AND INSURANCE	  	 	32	 
			
	 23.
	    	COMPLIANCE WITH APPLICABLE LAWS	  	 	34	 
			
	 24.
	    	CONFIDENTIALITY—PUBLIC ANNOUNCEMENTS	  	 	34	 
			
	 25.
	    	NON SOLICITATION	  	 	35	 
			
	 26.
	    	ASSIGNMENT	  	 	35	 
			
	 27.
	    	SUBCONTRACTING	  	 	35	 
			
	 28.
	    	MISCELLANEOUS	  	 	36	 

 APPENDICES 
  

			
	Appendix 1	  	NaturALL Bio-PET Alliance Agreement
	Appendix 2	  	Pricing, Invoice and Payment Conditions
	Appendix 3	  	Pricing Determinants
	Appendix 4	  	Timelines
	Appendix 5	  	SEDEX Platform
	Appendix 6	  	Supplier Affiliate
	Appendix 7	  	Technical Specifications Bio-pX
	Appendix 8	  	Technical Specifications Bio-PET
	Appendix 9	  	Technical Specifications Plastic Bottles
	Appendix 10	  	Technical Specifications Fossil-PET
	Appendix 11	  	Sustainability Principles
	Appendix 12	  	Confidentiality Agreements
	Appendix 13	  	List of NaturALL Bio-PET Alliance Members
	Appendix 14	  	Account Information and Instructions
	Appendix 15	  	Patent License Agreement
	Appendix 16	  	Raw Material Quality and Food Safety Policy

  

  
 2 

 OFFTAKE SUPPLY AGREEMENT 

This Offtake Supply Agreement is made on August 3, 2018 (Effective Date), between: 

(1) Pepsi-Cola Advertising and Marketing, Inc., a corporation organized and existing under the laws of the State of Delaware,
whose registered office is at 700 Anderson Hill Road, Purchase, NY 10577 (Pepsi); 
 And 

(2) Micromidas, Inc., dba Origin Materials, a company organized and existing under the laws of the State of Delaware, whose
principal office is at 930 Riverside Parkway, Suite 10, West Sacramento, CA 95605, United States of America, acting in its own name and on its behalf and in the name and on behalf of the Supplier Affiliate (as defined below) (Supplier); 

(Pepsi and the Supplier are hereafter referred to collectively as the Parties and each individually as a Party). 

WHEREAS: 
 A. Pepsi
is a leading global food and beverage company that makes, markets, distributes and sells a wide variety of beverages, foods and snacks, serving customers and consumers in more than 200 countries and territories. 

B. Pepsi wishes to select a supplier that has the requisite knowledge, experience and technical skills to manufacture Bio-pX (as defined below) from cellulosic materials, to be used for the production of plastic bottles. To produce such plastic bottles, the Bio-pX must be converted first to Bio-PTA (as defined below) and then to Bio-PET (as defined below); 

C. The Supplier specializes in the manufacture and supply of key intermediates and plastics from cellulosic materials and has developed
a variety of proprietary technologies to produce Bio-pX from such materials; 
 D. The
Supplier has constructed a pilot plant in West Sacramento, California, United States of America; 
 E. The Supplier is constructing a
small commercial plant located in Canada (Pioneer Plant) for the production of CMF (as defined below). The CMF produced at the Pioneer Plant will be converted by one or more third-party converters (collectively referred to as Associated
PET Supply Chain) to Bio-pX, then to Bio-PTA and finally to Bio-PET; 

F. The Supplier intends to construct the New Plant (as defined below) for the production of
Bio-pX. The Bio-pX produced at the New Plant may be converted by one or more Converters (as defined below) engaged by Pepsi to
Bio-PTA and then to Bio-PET; 
 G. The Supplier has
the knowledge, experience and technical skills to produce Bio-pX; 
 H. The Parties have
entered into a non-binding Term Sheet dated February 26, 2018 with the intention to, among other things, negotiate in good faith and reach a mutually acceptable, legally binding offtake supply agreement
for the sale by the Supplier to the Buyers (as defined below) of (i) Bio-PET manufactured from products produced at the Pioneer Plant and (ii) Bio-pX
manufactured at the New Plant; 

 I. Contemporaneous with the execution of this Agreement, Pepsi is admitted as a
member of the NaturALL Bio-PET Alliance (NaturALL Bio-PET Alliance) formed by Danone Research (Danone), Nestlé Waters Management &
Technology (Nestlé) and the Supplier, and is party to the Amended and Restated NaturALL Bio-PET Alliance of even date herewith (NaturALL Bio-PET
Alliance Agreement); and 
 J. The Parties have agreed to set forth in this Agreement (as defined below) the terms and
conditions on which the Supplier shall produce and supply to the Buyers (i) Bio-PET manufactured from products produced at the Pioneer Plant and (ii) Bio-pX
manufactured at the New Plant. 
 NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

1.1 Definitions. In this Agreement, the following terms will have the meanings set forth below: 

 

			
	 Definition:
	  	 Meaning:

	[***] Bio-Content Bio-PET	  	Bio-PET produced with [***] produced at a small scale plant such as the Pioneer Plant [***];
		
	100% Gen2 CMF	  	[***] MT/year of CMF produced from 100% Gen2 Feedstock;
		
	Affiliate	  	Means, with respect to any Person, any other Person who directly or indirectly controls, is controlled by, or is under common control with such Person. For purposes of this definition, the terms “controlled” and
“control” (including the terms “controlled by” or “under common control with”) mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise;
		
	Agreement	  	This offtake supply agreement, including its Preamble and its Appendices, as amended, restated or otherwise modified from time to time;    
		
	Applicable Law	  	With respect to any Person, any domestic or foreign, federal, state or local statute, law, ordinance, rule, regulation, order, writ, injunction, judgment, decree or other requirement of any governmental authority applicable to such
Person in connection with this Agreement;

  
 2 

			
	 Definition:
	  	 Meaning:

		
	Applicable Taxes	  	The meaning ascribed to it in Article 8.3;
		
	Associated PET Supply Chain	  	The meaning ascribed to it in Recital E;
		
	Bankruptcy Event	  	With respect to any Person, (i) if such Person shall file in any court pursuant to any statute of the United States or of any state a petition in bankruptcy or insolvency, or shall file for reorganization or for the
appointment of a receiver or a trustee of all or a material portion of such Person’s property, (ii) if such Person shall make an assignment for the benefit of creditors, admit in writing its inability to pay its debts as they fall due or
seek, consent to or acquiesce in the appointment of a trustee, receiver or liquidator of any material portion of its property or (iii) if there shall be filed against such Person in any court, pursuant to any statute of the United States or of
any state, a petition in bankruptcy or insolvency, or for reorganization, or for the appointment of a receiver or trustee of all or a substantial portion of such Person’s property, and within ninety (90) days after the commencement of any
such proceeding, such petition shall not have been dismissed. Any similar event that shall occur to any Person under the laws of any foreign jurisdiction shall be deemed a Bankruptcy Event;
		
	Bio-Content	  	Number of bio-sourced carbons divided by the total number of organic carbons contained in a material. Measurement and testing shall be done by using radiocarbon dating methods by Beta
Analytic Testing Lab (https://www.radiocarbon.com) or another ISO/IEC 17025:2005 accredited laboratory mutually agreed by the Parties, such agreement not to be unreasonably withheld, delayed or conditioned;
		
	Bio-MEG	  	Monoethylene glycol produced from bio-sourced Feedstocks;
		
	Bio-PET	  	PET made from Bio-pX and with respect to PET manufactured from products produced at the Pioneer Plant, having a Bio-Content of at least
[***];
		
	Bio-PTA	  	Bio-based PTA produced from Bio-pX;
		
	Bio-pX	  	Bio-based pX produced from CMF made from Feedstocks;
		
	Bottle Manufacturers	  	(i) manufacturers of plastic bottles, made from PET, some of whom are entities with whom Pepsi or its affiliated companies have contracts for the manufacture of plastic bottles and/or preforms for such plastic bottles;
(ii) Pepsi affiliated bottling companies which produce plastic bottles for their own finished beverage production needs; and (iii) companies which manufacture compounds for inclusion in the PET to enhance its use as a packaging material
for food and beverages and which use the PET itself as the material in which the compounds are incorporated for delivery to the entities described in (i) and (ii) immediately
above;    

  
 3 

			
	 Definition:
	  	 Meaning:

		
	Business Day	  	Any day, other than Saturday, Sunday or any other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close;
		
	Buyer	  	Pepsi, the Bottle Manufacturer and the Converter, collectively or individually, as applicable;
		
	Change in Law	  	Means the enactment, adoption, promulgation, modification, suspension or repeal of any Applicable Laws by any governmental authority, after the Effective Date;
		
	CMF	  	Chloromethyl Furfural;
		
	Confidentiality Agreements	  	The agreements attached as Appendix 12;
		
	Confidential Information	  	The meaning ascribed to it in the Confidentiality Agreements (as applicable);
		
	Consequential Damages	  	Consequential, special and punitive damages including loss of profits, revenue, income, interest, savings, shelf-space, production and business opportunities; lost contracts, goodwill, and anticipated savings; and loss of or damage
to reputation or to data; costs of recall of products, excluding incidental damages;
		
	Converters	  	(i) manufacturers of preforms, made from PET, some of whom are entities with whom Pepsi or its affiliated companies have contracts for the manufacture of preforms for plastic bottles and Pepsi affiliated bottling companies which
produce plastic bottles for their own finished beverage production needs;
		
	Damages	  	The meaning ascribed to it in Article 22;
		
	DDP Incoterms	  	For delivery of Product from the New Plant, DDP (location of Buyer’s facility as indicated in each Order) Incoterms 2010;
		
	Deadline Dates	  	The Pioneer Plant Deadline Date, the Pioneer Plant Bio-PET Deadline Date, the New Plant Deadline Date and the New Plant Bio-pX Deadline Date,
collectively or individually, as applicable;
		
	Effective Date	  	The meaning ascribed to it in the Preamble;

  
 4 

			
	 Definition:
	  	 Meaning:

		
	EXW Incoterms	  	For delivery of Product from the Pioneer Plant, EXW (location of Supplier’s or Supplier Affiliate’s facility as indicated in each Order) Incoterms 2010;
		
	Feedstocks	  	The cellulosic or carbohydrate material used by the Supplier and/or Supplier Affiliate in the manufacture of Raw Material or Products;
		
	Force Majeure Event	  	[***]

  
 5 

			
	 Definition:
	  	 Meaning:

		
	GAAP	  	Generally accepted accounting principles as promulgated by the Financial Accounting Standards Board, as in effect from time to time;
		
	Gent Feedstock	  	Feedstock that (i) qualify as second-generation Feedstock, (ii) are not consumed by humans or animals directly or indirectly as food and (iii) comprise of and are limited to one or more of the following components:
wood, wood products or by-products, corn stover, corn fiber, oat hulls, bagasse, old corrugated cardboard or paper, palm biomass (including empty fruit bunches, fronds and trunks) and molasses/blackstrap, and
sugars or other products derived from any of the above;
		
	Intellectual Property Rights	  	Any or all of the following and all rights associated therewith: (i) all domestic and foreign patents and applications therefor and all reissues, divisions, renewals, extensions, continuations and continuations-in-part thereof; (ii) all inventions (whether patentable or not), invention disclosures, improvements, trade secrets, proprietary information, know how,
technology, technical data and all documentation relating to any of the foregoing; (iii) all copyrights, copyright registrations and applications therefor, and all other rights corresponding thereto throughout the world; (iv) all mask
works, mask work registrations and applications therefor; (v) all industrial designs and any registrations and applications therefor; (vi) all trade names, domain names, common law trademarks and service marks, trademark and service mark
registrations and applications therefor and all goodwill associated therewith; and (vii) all computer software including all source code, object code, firmware, development tools, files, records and data, all media on which any of the foregoing
is recorded and all documentation related to any of the foregoing;
		
	Long Stop Dates	  	The Pioneer Plant Long Stop Date, the Pioneer Plant Bio-PET Long Stop Date, the New Plant Long Stop Date and the New Plant Bio-pX Long Stop Date,
collectively or individually, as applicable, which are set forth in Appendix 4;
		
	Material Adverse Change	  	With respect to any Person, any event, circumstance, development, state of facts, occurrence, change or effect that has had or would reasonably be expected to result in a material adverse change in (i) the business,
properties, assets (tangible and intangible), condition (financial or otherwise) or results of operations of such Person or (ii) the ability of such Person to perform its obligations under this Agreement (if applicable). “Material Adverse
Change” shall not include any Force Majeure Event which will be governed by Article 16;

  
 6 

			
	 Definition:
	  	 Meaning:

		
	MEG	  	Mono-Ethylene Glycol;
		
	MT	  	Metric ton;
		
	NaturALL Bio-PET Alliance	  	The meaning ascribed to it in Recital I;
		
	NaturALL Bio-PET Alliance Agreement	  	The meaning ascribed to it in Recital I;
		
	NaturALL Bio-PET Alliance Members	  	The parties (other than the Supplier) who are members of the NaturALL Bio-PET Alliance from time to time. A list of the NaturALL Bio-PET Alliance
Members as of the Effective Date is attached as Appendix 13, which list may be modified, from time to time, in accordance with the terms of NaturALL Bio-PET Alliance Agreement;
		
	New Plant	  	The first plant, or the single integrated complex of plants, constructed after the construction of the Pioneer Plant (i) that is developed, constructed, owned, in whole or in part, or operated, directly or indirectly, by or on
behalf of the Supplier or any Affiliate thereof individually or jointly with any third party or (ii) that is developed, constructed, owned or operated by any third party to which Supplier or any Affiliate thereof has directly or indirectly
licensed any Intellectual Property Rights, in each case, at which Raw Material or Products are manufactured by any such Person;
		
	New Plant Bio-pX Deadline Date	  	The meaning ascribed to it in Appendix 4;
		
	New Plant Bio-pX Long Stop Date	  	The meaning ascribed to it in Appendix 4;
		
	New Plant Commercial Operation Date	  	The commercial operation date of the New Plant, as demonstrated by the production at the New Plant of not less than [***] of Bio-pX and the capacity to produce not less than [***] of Bio-pX per year;
		
	New Plant Deadline Date	  	The meaning ascribed to it in Appendix 4;
		
	New Plant Long Stop Date	  	The meaning ascribed to it in Appendix 4;
		
	New Plant Offtake Volume	  	For each year during the New Plant Term, [***] of Bio-pX per annum, provided that such amount shall be reduced pro rata temporis in respect of the year in which the New Plant Start Date
occurs and the year in which the New Plant Term expires or this Agreement is terminated with respect to the New Plant (if applicable).

  
 7 

			
	 Definition:
	  	 Meaning:

		
	New Plant Start Date	  	The meaning ascribed to it in Article 4.2;
		
	New Plant Term	  	The meaning ascribed to it in Article 18.2;
		
	Offtake Volumes	  	The Pioneer Plant Offtake Volume and the New Plant Offtake Volume, collectively or individually, as applicable;
		
	Orders	  	The purchase orders placed from time to time by the Buyers with the Supplier or any Supplier Affiliate for the supply of Products, pursuant to the terms of this Agreement;
		
	Parties	  	The meaning ascribed to it in the Preamble;
		
	Party	  	The meaning ascribed to it in the Preamble;
		
	Patent License Agreement	  	The Patent License Agreement attached hereto as Appendix 15;
		
	Pepsi	  	The meaning ascribed to it in the Preamble;
		
	Person	  	Any individual, sole proprietorship, general partnership, limited partnership, corporation, business trust, trust, joint venture, limited liability company, association, joint stock company, bank, unincorporated organization or any
other form of entity;
		
	PET	  	Polyethylene Terephthalate;
		
	Pioneer Plant	  	The meaning ascribed to it in Recital E;
		
	Pioneer Plant Bio-PET Long Stop Date	  	The meaning ascribed to it in Appendix 4;
		
	Pioneer Plant Bio-PET Deadline Date	  	The meaning ascribed to it in Appendix 4;
		
	Pioneer Plant Commercial Operation Date	  	The commercial operation date of the Pioneer Plant, as demonstrated by the production at the Pioneer Plant of not less than [***] of CMF and the capacity to produce not less than [***] of CMF per year;
		
	Pioneer Plant Deadline Date	  	The meaning ascribed to it in Appendix 4;
		
	Pioneer Plant Long Stop Date	  	The meaning ascribed to it in Appendix 4;
		
	Pioneer Plant Offtake Volume	  	For each year during the Pioneer Plant Term, [***] of Bio-PET per annum, provided that such amount shall be reduced pro rata temporis in respect of the year in which the Pioneer Plant
Start Date occurs and the year in which the Pioneer Plant Term expires or this Agreement is terminated with respect to the Pioneer Plant (if applicable).

  
 8 

			
	 Definition:
	  	 Meaning:

		
	Pioneer Plant Start Date	  	The meaning ascribed to it in Article 4.1;
		
	Pioneer Plant Term	  	The meaning ascribed to it in Article 18.1;
		
	Plants	  	The Pioneer Plant and the New Plant, collectively or individually, as applicable;
		
	Pro Rata Share	  	[***]
		
	Product	  	Bio-PET or Bio-pX, as applicable;
		
	PTA	  	Purified Terephthalic Acid;
		
	pX	  	Para-Xylene;
		
	Raw Material	  	CMF and/or Bio-pX, as applicable;
		
	Representatives	  	A Party’s representatives, officers, directors, employees, consultants, contractors and agents;
		
	Sample Bio-pX	  	The representative samples of Bio-pX delivered by the Supplier to Pepsi pursuant to the NaturALL Bio-PET Alliance Agreement;
		
	Supplier	  	The meaning ascribed to it in the Preamble;
		
	Supplier Affiliate	  	The company listed in Appendix 6 as amended from time to time in writing by the Supplier;
		
	Sustainability Principles	  	The meaning ascribed to it in Appendix 11;
		
	Technical Specifications	  	Technical Specifications Bio-PET, Technical Specifications Bio-pX, Technical Specifications Fossil-PET and
Technical Specifications Plastic Bottles, collectively or individually, as applicable;
		
	Technical Specifications Bio-PET	  	The quality and food safety requirements for Bio-PET described in Appendix 8, as may be amended from time to time in accordance with Article
7;
		
	Technical Specifications Fossil-PET	  	The quality and food safety requirements for Fossil-PET described in Appendix 10, as may be amended from time to time in accordance with Article
7;
		
	Technical Specifications Bio-pX	  	The quality and food safety requirements for Bio-pX described in Appendix 7, as may be amended from time to time in accordance with Article
7;

  
 9 

			
	 Definition:
	  	 Meaning:

		
	Technical Specifications Plastic Bottles	  	The quality and food safety requirements for plastic bottles described in Appendix 9, as may be amended from time to time in accordance with Article 7;
		
	Term	  	The period from and including the Effective Date, through and including the last day of the New Plant Term; and
		
	Third Party Manufacturer	  	Bottle Manufacturers and Converters, collectively or individually, as applicable.
		
	Triggering Event	  	Any or all of the following: (i) the Supplier’s failure to fulfill any of the conditions precedent described in Article 9.3; (ii) the Supplier obtains actual knowledge at any time that there exists a
substantial likelihood (as reasonably determined by the Supplier) that any milestone set forth in Appendix 4 may not be met; (iii) the Supplier obtains actual knowledge at any time that there exists a substantial likelihood
(as reasonably determined by the Supplier) that either (a) the Pioneer Plant Commercial Operation Date shall not occur on or before the Pioneer Plant Long Stop Date, (b) the first delivery to Pepsi of
Bio-PET manufactured from products produced by the Pioneer Plant shall not occur on or before the Pioneer Plant Bio-PET Long Stop Date, (c) the New Plant Commercial
Operation Date shall not occur on or before the New Plant Long Stop Date or (d) the first delivery to Pepsi of Bio-pX produced by the New Plant shall not occur on or before the New Plant Bio-pX Long Stop Date; (iv) subject to compliance with any notice and cure provisions, any failure described in Article 7.3.1; (v) the occurrence of a Bankruptcy Event with respect to the
Supplier; (vi) (a) cessation or material reduction in operations of any member of the Associated PET Supply Chain responsible for the conversion of CMF into Bio-pX or a Bankruptcy Event occurs with
respect to any member of the Associated PET Supply Chain responsible for the conversion of CMF into Bio-pX and such cessation or reduction of operations or Bankruptcy Event constitutes a Material Adverse
Change under this Agreement and (b) despite their best efforts, the Supplier and the Supplier Affiliate are unable to retain a substitute member of the Associated PET Supply Chain within ninety (90) days after the occurrence of such
Bankruptcy Event; (vii) a Material Adverse Change with respect to the Supplier shall have occurred; (viii) any Force Majeure Event affecting Supplier lasts more than [***] after Supplier gives written notice thereof to Pepsi and the
Parties do not agree otherwise within such time period; (ix) the Supplier breaches a material term of this Agreement or the Patent License Agreement, including but not limited to a representation, warranty or covenant of this Agreement or the
Patent License Agreement, that would, in each case, have a material negative impact on Pepsi’s business; (x) the Pioneer

  
 10 

			
	 Definition:
	  	 Meaning:

		
		  	Plant Commercial Operation Date does not occur on or before the Pioneer Plant Long Stop Date; (xi) the first delivery to Pepsi, as defined in Appendix 4, of Bio-PET manufactured from
products produced by the Pioneer Plant does not occur on or before the Pioneer Plant Bio-PET Long Stop Date; (xii) the New Plant Commercial Operation Date does not occur on or before the New Plant Long
Stop Date; (xiii) the first delivery to Pepsi, as defined in Appendix 4, of Bio-pX produced by the New Plant does not occur on or before the New Plant Bio-pX Long
Stop Date; or (ix) the Supplier’s failure to fulfill the obligations set forth in Article 7.5 of this Agreement.

 1.2 Interpretation. In this Agreement, where the context admits: 

1.2.1 reference to a statutory provision includes reference to: 

(i) any order, regulation, statutory instrument or other subsidiary legislation at any time made under it for the time being in
force; 
 (ii) any modification, amendment, consolidation, re-enactment or
replacement of it or provision of which it is a modification, amendment, consolidation, re-enactment or replacement; 

1.2.2 reference to a Preamble, Article or Appendix is to a preamble, article or appendix of or to this Agreement, respectively; 

1.2.3 reference to the Parties includes their respective successors and permitted assigns; 

1.2.4 reference to any Party to this Agreement comprising more than one person includes each person constituting that Party; 

1.2.5 reference to any gender includes the other genders; 

1.2.6 words in the singular include the plural and in the plural include the singular; 

1.2.7 the index and headings are for ease of reference only and shall not affect the construction or interpretation of this Agreement; 

1.2.8 reference to the words “include,” “includes” and “including” means include, includes and including
“without limitation”; and 
 1.2.9 this Agreement incorporates its recitals and the appendices to it. 

 

	2.	 PURPOSE 

2.1 Subject to the terms of this Agreement and the Orders, the Parties agree that: 

  
 11 

 2.1.1 with respect to the Pioneer Plant, the Supplier and/or relevant Supplier Affiliate
shall manufacture CMF, convert or have such CMF converted to Bio-PET and supply the Bio-PET to Pepsi and the Bottle Manufacturers; 

2.1.2 with respect to the New Plant, the Supplier and/or relevant Supplier Affiliate shall manufacture
Bio-pX and supply the Bio-pX to Pepsi and the Converters according to the terms of this Agreement; and 

2.1.3 the Buyers shall order the Bio-PET or Bio-pX, as
applicable, from the Supplier and/or the relevant Supplier Affiliate and the relevant Buyer, as applicable, shall pay the Supplier and/or the relevant Supplier Affiliate therefor, in each case, according to the terms of this Agreement. 

 

	3.	 AGREEMENT STRUCTURE 

3.1 Offtake Supply Agreement. This Agreement sets forth the terms and conditions which shall govern the overall obligations,
responsibilities and liabilities of the Parties in connection with the purpose set forth in Article 2. 
 3.2
Orders. Pursuant to this Agreement, the Buyers may, from time to time, place Orders with the Supplier and/or the Supplier Affiliate according to the terms and conditions of Article 10. 

3.2.1 Each Order shall be governed by the provisions of this Agreement. Each Buyer will be responsible for its own Order, and no Buyer will
have any obligation in respect of any order of another Buyer. Pepsi will have no obligation or liability in respect of any order of a Bottle Manufacturer or a Converter. 

3.2.2 Any amendment to this Agreement shall automatically apply to each Order issued following the effective date of such amendment, provided
that upon mutual written agreement of the Parties, any amendment may apply to previously issued and unfulfilled Orders. 
 3.3 Supplier
Affiliates. The Supplier may amend from time to time Appendix 6 by written notice to Pepsi in order to reflect the identity of the Supplier Affiliates, provided that no such amendment shall materially adversely affect the
rights or obligations of Pepsi. 
  

	4.	 CONDITIONS PRECEDENT 

4.1 Conditions Precedent - Pioneer Plant. The obligations of the Parties under this Agreement with respect to the purchase and sale of
the Bio-PET manufactured from products produced at the Pioneer Plant shall become effective on the date on which each of the following conditions precedent has been fulfilled or waived (Pioneer Plant Start
Date): 
 (i) The results of all Sample Bio-pX and quality tests described in the
NaturALL Bio-PET Alliance Agreement (but not including the recyclability tests described therein) shall be satisfactory to the NaturALL Bio-PET Alliance Members in
accordance with the terms thereof; 
 (ii) The Pioneer Plant Commercial Operation Date shall have occurred before the Pioneer
Plant Long Stop Date; 

  
 12 

 (iii) The Supplier, or a third-party expert jointly selected by the Supplier
and the NaturALL Bio-PET Alliance Members, shall have provided evidence satisfactory to the NaturALL Bio-PET Alliance Members, in accordance with the terms of the
NaturALL Bio-PET Alliance Agreement, that: 
  

	 	(A)	 the Bio-pX manufactured from products produced by the Pioneer Plant
fully meets the Technical Specifications Bio-pX; 

  

	 	(B)	 the Supplier can, together with the Associated PET Supply Chain, produce
Bio-PET using products produced at the Pioneer Plant in volumes equal to or greater than the Pioneer Plant Offtake Volume; and 

 

	 	(C)	 the Pioneer Plant, together with the Associated PET Supply Chain, shall be capable of manufacturing Bio-PET containing a minimum of 60% Bio-Content. 

(iv) The NaturALL Bio-PET Alliance Members shall have completed a preliminary
evaluation of samples of Bio-PET manufactured from products produced at the Pioneer Plant and determined (as soon as practicable but in no event later than the first to occur of (a) [***] days following
receipt of such Bio-PET samples from the Supplier, and (b) the date such evaluation is completed by the NaturALL Bio-PET Alliance), in accordance with the terms of
the NaturALL Bio-PET Alliance Agreement, that such Bio-PET (A) meets the industry standards and the specific additional objective specifications, including as to
quality and food safety requirements, set forth in Appendix 16, (B) meets the quality standards and specifications of the Technical Specifications Bio-PET and the Technical Specifications Fossil-PET and (C) can be used on a commercial scale to produce plastic bottles which meet the Technical Specifications Plastic Bottles. Pepsi (in cooperation with the other NaturALL Bio-PET Alliance Members) shall give written notice of the aforementioned determination to the Supplier; 

(v) The Bio-PET can be used on a commercial scale for its intended purpose, namely, the
manufacture of containers, particularly plastic bottles which will hold food or beverages sold by PepsiCo, Inc. (PepsiCo); 

(vi) No Material Adverse Change with respect to either Party (other than by reason of the
non-fulfilment of the conditions precedent set forth in this Article 4.1) shall have occurred prior to the date when each of the conditions precedent listed in sub-paragraphs (i) through (iv) above has been fulfilled or waived, provided that each Party undertakes to notify the other Party of the occurrence of any such Material Adverse
Change promptly upon acquiring knowledge thereof and provided, further that the failure by a Party to comply with this notice obligation shall entitle the other Party to forthwith terminate this Agreement by written notice to the other Party; and

 (vii) The Parties have executed the Patent License Agreement and it constitutes a valid and currently enforceable license
of patent rights and related intellectual property according to its terms. 
 4.2 Conditions Precedent—New Plant. The obligations
of the Parties under this Agreement with respect to the purchase and sale of the Bio-pX produced at the New Plant shall become effective on the date on which each of the following conditions precedent has been
fulfilled or waived (New Plant Start Date): 

  
 13 

 (i) The results of all Sample Bio-pX
and quality tests described in the NaturALL Bio-PET Alliance Agreement (but not including the recyclability tests described therein) shall be satisfactory to the NaturALL
Bio-PET Alliance Members in accordance with the terms thereof; 
 (ii) The New Plant
Commercial Operation Date shall have occurred before the New Plant Long Stop Date; 
 (iii) The Supplier, or a third-party
expert jointly selected by the Supplier and the NaturALL Bio-PET Alliance Members, shall have provided evidence satisfactory to the NaturALL Bio-PET Alliance Members, in
accordance with the terms of the NaturALL Bio-PET Alliance Agreement, that: 
  

	 	(A)	 the Bio-pX produced by the New Plant fully meets the Technical
Specifications Bio-pX; 

  

	 	(B)	 the Supplier can produce Bio-pX at the New Plant in volumes equal to or
greater than the New Plant Offtake Volume; and 

  

	 	(C)	 the New Plant shall be capable of manufacturing Bio-pX using CMF from
100% Gen2 Feedstock and containing a minimum of 100% Bio-Content; 

(iv) The NaturALL Bio-PET Alliance Members shall have completed a preliminary
evaluation of samples of Bio-pX produced at the New Plant and determined (as soon as practicable but in no event later than the first to occur of (a) [***] following receipt of such Bio-PET samples from the Supplier, and (b) the date such evaluation is completed by the NaturALL Bio-PET Alliance), in accordance with the terms of the NaturALL Bio-PET Alliance Agreement, that such Bio-pX (A) meets the industry standards and the specific additional objective specifications, including as to quality and food
safety requirements, set forth in Appendix 7, (B) meets the quality standards and specifications of the Technical Specifications Bio-pX and (C) can be used on a commercial scale to
produce plastic bottles which meet the Technical Specifications Plastic Bottles. Pepsi (in cooperation with the other NaturALL Bio-PET Alliance Members) shall give written notice of the aforementioned
determination to the Supplier; 
 (v) The Bio-pX can be used on a commercial scale
for its intended purpose, namely, the manufacture of containers, particularly plastic bottles which will hold food or beverages sold by PepsiCo; 

(vi) No Material Adverse Change with respect to either Party (other than by reason of the
non-fulfilment of the conditions precedent set forth in this Article 4.2) shall have occurred prior to the date when each of the conditions precedent listed in sub-paragraphs (i) through (iv) above has been fulfilled or waived; provided that each Party undertakes to notify the other Party of the occurrence of any such Material Adverse
Change promptly upon acquiring knowledge thereof and provided, further that the failure by a Party to comply with this notice obligation shall entitle the other Party to forthwith terminate this Agreement by written notice to the other Party; and

  
 14 

 (vii) The Parties have executed the Patent License Agreement and it
constitutes a valid and currently enforceable license of patent rights and related intellectual property according to its terms. 
 4.3
Waiver of the Conditions Precedent. The Party benefiting from the conditions precedent set forth in Article 4.1 and Article 4.2 may waive any such condition precedent in writing at its sole and
absolute discretion. 
 4.4 Fulfilment of the Conditions Precedent. 

4.4.1 The Supplier shall use its reasonable efforts to fulfill the conditions precedent set forth in Articles 4.1 and
4.2 as soon as practicable. Pepsi shall use its reasonable efforts to satisfy those provisions of such conditions precedent that are within its reasonable control. In the event a Party becomes aware that any such condition precedent cannot be
fulfilled or its fulfilment may be materially delayed, it shall promptly inform the other Party thereof, and the Parties shall consult with one another regarding the fulfilment of such condition precedent and any possible modification of, or
extension of time to fulfil, such condition precedent, that is acceptable to both Parties, each in its sole discretion, without prejudice to Pepsi’s right to terminate this Agreement pursuant to and in accordance with Article
4.5 as a result of such nonfulfillment. Any agreement between the Parties on a possible modification or extension with respect to any such condition precedent shall be subject to a specific written amendment to this Agreement. 

4.4.2 The Supplier shall notify Pepsi in writing following the fulfilment of each of the conditions precedent referred to in
(i) Articles 4.1(ii), (iii) and 4.1(vi) (as to the Supplier) and (ii) Articles 4.2(ii), (iii) and (vi) (as to the Supplier). 

4.4.3 Pepsi shall notify the Supplier in writing promptly upon (but in no event later than thirty (30) days thereafter) the fulfillment
(or waiver) of the conditions precedent set forth in (i) Articles 4.1(i), (iv) and (vi) (as to Pepsi) and (ii) Articles 4.2(i), (iv) and (vi) (as to Pepsi). 

4.5 Termination. 
 4.5.1
The Pioneer Plant Start Date is anticipated to be on or before the Pioneer Plant Deadline Date and will be no later than the Pioneer Plant Long Stop Date. In the event that any condition precedent set forth in Article 4.1 has
not been fulfilled or waived by the Pioneer Plant Long Stop Date, then unless otherwise agreed in writing by the Parties, this Agreement shall terminate automatically and immediately on the Pioneer Plant Long Stop Date, without any further action by
either Party and without further liability, except as otherwise provided in Articles 19, 20 and 22. 

4.5.2 The New Plant Start Date is anticipated to be on or before the New Plant Deadline Date and will be no later than the New Plant Long Stop
Date. In the event that any condition precedent set forth in Article 4.2 has not been fulfilled or waived by the New Plant Long Stop Date, then unless otherwise agreed in writing by the Parties, this Agreement shall terminate
automatically and immediately on the New Plant Long Stop Date, without any further action by either Party and without further liability, except as otherwise provided in Articles 19, 20 and 22. 

 

	5.	 PIONEER PLANT 

5.1 For the purpose of manufacturing the quantities of Bio-PET set forth in Article
9.1, the Supplier shall (i) construct the Pioneer Plant with a capacity to produce (in cooperation with the Associated PET Supply Chain) Bio-PET in an annual volume equal to or greater than the
Pioneer Plant Offtake Volume and (ii) contract with or otherwise obtain the services of the Associated PET Supply Chain, and cause the Associated PET Supply Chain to produce Bio-PET from products produced
at the Pioneer Plant, in each case, as necessary to fulfill the obligations of the Supplier under this Agreement with respect to the Pioneer Plant. 

  
 15 

 5.2 The Supplier shall be responsible for the design, construction and equipping of, choice
of the contractors for, financing of and performance of all other necessary actions to build and operate, the Pioneer Plant (including but not limited to obtaining all necessary permits and complying with all Applicable Laws), shall bear all costs
and expenses therefor and shall retain or otherwise obtain the services of the Associated PET Supply Chain to fulfill the Supplier’s obligations under this Agreement with respect to the Pioneer Plant. 

5.3 From and after the Pioneer Plant Start Date, the Supplier shall commence and continue the manufacture of CMF at the Pioneer Plant and shall
cause the Associated PET Supply Chain to commence and continue the conversion of such CMF into Bio-PET in an annual volume equal to or greater than the Pioneer Plant Offtake Volume, in each case, within the
timeframe and various milestones set forth in Appendix 4 with respect to the Pioneer Plant. 
 5.4 The Supplier shall
keep Pepsi regularly informed about the progress made and any material events in relation to the construction of the Pioneer Plant and the arrangements made with the Associated PET Supply Chain through regular periodic progress reports. In
particular, the Supplier shall provide appropriate documentation to Pepsi evidencing the completion of each of the milestones set forth in Appendix 4 with respect to the Pioneer Plant. 

5.5 In the event that the Supplier obtains actual knowledge at any time that there exists a substantial likelihood (as reasonably determined by
the Supplier) that any milestone set forth in Appendix 4 with respect to the Pioneer Plant may not be met, (i) the Supplier shall promptly notify Pepsi thereof and provide Pepsi with a reasonable estimate of the new
expected timeline and a reasonable description of the measures the Supplier intends to take to ensure that the Pioneer Plant Commercial Operation Date shall occur on or before the Pioneer Plant Long Stop Date and the first delivery to Pepsi of Bio-PET manufactured from products produced by the Pioneer Plant shall occur on or before the Pioneer Plant Bio-PET Long Stop Date; and (ii) then unless otherwise agreed
in writing by the Parties, this Agreement shall terminate automatically and immediately on the Pioneer Plant Long Stop Date, without any further action by either Party and without further liability, except as otherwise provided in
Articles 19, 20 and 22. 
 5.6 In the event that the Supplier obtains actual knowledge at any time that
there exists a substantial likelihood (as reasonably determined by the Supplier) that either (i) the Pioneer Plant Commercial Operation Date shall not occur on or before the Pioneer Plant Long Stop Date or (ii) the first delivery to Pepsi
of Bio-PET manufactured from products produced by the Pioneer Plant shall not occur on or before the Pioneer Plant Bio-PET Long Stop Date, the Supplier shall give Pepsi
notice thereof and the following shall apply: 
 5.6.1 The Parties shall promptly consult on possible actions to mitigate the impact of the
delay on Pepsi’s operations with respect to the delay in the production of Bio-PET. Such mitigation, if agreed to in writing by Pepsi and the Supplier, each not to be unreasonably withheld, may include,
[***] 

  
 16 

 5.6.2 If the Parties do not reach an agreement as contemplated in Article
5.6.1, Pepsi may terminate this Agreement by written notice to the Supplier (without liability to the Supplier and the Supplier Affiliate, except as otherwise provided in Articles 19, 20 and 22, and without
prejudice to any damages, rights or remedies to which Pepsi may be entitled). 
  

	6.	 NEW PLANT 

6.1 Following the Pioneer Plant Commercial Operation Date, for the purpose of manufacturing the quantities of
Bio-pX set forth in Article 9.2, the Supplier shall (i) construct the New Plant with a capacity to produce Bio-pX in an annual volume equal to
or greater than the New Plant Offtake Volume. 
 6.2 The Supplier shall be responsible for the design, construction and equipping of, choice
of the contractors for, financing of and performance of all other necessary actions to build and operate, the New Plant (including but not limited to obtaining all necessary permits and complying with all Applicable Laws) and shall bear all costs
and expenses therefor. 
 6.3 From and after the New Plant Start Date, the Supplier shall commence and continue the manufacture of Bio-pX at the New Plant in an annual volume equal to or greater than the New Plant Offtake Volume, within the timeframe and various milestones set forth in Appendix 4 with respect to the New
Plant. 
 6.4 The Supplier shall keep Pepsi regularly informed about the progress made and any material events in relation to the
construction of the New Plant through regular periodic progress reports. In particular, the Supplier shall provide appropriate documentation to Pepsi evidencing the completion of each of the milestones set forth in Appendix 4
with respect to the New Plant. 
 6.5 In the event that the Supplier obtains actual knowledge at any time that there exists a substantial
likelihood (as reasonably determined by the Supplier) that any milestone set forth in Appendix 4 with respect to the New Plant may not be met, (i) the Supplier shall promptly notify Pepsi thereof and provide Pepsi with a
reasonable estimate of the new expected timeline and a reasonable description of the measures the Supplier intends to take to ensure that the New Plant Commercial Operation Date shall occur on or before the New Plant Long Stop Date and the first
delivery to Pepsi of Bio-pX produced by the New Plant shall occur on or before the New Plant Bio-pX Long Stop Date; and (ii) then unless otherwise agreed in writing
by the Parties, this Agreement shall terminate automatically and immediately on the New Plant Long Stop Date, without further liability for either Party, except as otherwise provided in Articles 19, 20 and
22. 
 6.6 In the event that the Supplier obtains actual knowledge at any time that there exists a substantial likelihood (as
reasonably determined by the Supplier) that either (i) the New Plant Commercial Operation Date shall not occur on or before the New Plant Long Stop Date or (ii) the first delivery to Pepsi of Bio-pX
produced by the New Plant shall not occur on or before the New Plant Bio-pX Long Stop Date, the Supplier shall give Pepsi notice thereof and the following shall apply: 

6.6.1 The Parties shall promptly consult on possible actions to mitigate the impact of the delay on Pepsi’s operations with respect to the
delay in the production of Bio-pX. Such mitigation, if agreed to in writing by Pepsi and the Supplier, each not to be unreasonably withheld, may include, [***] 

  
 17 

 6.6.2 If the Parties do not reach an agreement as contemplated in Article
6.6.1, Pepsi may terminate this Agreement by written notice to the Supplier (without liability to the Supplier and the Supplier Affiliate, except as otherwise provided in Articles 19, 20 and 22, and without
prejudice to any damages, rights or remedies to which Pepsi may be entitled). 
  

	7.	 PRODUCTION; QUALITY 

7.1 Quality Requirement. 

7.1.1 The Supplier shall, and shall cause the Associated PET Supply Chain, as applicable, to manufacture Products in accordance with the terms
of this Agreement, including but not limited to the Technical Specifications and all Applicable Laws related to the Products and the procurement, manufacture, handling, transport, storage, packaging and delivery thereof in all relevant
jurisdictions. 
 7.1.2 The Supplier shall be fully responsible for the operations of the Plants and the production of the Products. 

7.1.3 No delegation of responsibility to the Associated PET Supply Chain shall release the Supplier from its obligations hereunder. 

7.2 Cooperation between the Parties. The Parties each wish to facilitate the commercialization of
bio-plastics and recognize that Pepsi’s expertise, relationships and commercial sophistication has potential to support the Supplier’s efforts to arrange and manage the Associated PET Supply Chain.
Upon request by the Supplier from time to time, Pepsi will utilize reasonable efforts to provide the Supplier and Supplier Affiliate with technical advice, consultation, cooperation and support in negotiating and making arrangements with the
Associated PET Supply Chain. In the event that any constraint or difficulty arises with respect to any member of the Associated PET Supply Chain, Pepsi may provide reasonable cooperation to the Supplier, the Supplier Affiliate and such member of the
Associated PET Supply Chain to resolve such constraint or difficulty, provided that Pepsi shall not incur any liability to the Supplier or any Supplier Affiliate for any failure to resolve such constraint or difficulty or for Pepsi’s
involvement in connection with this Article 7.2. 
 7.3 Failure to Meet the Quality Requirement. 

7.3.1 If (i) the Supplier or any Supplier Affiliate fails to meet the quality requirements for Products as described in this Agreement
(including but not limited to those set forth in Article 7.5 of this Agreement) or the Technical Specifications or (ii) any Product fails any recyclability tests described in the NaturALL
Bio-PET Alliance Agreement, Pepsi shall notify the Supplier and/or the relevant Supplier Affiliate thereof as soon as reasonably practicable, but in any event, within [***] from the date on which Pepsi
obtained knowledge of such failure. 
 7.3.2 Without limiting any of its rights hereunder, Pepsi shall take commercially reasonable measures
to mitigate damages or other costs associated with any such failure. 
 7.3.3 In the event that the Supplier or any Supplier Affiliate
obtains knowledge of any failure described in Article 7.3.1, the Supplier or such Supplier Affiliate shall promptly provide written notice thereof to Pepsi, and the following shall apply: 

  
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 7.3.3.1 If the Product is Bio-PET from the Pioneer
Plant (i) Supplier or Supplier Affiliate and Pepsi shall review and discuss in good faith the underlying circumstances and any possible remedy; and (ii) Supplier or Supplier Affiliate shall promptly commence such remediation in accordance
with the provisions and schedule set forth in Article 19.3 of this Agreement. If after conducting the remediation in accordance with the provisions and schedule set forth in Article 19.3 of this Agreement
the Bio-PET continues to fail to meet the quality requirements for Bio-PET described in this Agreement or the Technical Specifications or the recyclability tests
described in the NaturALL Bio-PET Alliance Agreement, then [***] Pepsi may terminate this Agreement by written notice to the Supplier, in each case, without any liability to the Supplier and without prejudice
to any damages, rights or remedies to which Pepsi may be entitled hereunder. 
 7.3.3.2 If the
non-conforming Product is Bio-pX from the New Plant, Pepsi may, at its option, (i) require the Supplier or Supplier Affiliate to replace the Bio-pX as soon as possible but in no event later than [***] days after written notification to Supplier or Supplier Affiliate, and provide Pepsi during such replacement period with a report after [***] days
documenting Supplier’s diligent efforts to replace the Bio-pX; or (ii) require the Supplier or Supplier Affiliate to refund the price of the Bio-pX within
thirty (30) Business Days; (iii) if Supplier or Supplier Affiliate is unable or unwilling to correct failure to meet the quality requirements for Bio-PET described in this Agreement or the Technical
Specifications or the recyclability tests described in the NaturALL Bio-PET Alliance Agreement pursuant to the remedies in (i) or (ii) of this Article. [***] or (iv) exercise any other
applicable rights or remedies. 
 7.3.4 AS SET FORTH IN THIS AGREEMENT, NEITHER THE SUPPLIER NOR ANY SUPPLIER AFFILIATE MAKES ANY OTHER
WARRANTY, WHETHER OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, EXPRESSED OR IMPLIED, WITH RESPECT TO PRODUCTS. 
 7.4
Modification of the Technical Specifications. 
 7.4.1 Pepsi shall inform the Supplier of any requested modifications to the Technical
Specifications and the Supplier agrees to review such requested modifications to determine, in good faith, if they are technically and commercially feasible and, if so, to cooperate with Pepsi to comply with such modified specifications as soon as
reasonably practicable. 
 7.4.2 In the event that the requested modifications to the Technical Specifications result in additional costs to
the Supplier, all such costs shall be paid by Pepsi. 
 7.5 Bio-Content. 

7.5.1 The Bio-PET manufactured from products produced at the Pioneer Plant (in cooperation with the
Associated PET Supply Chain) for sale to Pepsi and the Bottle Manufacturers pursuant to this Agreement shall consist of not less than [***] Bio-Content Bio-PET produced
using CMF from 100% Gen2 Feedstock. 
 7.5.2 The Bio-pX produced at the New Plant for sale to Pepsi
or the Bottle Manufacturers pursuant to this Agreement shall be produced using CMF from 100% Gen2 Feedstock, and Pepsi shall have the right to select among petro-ethylene, first-generation, and second-generation
bio-ethylene for use by the Supplier or the Supplier Affiliate in the production of such Bio-pX. 

  
 19 

 7.5.3 Bio-Content of the Products shall be
(i) with respect to Bio-PET manufactured from products produced at the Pioneer Plant, not less than [***] and (ii) with respect to Bio-pX produced at the New
Plant, assuming that Pepsi elects to use bio-ethylene, 100%. 
 7.5.4 The Life Cycle Assessment of
the Bio-pX manufactured from products produced at the New Plant shall demonstrate superiority relative to petro-PET with respect to attributes (such as but not limited
to global warming potential impact on a kg per kg basis) to be selected and measured by the NaturALL Bio-PET Alliance. 
  

	8.	 PRICE AND PAYMENT 

8.1 Price for the Products 

8.1.1 Subject to Articles 8.1.4, 8.1.5 and 8.1.6, the prices for the Products provided by the Supplier and Supplier Affiliate to Buyers during
the term of this Agreement are set forth in Appendix 2. 
 8.1.2 Such prices shall
include all fees and costs in relation to the supply of the Products, except as specifically provided in this Agreement. 
 8.1.3 No costs
contemplated by this Agreement that are incurred by the Supplier or the Supplier Affiliate prior to the date that the Buyers execute the first Order shall be borne by the Buyers. 

8.1.4 In the event that Pepsi wishes to [***] it shall inform the Supplier or such Supplier Affiliate thereof in writing [***] provided that
Pepsi shall have the right to [***] provided that [***] and provided that this provision shall be modified, to the extent required, if needed, to comply with any anti-trust laws or regulations that may reasonably apply. The Supplier shall not be
required to [***] 
 8.1.5 [***] Pepsi shall have the right to [***] provided that [***] and provided that this provision shall be modified,
to the extent required, if needed, to comply with any anti-trust laws or regulations that may reasonably apply. 

  
 20 

 8.1.6 With respect to [***] Pepsi shall have the right to [***] To exercise such right,
Pepsi shall submit a written request to the Supplier or the applicable Supplier Affiliate [***] The Supplier or such Supplier Affiliate shall have [***] from the date of its receipt of such written request to [***] In the event that the Supplier or
such Supplier Affiliate shall have the right to, [***] 
 8.2 Payments. The Buyers shall pay for the Products delivered by the
Supplier to them in [***] 
 8.3 Taxes. [***] Such taxes, if applicable (Applicable Taxes), [***] provided that [***] Pepsi has
[***] Pepsi will not be responsible for [***] If Pepsi is required by Applicable Law to withhold and remit any tax relating to a purchase under this Agreement, Pepsi shall be entitled to reduce its payment to the the Supplier of the applicable
Supplier Affiliate by the amount of such tax. 
 8.4 Payment Term. Payment of all invoices will be [***] If the payment due date [***]
falls on a Saturday, Sunday or holiday in the country in which the payment is to be processed, the payment due date will be the next Business Day following such Saturday, Sunday or holiday. Payment will be deemed made if by electronic funds
transfer, upon confirmation by PepsiCo’s accounts payable team that such EFT has been sent to Supplier. Additional invoicing and payment conditions are set forth in Appendix 2 

 

	9.	 QUANTITIES 

9.1 Pioneer Plant Offtake Volume. 

  
 21 

 9.1.1 During the Pioneer Plant Term, Pepsi and the Bottle Manufacturers shall purchase and
take delivery of Bio-PET manufactured from products produced at the Pioneer Plant (in cooperation with the Associate PET Supply Chain) and made available by the Supplier or the Supplier Affiliate in accordance
with the terms of this Agreement, including but not limited to Article 7.5, in an amount equal to the Pioneer Plant Offtake Volume. Pepsi and the Bottle Manufacturers shall pay the Supplier or the applicable Supplier Affiliate
for such Bio-PET in accordance with the terms of Article 8. Notwithstanding anything herein to the contrary, Pepsi agrees that, in the event that Pepsi or Bottle Manufacturers fail to
place Orders for and take delivery of Bio-PET in such amount and on the terms set forth herein, including but not limited to Article 7.5, Pepsi shall still be obligated to pay the Supplier
with respect to such amount of Bio-PET as though Pepsi had placed Orders for and taken delivery of such amount of Bio-PET pursuant to the terms of this Agreement. 

9.1.2 Pepsi shall [***] provided that Pepsi shall [***] Marketing claims and other public communications will be subject to [***] For purposes
of this Article 9.1.2 [***] means [***] provided that notwithstanding anything to the contrary herein. [***] 

9.2 New Plant Offtake Volume. During the New Plant Term, Pepsi and the Converters shall purchase and take delivery of Bio-pX produced at the New Plant and made available by the Supplier or the Supplier Affiliate in accordance with the terms of this Agreement, including but not limited to Article 7.5, in an
amount equal to the New Plant Offtake Volume. Pepsi and the Bottle Manufacturers shall pay the Supplier or the applicable Supplier Affiliate for such Bio-PET in accordance with the terms of
Article 8. Notwithstanding anything herein to the contrary, Pepsi agrees that, in the event that Pepsi fails to place Orders for and take delivery of Bio-pX in such amount and on the terms
set forth herein, including but not limited to Article 7.5, Pepsi shall still be obligated to pay the Supplier with respect to such amount of Bio-pX as though Pepsi had placed Orders for
and taken delivery of such amount of Bio-pX pursuant to the terms of this Agreement. 
 9.3
Unit-Contingent Obligation. Neither the Supplier nor any Supplier Affiliate shall be subject to any penalty or any obligation to pay damages (including without limitation any Consequential Damages) as a result of or in connection with any
failure to produce, make available or sell to Pepsi any minimum amount or volume of Products (including, for the avoidance of doubt, the Offtake Volumes), and Pepsi’s sole and exclusive remedy with respect to any failure by the Supplier or any
Supplier Affiliate to meet any Deadline Dates shall be its right to terminate this Agreement in accordance with Articles 4.5 and 19.1, and in the event of any such termination or any other Triggering Event, Pepsi may
[***] 
 9.4 No Exclusivity. Subject to Articles 9.1, 9.2 and 13, nothing herein shall
(i) confer on either Party (or any of its Affiliates) any right of exclusivity with respect to the purchase and sale of Products or (ii) prohibit or restrict either Party’s (or any of its Affiliates’) ability to negotiate and
enter into transactions with third parties for the purchase and sale of Products. 

  
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	10.	 ORDER—DELIVERY 

10.1 The Buyers shall place the Orders directly with the Supplier or the relevant Supplier Affiliate. Each Order shall state the quantity of
Products and the delivery date and place of delivery therefor, provided that the delivery date of Orders of Bio-PET produced from the output of the Pioneer Plant must be coordinated with the timing of the
batch campaign schedule of the Associated PET Supply Chain. 
 10.2 This Agreement, including the terms of Appendix 2
and the Technical Specifications, shall apply automatically to all Orders. The Supplier or the relevant Supplier Affiliate shall deliver the Products to the Buyers in compliance with the terms and conditions of this Agreement and the relevant
Orders. 
 10.3 The Supplier or the relevant Supplier Affiliate shall acknowledge receipt of and confirm (provided such Order is consistent
with the terms of this Agreement) each Order within ten (10) Business Days after receipt thereof 
 10.4 Without prejudice to any
rights or remedies of Pepsi hereunder, the Supplier or the relevant Supplier Affiliate shall inform Pepsi of any issue or circumstance which might impact the Supplier’s or such Supplier Affiliate’s timely fulfilment of any Order, promptly
after obtaining knowledge of such issue or circumstance; provided that for the avoidance of doubt, the foregoing shall not excuse delayed fulfilment of any Order. 

10.5 Subject to Article 10.1, the Supplier or the relevant Supplier Affiliate shall deliver the Products in compliance
with the terms of the applicable Order, including the applicable delivery date. Upon request by Pepsi, the Supplier or the relevant Supplier Affiliate shall use its best efforts to deliver the Products within a shorter lead time in case of urgency.

 10.6 [RESERVED] 
 10.7 If
the Buyer receives any Products that it deems to be non-conforming, or the Supplier or any Supplier Affiliate is unable or fails to meet the quantity requirements in a timely manner for any Order (provided
such Order is otherwise consistent with the terms of this Agreement), then the following will apply: 
 10.7.1 If the non-conforming Product is, or the Order for which the quantity requirements are not met in a timely manner is for, Bio-PET from the Pioneer Plant (i) Supplier and Pepsi
shall review and discuss in good faith the underlying circumstances and any possible remedy; and (ii) Supplier shall promptly commence such remediation in accordance with the provisions and schedule set forth in Article
19.3 of this Agreement. If after conducting the remediation in accordance with the provisions and schedule set forth in Article 19.3 of this Agreement the Bio-PET continues to be non-conforming Product, or the quantity shortfall in a given Order of Bio-PET has not been remedied, [***] Pepsi may terminate this Agreement by written notice to the
Supplier, in each case, without any liability to the Supplier and without prejudice to any damages, rights or remedies to which Pepsi may be entitled hereunder. 

  
 23 

 10.7.2 If the non-conforming Product is, or the
Order for which the quantity requirements are not met in a timely manner is for, Bio-pX from the New Plant, Pepsi may, at its option, (i) require the Supplier to replace the
non-conforming Bio-pX, or remedy the shortfall in the quantity of an Order of Bio-pX, as soon as possible but in no event later
than [***] days after written notification to Supplier of the non-conformity or quantity shortfall, respectively, and provide Pepsi during such replacement period with reports every [***] days documenting
Supplier’s diligent efforts to replace the non-conforming Bio-pX, or remedy the quantity shortfall in a given Order of
Bio-pX; or (ii) require the Supplier to refund the price of the non-conforming Bio-pX, or of the amount of the shortfall in
the quantity of a given Order of Bio-pX, within thirty [***] or (iii) if Supplier is unable or unwilling to correct the non-conformity or quantity shortfall
pursuant to the remedies in (i) or (ii) of this Article, Pepsi may [***] or (iv) exercise any other applicable rights or remedies. 

10.7.3 No later than [***] after the New Plant Start Date, and until expiration of the New Plant Term or termination of this Agreement in
accordance with its terms, [***] In the event that [***] 
 10.7.4 No later than [***] prior to the New Plant Deadline Date, [***] taking
into account, among other things, [***] If the Parties determine [***] 
 10.7.5 If the Supplier fails to inform Pepsi in writing of the
manner in which the Supplier desires that Pepsi dispose of any non-conforming Products within seven days of notice of Pepsi’s rejection of such non-conforming
Products, Pepsi will be entitled to dispose of the non-conforming Products without liability to the Supplier or the Supplier Affiliate; provided, however, that in any event Pepsi may elect to arrange for the
shipment of any non-conforming Products back to the Supplier or the applicable Supplier Affiliate at the Supplier’s or such Supplier Affiliate’s expense, and the Supplier or such Supplier Affiliate
shall bear all risk of loss with respect to all non-conforming Products and will promptly pay or reimburse Pepsi for all reasonable costs incurred to return, store or dispose of such non-conforming Products. Notwithstanding the foregoing, the Supplier and the Supplier Affiliate shall have the right, at their expense, to take back and sell to third parties any
non-conforming Products. 
 10.8 Any Order issued during the Pioneer Plant Term or the New Plant
Term, as applicable, will remain in full force and effect and governed by this Agreement, even if this Agreement terminates prior to delivery of the Products that are the subject of such Order. 

 

	11.	 CUSTOMS CLEARANCE 

The Supplier or the applicable Supplier Affiliate shall obtain all the necessary customs and export law authorizations required to export the
Products from the territories where the relevant sites of the Supplier or Supplier Affiliate are located until such time as title to the Products transfers to Pepsi in 

  
 24 

 
accordance with Article 12. Accordingly, the Supplier or the applicable Supplier Affiliate shall be responsible for compliance with all Applicable Laws in connection with
customs and export laws and regulations (including, subject to Article 8.3, the remittance of all Applicable Taxes) applicable in the jurisdiction from which the Products will be exported from the Supplier’s or the
applicable Supplier Affiliate’s location. The Supplier shall be liable for any costs related to this Article 11. 
  

	12.	 TITLE AND RISKS 

12.1 Any retention of ownership clause contained in an Order acknowledgement from the Supplier or the Supplier Affiliate shall be void and
without effect. Following the transfer of ownership of any Products, the Buyer shall be the exclusive owner thereof The Supplier and the Supplier Affiliate shall therefore inform their employees and any relevant third parties that the Products are
exclusively owned by the Buyer upon such transfer of ownership. Following the transfer of ownership to the Buyer, the Supplier or the applicable Supplier Affiliate shall not grant any right, lien, charge or privilege over the Products for the
benefit of any third party, without Pepsi’s prior written consent, which consent is not to be unreasonably withheld, conditioned or delayed. 

12.2 The transfer of risks to the Buyers shall take place in accordance with [***], and title to Products shall pass to the Buyers at the same
time. 
  

	13.	 [***] 

13.1 [***] 
 13.1.1
During the Pioneer Plant Term, Pepsi shall have [***] on the terms and conditions set forth in this Agreement [***] Pepsi shall provide the Supplier or the applicable Supplier Affiliate with written notice of [***] 

13.1.2 During the Pioneer Plant Term, Pepsi shall have [***] on the terms and conditions set forth in this Agreement [***] Pepsi shall provide
the Supplier or the applicable Supplier Affiliate with written notice of [***] 
 13.1.3 The provisions of this Article
13.1 shall terminate upon the expiration of the Pioneer Plant Term. 
 13.2 [***] 

13.2.1 Subject to Article 9.3, in the event that [***] the Supplier or relevant Supplier Affiliate [***]. 

  
 25 

 [***] 

13.2.2 Pepsi shall have [***] 

13.2.3 [***] 
 13.2.4 The above
right may only be exercise by Pepsi in writing [***] 
 13.3 [***] 

13.3.1 During the New Plant Term, Pepsi shall have [***] Pepsi shall provide the Supplier Affiliate with written notice [***] For the
avoidance of doubt, the Supplier and the Supplier Affiliate shall [***] 
 13.3.2 To the extent that the Supplier or the applicable Supplier
Affiliate [***] the Supplier or the applicable Supplier Affiliate may, [***] provided that [***] 
 13.3.3 During the New Plant Term, Pepsi
shall have [***] Pepsi shall provide the Supplier or applicable Supplier Affiliate with written notice [***] For the avoidance of doubt, the Supplier and the Supplier Affiliate shall [***] 

13.3.4 To the extent that the Supplier or the applicable Supplier Affiliate [***] the Supplier or the applicable Supplier Affiliate may [***]
provided that [***] 

  
 26 

	14.	 AUDIT AND FINANCIAL REVIEW RIGHTS 

14.1 During the Term and for 3 years thereafter, the Supplier will maintain complete and accurate manufacturing, processing, packaging and
quality control records that (1) show the complete history of each grouping of the Products, including lot numbers, production dates and any other information that provides traceability of the Products’ production lot; (2) facilitate
easy identification and tracking of each lot, batch, unit production run and any other applicable grouping; and (3) include other reasonable information requested by Pepsi. 

14.2 Pepsi, itself or through any authorized agent, (which agent shall not be a direct competitor of the Supplier) shall be entitled to
perform [***] audit, at Pepsi’s sole expense, of the Supplier’s and each Supplier Affiliate’s site where Feedstocks, Raw Material or Products are manufactured and/or stored for sale to Pepsi for the purposes of, among other things,
confirming compliance with applicable quality standards and specifications, the Sustainability Principles, Bio-Content requirements and the Supplier’s and Supplier Affiliate’s other obligations
hereunder. 
 14.3 The Supplier and applicable Supplier Affiliate shall cooperate fully and in good faith with such auditors by giving them
reasonable access to any relevant information and sites regarding, among other things, the Feedstocks, Raw Material and the Products and their conditions of storage. 

14.4 Any document, information or data that Pepsi (or Pepsi’s authorized agent) may obtain during any such audit (whether written, oral
or visual), as well as any subsequent audit report itself, shall be considered and treated as Confidential Information, in accordance with the terms of this Agreement and the Confidentiality Agreements. 

14.5 Such right of audit shall not unreasonably interfere with the conduct of the Supplier’s or the Supplier Affiliate’s business
and shall comply with the Supplier’s and the applicable Supplier Affiliate’s reasonable safety rules. 
 14.6 Audits carried out
by Pepsi (or Pepsi’s authorized agent) shall not limit or reduce the Supplier’s or any Supplier Affiliate’s obligations under this Agreement. 
  

	15.	 INTELLECTUAL PROPERTY 

15.1 General Rules. 

15.1.1 Except as provided in any other written agreement between the Parties (including the Patent License Agreement entered into and effective
simultaneously with this Agreement), all Intellectual Property Rights supplied by a Party for the manufacture of the Products are the exclusive property of that Party and the other Party shall not acquire (nor shall any third party), by its activity
or the performance of its obligations hereunder acquire, any ownership, license or right whatsoever to any of such Intellectual Property Rights. 

  
 27 

 15.2 Co-developed Products. The terms and
conditions of the Parties’ relationship regarding co-developed Products, if any, shall be as provided in the NaturALL Bio-PET Alliance Agreement or as otherwise
agreed in writing by the Parties. 
  

	16.	 FORCE MAJEURE EVENTS 

16.1 Neither Party shall be responsible for any failure to perform any of its contractual obligations hereunder, if such failure is due to a
Force Majeure Event. 
 16.2 The Party claiming to be affected by a Force Majeure Event shall use its best efforts to mitigate the
consequences of such event and shall notify the other Party as soon as possible after the occurrence of such Force Majeure Event. The Parties shall promptly consult each other in order to assess the consequences of such Force Majeure Event, and the
Party affected thereby shall attempt in good faith to resume the performance of this Agreement as soon as is reasonably practicable. 
 16.3
During any delay or failure to perform by the Supplier or any Supplier Affiliate as a result of any Force Majeure Event, Pepsi may (i) cancel any Orders, in which case the quantities of Products that are required to be purchased by Pepsi under
this Agreement will be reduced by the quantity of Products subject to such Orders or (ii) subject to Article 9.3, have the Supplier provide substitute Products from other sources, to the extent available and reasonably
practical, in quantities and at times that Pepsi requests and at the prices set forth in this Agreement. 
 16.4 If any Force Majeure Event
lasts more [***] after a Party gives written notice thereof to the other Party and the Parties do not agree otherwise within such time period, the Party that is not subject to such Force Majeure Event shall have the right to terminate this Agreement
in accordance with Article 19. In the event of a termination under this Article 16.4, this Agreement shall terminate without liability to either Party by reason of the occurrence of the Force Majeure Event,
except as otherwise provided in Articles 19, 20 and 22. 
  

	17.	 [RESERVED] 

  

	18.	 TERM 

18.1 The term of this Agreement with respect to the Pioneer Plant shall commence upon execution hereof by the Parties and shall remain in full
force and effect until the earlier to occur of: (i) five (5) years after the Pioneer Plant Start Date and (ii) the New Plant Start Date, in each case except in case of earlier termination in accordance with the terms of this Agreement
(Pioneer Plant Term). 
 18.2 The term of this Agreement with respect to the New Plant shall commence upon the New Plant Start Date
and shall remain in full force and effect until five (5) years after the New Plant Start Date, except in case of earlier termination in accordance with the terms of this Agreement (New Plant Term). 

18.3 The Parties shall meet one (1) year before the expiration of the New Plant Term in order to decide whether the New Plant Term shall
be extended. Any extension of the New Plant Term must be mutually agreeable and be made in writing and the renewal document shall be duly signed by both Parties. 

  
 28 

	19.	 TERMINATION 

19.1 Termination for Breach. Subject to the notice and cure provisions set forth in Articles 19.2 and 19.3,
and without prejudice to any other damages, rights or remedies to which it may be entitled, either Party shall be entitled to terminate this Agreement by written notice delivered in accordance with Article 28.3, in the event the
other Party breaches any of its representations, warranties or covenants in this Agreement. 
 19.2 Other Cases of Termination. 

19.2.1 Without compliance with the notice and cure provisions in Article 19.3 (but subject to compliance with any notice
and cure provisions set forth in the specified Articles), this Agreement may be terminated or shall be terminated, as the case may be: 

(i) in accordance with the terms of Article 4 (Conditions Precedent); 

(ii) in accordance with the terms of Article 5 (Pioneer Plant); 

(iii) in accordance with the terms of Article 6 (New Plant); 

(iv) in accordance with the terms of Article 7 (Production; Quality); 

(v) in accordance with the terms of Article 10 (Order—Delivery); 

(vi) in accordance with the terms of Article 16 (Force Majeure Events); 

19.2.2 Reserved; 
 19.2.3 In the
event of the occurrence of a Bankruptcy Event with respect to a Party, the other Party may terminate this Agreement by written notice to such first-mentioned Party. For the avoidance of doubt, the cure provisions of Article 19.3
shall not apply in the case of termination pursuant to this Article 19.2.4. 
 19.2.4 In the event (i) a
Bankruptcy Event occurs with respect to any member of the Associated PET Supply Chain, and (ii) such Bankruptcy Event constitutes a Material Adverse Change under this Agreement, and (iii) despite their best efforts, the Supplier and the
Supplier Affiliate are unable to retain a substitute member of the Associated PET Supply Chain within thirty (30) days after providing notice to Pepsi, in accordance with Article 28.3, of the occurrence of such Bankruptcy
Event, either Party may terminate this Agreement upon written notice to the other Party. 
 19.2.5 In the event that the Supplier fails to
achieve any Long Stop Date and has not remedied the failure within sixty (60) days, Pepsi may terminate this Agreement upon written notice to the Supplier in accordance with Article 28.3. 

19.2.6 In the event that Pepsi fails to pay any amount due to the Supplier or any Supplier Affiliate in excess of [***] (other than any amount
that is being disputed in good faith) and fails to cure such breach within thirty (30) days after written notice to Pepsi thereof, in accordance with Article 28.3, by the Supplier or any applicable Supplier Affiliate, the
Supplier may terminate this Agreement upon written notice to Pepsi. 

  
 29 

 19.3 Prior Written Notice and Cure Period. If either Party breaches
Article 10.7.1 or Article 7.3.3.1 of this Agreement and the non-breaching Party desires to terminate this Agreement (other than pursuant to any termination right set
forth in Article 19.2 and except where differing notice and/or cure rights are specifically provided in any other provision of this Agreement or where specifically otherwise provided), such
non-breaching Party shall first provide the breaching Party with written notice in accordance with Article 28.3 of its intent to terminate this Agreement. Such notice shall include a
reasonable description of the applicable breach and the reason for such termination, together with reasonable supporting documentation, if applicable. The breaching Party shall have [***] from the date such notice is given to cure such breach, or,
if such breach can be cured but not within such thirty (30) day period, such longer period as may be reasonably necessary to cure such breach, but in no event more than [***] after such notice of breach is given; provided that the breaching
Party shall (i) commence within [***] after notice thereof to cure such breach, (ii) provide the non-breaching Party with an adequate written plan within [***] after such notice of breach to cure
such breach within not more than such [***] after the notice of such breach is given and (iii) during such [***] period, make diligent efforts to cure such breach and provide the non-breaching Party with
reports every [***] documenting the breaching Party’s diligent efforts to cure such breach. If such breach is not cured within [***] days or such longer time period, up to [***], if applicable, the
non-breaching Party shall have the right to terminate this Agreement by written notice to the breaching Party without prejudice to any other rights, remedies or damages to which the non-breaching Party may be entitled hereunder. For the avoidance of doubt, the cure provisions of this Article 19.3 shall only apply to Article 10.7.1 and
Article 7.3.3.1 of this Agreement. 
 19.4 Termination of this Agreement not Termination of [***] If a
Triggering Event has occurred prior to the termination of this Agreement, termination of this Agreement shall not alter the impact of that Triggering Event on [***] and notwithstanding anything else contained in this Agreement, termination of this
Agreement does not [***] 
  

	20.	 CONSEQUENCES OF EXPIRATION AND TERMINATION 

20.1 In case of expiration or termination of this Agreement for any reason: 

20.1.1 The Supplier shall fulfill the Orders then in force, except in the case of termination pursuant to Article 19.2.7
(Pepsi’s failure to pay) in which case Article 20.2 shall apply; and 
 20.1.2 [***] each Party shall immediately
return to the other Party all Confidential Information owned by the other Party and shall cease to use any such Confidential Information. 

20.2 In the event the Buyers fail to purchase and pay for the Offtake Volumes and the Supplier terminates this Agreement as a result thereof,
Pepsi shall [***] Nothing contained in this Article 20.2 shall affect either Party’s rights under Article 22 or the Confidentiality Agreements. Notwithstanding anything to the contrary herein, Pepsi
acknowledges that the agreements contained in this Article 20.2 are an integral part of the transactions contemplated by this Agreement and without these agreements, the Supplier would not enter into this Agreement. 

  
 30 

 20.3 Except as expressly set forth herein, termination or expiration of this Agreement,
however caused, shall be without prejudice to any obligations or rights of either of the Parties which may have accrued before termination or expiration and shall not affect any provision of this Agreement which is expressly or by implication
intended to come into effect on, or to continue in effect after, such termination or expiry, including Article 8 (Price and Payment), Article 11 (Customs Clearance), Article 13 (Priority
Rights to Additional Product), Article 15 (Intellectual Property), Article 20 (Consequence of Expiration and Termination), Article 21 (Representations and Warranties),
Article 22 (Liability and Insurance), Article 24 (Confidentiality—Public Announcements), Article 25 (Non Solicitation), Article 28.8 (Governing Law; Venue;
Waivers), Article 28.9 (Independent Contractors) and Article 28.10 (Election of Remedies). 
 20.4
Subject to Article 19.3, if a Triggering Event occurs, then Pepsi may [***] 
  

	21.	 REPRESENTATIONS AND WARRANTIES 

21.1 Each Party represents and warrants to the other Party that as of the date hereof and during the Term that: 

21.1.1 It is a company duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its organization; 

21.1.2 Except as specifically set forth herein, no Affiliate of a Party shall be bound by any obligation of such Party or any of such
Party’s other Affiliates under this Agreement; 
 21.1.3 It has the legal right and authority to perform its obligations under this
Agreement and such obligations constitute valid and binding obligations of, and are enforceable against, such Party in accordance with their terms (except as such enforceability may be limited by bankruptcy or similar laws affecting creditors’
rights generally); 
 21.1.4 It is not a party to any material contract or other arrangement which would conflict with or cause it to breach
this Agreement; and 
 21.1.5 It has not granted any licenses, rights or options of any kind, which would cause it to breach this Agreement.

 21.2 The Supplier represents and warrants to Pepsi as of the date hereof and during the Term that: 

21.2.1 It has developed and owns a variety of methods, processes and techniques that are capable of producing
Bio-pX from cellulosic materials; 
 21.2.2 There is no claim made or threatened against the
Supplier asserting the invalidity, misuse, unenforceability or misappropriation of its Intellectual Property Rights used for the production of the Products, and it is not aware of any fact or circumstance in support of such claim; 

  
 31 

 21.2.3 It has the operational and technical capacity to deal with all the third parties
involved in the Associated PET Supply Chain; 
 21.2.4 The Products will be merchantable and fit for their intended purpose, namely, a
commercially acceptable package for beverage products, can be safely incorporated into and/or used safely in containers for beverage and food products produced for human consumption and otherwise in accordance with all Applicable Laws; 

21.2.5 Pepsi shall have [***] 

21.2.6 All the information and documents communicated to Pepsi by the Supplier in connection with this Agreement are and shall be true,
complete and accurate in all material respects; 
 21.2.7 It has the technical experience and ability in the field of the intermediate
chemical and resin manufacture to perform all of its obligations under this Agreement with a standard of quality expected from an expert in such field of activity; 

21.2.8 The production and sale of the Products by the Supplier and the use of the Products by Buyer will not violate any third party’s
Intellectual Property Rights; 
 21.2.9 It has good title to the Products; 

21.2.10 The Products will be free and clear of any liens or encumbrances; 

21.2.11 The Products will be free from defects in materials and workmanship; 

21.2.12 The Products will meet the Technical Specifications; 

21.2.13 The Products will be permissible under presently existing regulations under the Federal Food Additives Amendment and any other
applicable federal rules and regulations and under applicable state laws; 
 21.2.14 The Products will neither contain unsafe food additives
nor be adulterated nor misbranded as defined under any applicable law; and may be introduced into interstate commerce within the provisions of the Federal Food, Drug and Cosmetic Act; and 

21.2.15 Each shipment of Product will have a certificate of analysis containing a unique identifier to facilitate the matching of delivered
Product to the approximate dates and conditions of manufacture by the Supplier. 
 21.3 Pepsi represents and warrants to the Supplier that,
subject to Article 26.2, as of the date hereof and during the Term, Pepsi has and will maintain the financial resources and capability to satisfy all of its obligations under this Agreement. 

 

	22.	 LIABILITY AND INSURANCE 

22.1 Subject to Article 20.2, Pepsi shall, at its sole expense, fully indemnify, defend and hold harmless the Supplier and
the Supplier Affiliate, and their respective directors, employees, attorneys, affiliates and agents from and against any and all claims, actions, liabilities, damages, losses, costs and expenses, including reasonable attorneys’ fees
(collectively, Damages), incurred, suffered or required to be paid by any of them, directly or indirectly, as a result of any breach of any representation, warranty or covenant by Pepsi set forth in this Agreement. 

  
 32 

 22.2 Subject to Article 20.2, the Supplier and the Supplier Affiliate
shall, jointly and severally, at their sole expense, fully indemnify, defend and hold harmless the Buyers and their directors, employees, attorneys, affiliates and agents from and against any and all claims, actions, liabilities, damages, losses,
costs and expenses, including reasonable attorneys’ fees (collectively, Damages) incurred, suffered or required to be paid by any of them, directly or indirectly, as a result of (i) any breach of any representation, warranty or covenant by
the Supplier, any Supplier Affiliate or any subcontractor set forth in this Agreement, (ii) any act or omission of the Supplier, any Supplier Affiliate or any subcontractor that constitutes gross negligence or willful misconduct in the
performance or non-performance of this Agreement, (iii) breach of any Orders by the Supplier, any Supplier Affiliate or any of their authorized subcontractors and/or partners or (iv) any infringement
of the Intellectual Property Rights of any third party that results from or arises out of this Agreement (i.e. Bio-PET from the Pioneer Plant and Bio-pX from the New
Plant). Upon the institution of any suit or action alleging infringement against Buyer, Supplier shall either (i) pay the royalties claimed; or (ii) furnish non-infringing Products, provided it is
acceptable to Buyer; or (iii) continue to supply the allegedly infringing Products, provided that in such event, Supplier shall reimburse Buyer for any loss which Buyer sustains on account of infringement if, in such suit or action, it is held
that the manufacture, sale, or use of such Products did infringe a valid and enforceable patent right. 
 22.3 Subject to
Article 20.2, neither Party shall have the right to recover any Consequential Damages from the other Party or its Affiliates pursuant to this Agreement unless such Consequential Damages arise from such other Party’s gross
negligence or willful misconduct or injury to person or property caused by such other Party or its agents or subcontractors that are payable to any third party. Under no circumstances shall either Party have any recourse against any Representative
of either Party arising from or related to this Agreement. 
 22.4 Insurance. 

22.4.1 Throughout the Term and for a period of [***] the expiration thereof, the Supplier shall carry, at its sole cost and expense, commercial
general liability insurance on a form that, subject to 22.4.4, offers coverages equal to [***], including product liability, and completed operations coverage and broad form vendors and contractual liability endorsements, in the amount of not less
than [***] combined single limit per occurrence, which Supplier may provide using an umbrella and/or excess policy, provided that such insurance shall be primary over and above any other insurance available to Pepsi. 

22.4.2 Such coverage shall be on a date of occurrence form, shall [***] The insurance coverage required by this Article
22.4 [***] 
 22.4.3 The Supplier shall [***] 

  
 33 

 22.4.4 Not later than [***] Pepsi may [***] and Supplier shall [***] 

22.4.5 The terms of any such insurance policy or the amount of any coverage shall not release the Supplier or any Supplier Affiliate of any of
their liabilities hereunder. [***] 
 22.4.6 Upon request by Pepsi at any time [***] the Supplier or the applicable Supplier Affiliate shall
[***] If [***] the Supplier or the applicable Supplier Affiliate shall [***] 
  

	23.	 COMPLIANCE WITH APPLICABLE LAWS 

In performing its obligations under this Agreement, the Supplier shall, and shall cause the Supplier Affiliate and subcontractors to, comply at
all times with (i) all Applicable Laws; (ii) all of PepsiCo’s rules and regulations as provided to the Supplier, including PepsiCo’s Raw Material Quality and Food Safety Policy, which is attached hereto in its current form as
Appendix 16, as amended from time to time; and (iii) all applicable laws relating to anti-bribery and anti-corruption. The Supplier agrees that it will not give, offer or promise, directly or indirectly: money, presents,
meals, entertainment or anything of value to any public official as officials of government-owned companies or to political official or candidate (collectively, “Public Officials”), for the purpose of influencing any act or decision
of a Public Official in his or her official capacity or in order to obtain or retain business; also the Supplier warrants that there are no Public Officials who are officers, employees or direct or indirect owners as of the date of this Agreement.
Breach of this clause (iii) shall be deemed a material breach of this Agreement. In addition to the foregoing, the Supplier agrees to promptly report to Pepsi any request or demand for any undue financial or other advantage of any kind received
by the Supplier in connection with the performance of this Agreement. 
  

	24.	 CONFIDENTIALITY—PUBLIC ANNOUNCEMENTS 

24.1 The Parties have entered into the Confidentiality Agreements, copies of which are attached as Appendix 12. Subject to
the provisions of Article 24.2, nothing in this Agreement is intended to modify or supersede the provisions of the Confidentiality Agreements, and the Confidentiality Agreements shall remain in full force and effect after the
execution of this Agreement. 
 24.2 Neither Party shall be entitled to make any public statement, communication or press release regarding
the execution of this Agreement or any matter relating to or arising out of this Agreement without the other Party’s prior written agreement, not to be unreasonably withheld or delayed, provided however that, subject to Applicable Laws,
(i) the Parties shall first discuss the content of such public statement, communication or press release, (ii) such public statement, communication or press release shall be limited to the general terms of this Agreement without any
disclosure, in particular, of its economic terms and (iii) all such public statements, marketing and communications and press releases made prior to the New Plant Commercial Operation Date shall be subject to the prior approval of the other
NaturALL Bio-PET Alliance Members in accordance with the terms of the NaturALL Bio-PET Alliance Agreement. 

  
 34 

	25.	 NON SOLICITATION 

25.1 During the Term and for a period of [***] following the expiration or termination of this Agreement for any reason, neither Party shall
solicit, recruit, hire or otherwise employ or retain, directly or indirectly (including through any Affiliate), any person employed by the other Party (or any of its Affiliates) who is or has been involved in the negotiations and/or the performance
of this Agreement, in whole or in part, even if such Party is contacted for that purpose by such employee, except for general solicitation of employment not directed at such persons. 

25.2 Each Party acknowledges and agrees that the foregoing undertaking is intended to protect each Party’s respective trade secrets and
goodwill. 
 25.3 In the event that a Party breaches this Article 25, the breaching Party shall pay the non-breaching Party, upon its demand, an amount, as liquidated damages for breach of this Article 25, equal to the aggregate compensation (including bonuses or the pro rata portion thereof) paid
by the non-breaching Party to such employee during the [***] prior to the date such employee commences to be employed by or provide services to the breaching Party. 

 

	26.	 ASSIGNMENT 

26.1 Except as set forth in this Article 26, the Supplier shall not, and shall not permit any Supplier Affiliate to,
assign or otherwise transfer, in whole or in part any of its rights or obligations under this Agreement without Pepsi’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided that
(i) Supplier may assign its right to receive payments under this Agreement to its factoring bank without such consent and (ii) any such permitted assignee or transferee shall assume in writing Supplier’s obligations hereunder. [***]

 26.2 Pepsi shall not assign or otherwise transfer, in whole or in part, any of its rights or obligations under this Agreement to any
Person except a Pepsi Affiliate, without the Supplier’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided that any such permitted assignee or transferee shall assume in writing
Pepsi’s obligations hereunder. 
  

	27.	 SUBCONTRACTING 

Except for the agreements with the Associated PET Supply Chain as contemplated in this Agreement, the Supplier shall not subcontract all or any
part of its obligations under this Agreement without Pepsi’s prior written consent, which shall not be unreasonably withheld or delayed. In case of subcontracting (including to the Associated PET Supply Chain), the following shall apply: 

27.1 the Supplier shall remain liable to Pepsi for the performance by its subcontractor(s) of its obligations under this Agreement; 

27.2 the Supplier shall be solely responsible for payment of any sum due to its subcontractor(s); and 

27.3 the Supplier shall be responsible for compliance with all Applicable Laws relating to the involvement of such subcontractor in the
performance of this Agreement. 

  
 35 

	28.	 MISCELLANEOUS 

28.1 Severability. If any provision of this Agreement is held under a final court decision to be invalid, illegal or unenforceable in
any respect, such determination shall not impair or affect the validity, legality or enforceability of the remaining provisions hereof. 

28.2 Waiver. Failure by either Party to notify the other Party of a breach of any provision of this Agreement or to enforce any of its
rights under this Agreement shall not constitute a waiver of any continuing breach and/or of those rights. A waiver by either Party of a breach of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any
subsequent breach of the same provision or any other provision of this Agreement. 
 28.3 Notice. Any notice or other communication
required or permitted hereunder shall be in writing and shall be deemed to have been duly given on the date of service if served personally or five (5) Business Days after delivery to a courier if sent by private courier guaranteeing next day
delivery, addressed as follows: 
  

	 	(i)	 if to the Supplier: 

Micromidas, Inc. (dba Origin Materials) 

930 Riverside Parkway, Suite 10 West 

Sacramento, CA 95605 
 Attn:
John Bissell 
 with a copy to: 

Baker McKenzie 
 300 East
Randolph Street, Suite 5000 
 Chicago, IL 60601 

Attn: Mona Dajani 
  

	 	(ii)	 if to Pepsi: 

PepsiCo, Inc. 
 700 Anderson
Hill Road 
 Purchase, NY 10577 

Attn: Sr. Director Resin COE, Global Procurement 

[***] With a copy to: 
 PepsiCo,
Inc. 
 700 Anderson Hill Road 

Purchase, NY 10577 
 Attn: Legal
Vice President, Global Procurement 
 or to such other address as a Party may, from time to time, designate in a written notice to the other
Party. 

  
 36 

 28.4 Entire Agreement. This Agreement (including all Appendices hereto), together
with the Confidentiality Agreements, the NaturALL Bio-PET Alliance Agreement and the Patent License Agreement, constitute the entire agreement between the Parties pertaining to the subject matter hereof and
supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties in connection therewith. In the event of conflict between any provision of this Agreement and any provision of the NaturALL Bio-PET Alliance Agreement, the provisions of this Agreement shall take precedence and control; provided, however, that in the event of a conflict between Article 15.2 of this Agreement and any
provision of the NaturALL Bio-PET Alliance Agreement, such provision of the NaturALL Bio-PET Alliance Agreement shall take precedence and control. [***] 

28.5 Amendments. Any modification, amendment or supplement to this Agreement must be made in writing and signed by both Parties’
authorized representatives. 
 28.6 Costs and Expenses. All costs and expenses incurred by any Party in connection with the
negotiation, execution or performance of this Agreement shall be exclusively borne by such Party and shall not be reimbursed by the other Party, except as otherwise expressly provided in this Agreement. 

28.7 Counterparts. This Agreement may be executed in any number of counterparts each of which when executed by one or both Parties
hereto shall constitute an original but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or electronically (including a PDF) shall have the same effect
as delivery of a manually executed counterpart of this Agreement. 
 28.8 GOVERNING LAW; VENUE; WAIVERS. THE LAWS OF THE STATE OF NEW
YORK SHALL GOVERN THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION OF ITS TERMS AND THE INTERPRETATION OF THE RIGHTS AND DUTIES OF THE PARTIES, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. EACH PARTY AGREES THAT ANY SUIT ARISING OUT OF
THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON SUCH PARTY BY MAIL AT THE
ADDRESS SPECIFIED IN ARTICLE 28.3. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY WAIVES AND AGREES NOT TO ASSERT AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
(I) THAT IT IS NOT SUBJECT TO SUCH JURISDICTION, (II) THAT SUCH ACTION, SUIT OR PROCEEDING IS BROUGHT IN AN INCONVENIENT COURT OR (III) THAT SUCH COURT OR VENUE IS OTHERWISE IMPROPER. EACH PARTY HEREBY WAIVES ANY RIGHT TO TRIAL BY
JURY. 
 28.9 Independent Contractors. Each of the Parties is an independent contractor, and neither Party is an employee, agent,
representative, partner or joint venturer of the other Party, nor has any authority to assume or create any obligation or liability of any kind on behalf of the other Party. 

28.10 Election of Remedies. Without limiting Article 20.2, each Party acknowledges and agrees that in the event of
any breach of this Agreement by the other Party, the non-breaching Party would be irreparably and immediately harmed and could not be made whole by monetary damages. It is agreed that (i) the breaching
Party shall waive, in any action for specific performance, the defense of adequacy of a remedy at law and (ii) the non-breaching Party shall be entitled, in addition to any other

  
 37 

 
remedy to which it may be entitled at law or in equity, to compel specific performance of this Agreement and to injunctive relief, and the breaching Party further agrees to waive any requirement
for the securing or posting of any bond in connection with the obtaining of any such specific performance or injunctive relief. 
 28.11
New Alliance Members. Within three (3) months following the addition of any new party as a NaturALL Bio-PET Alliance Member, the Parties shall meet at a mutually acceptable time and place to
discuss in good faith any necessary amendments to this Agreement in a manner equitable to both Parties, and at such meeting the Supplier shall make available to Pepsi such data and information as Pepsi shall reasonably require to evaluate any such
amendments. For the avoidance of doubt, nothing in this 
 Article 28.11 shall alter the rights and obligations of the
Parties under this Agreement in any way except to the extent that the Parties may agree to do so in writing. 
 28.12 Financing
Cooperation. Pepsi acknowledges and agrees that this Agreement and the transactions contemplated hereby are fundamental to the Supplier’s and the Supplier Affiliate’s ability to secure financing for the design, construction,
development, operation and/or maintenance of the Plants. Pepsi shall provide such cooperation as the Supplier and the Supplier Affiliate may reasonably request in connection with obtaining financing for the design, construction, development,
operation and/or maintenance of the Plants, including providing customary information and documentation to any financing parties with respect to this Agreement and executing such reasonable forms of consent and assignment agreement as are customary
in a project financing of such magnitude. [***] 
 28.13 Non-Discrimination. Pepsi and the
Supplier will abide by the requirements of 41 CFR §§ 60-1.4(a), 60-300.5(a) and 60-741.5(a). These
regulations prohibit discrimination against qualified individuals based on their status as protected veterans or individuals with disabilities and prohibit discrimination against all individuals based on their race, color, religion, sex, sexual
orientation, gender identity, or national origin. Moreover, these regulations require that Pepsi and the Supplier take affirmative action to employ and advance in employment individuals without regard to race, color, religion, sex, sexual
orientation, gender identity, national origin, protected veteran status or disability. 
 28.14 Code of Conduct. This Agreement
shall be subject to and Supplier shall adhere to PepsiCo, Inc.’s Global Supplier Code of Conduct, available at 

www.pepsico.com/SupplierCodeofConduct , as amended from time to time. 

28.15 Productivity. The Supplier and Pepsi will work together in good faith to explore and achieve cost reductions in the manufacture
and delivery of the Products with the goal of achieving the lowest possible delivered price for the Buyers. The Supplier shall use commercially reasonable efforts to generate such cost reductions. 

28.16 [***] 

  
 38 

 [***](i) [***] 

(ii) [***] 
 (iii) [***] 

  
 39 

 [***] 

(iv) [***] 
 (v) [***] 

(A) [***] 
 (B) [***] 

(C) [***] 
 (D) [***] 

(vi) [***] 
 (A) [***] 

(B) [***] 
 [***](D) [***] 

  
 40 

 [***] 

28.17 Third Party Beneficiaries. It is expressly understood and agreed to by the Parties that the Parties intend the Converters and the
Bottle Manufacturer(s) to have third party rights under the terms and conditions of this Agreement; provided that the foregoing shall not be construed so as to limit the ability of the Parties to modify any provision of this Agreement by written
mutual agreement in their discretion. 
 [Signature Pages Follow] 

  
 41 

 IN WITNESS WHEREOF, this Offtake Supply Agreement has been executed and delivered as
of the date first written above. 
  

			
	Pepsi-Cola Advertising and Marketing, Inc.
		
	By:	 	 [***]

	Its:	 	 SVP + Chief Procurement Officer

	
	Micromidas, Inc. (dba Origin Materials)
	By:	 	  

	Its:	 	  

 IN WITNESS WHEREOF, this Offtake Supply Agreement has been executed and delivered as
of the date first written above. 
  

			
	Pepsi-Cola Advertising and Marketing, Inc.
		
	By:	 	  

	Its:	 	  

	
	Micromidas, Inc. (dba Origin Materials)
		
	By:	 	 /s/ John Bissel

	Its:	 	CEO

 Appendix 4: Timelines 

 

					
	 MILESTONE
	  	 DEADLINE

DATE
	  	 LONG STOP

DATE

	 Pioneer Plant Commercial Operation Date
	  	 [***]
  

(Pioneer Plant Deadline Date)
	  	 31 December 2021
  

(Pioneer Plant Long Stop Date)

			
	 First delivery* of Bio-PET to Pepsi incorporating Bio-pX from Pioneer Plant
	  	 [***]
  

(Pioneer Plant Bio-PET Deadline Date)
	  	 31 December 2021
  

(Pioneer Plant Bio-PET Long Stop Date)

			
	 New Plant Commercial Operation Date
	  	 [***]
  

(New Plant Deadline Date)
	  	 30 June 2025
  

(New Plant Long Stop Date)

			
	 First delivery** of Bio-PX to Pepsi from the New
Plant
	  	 [***]
  

(New Plant Bio-pX Deadline Date)
	  	 30 September 2025

(New Plant Bio-pX Long Stop Date)

  
 Appendix 5 - Page 1 

 * “First delivery” means the first full delivery (no partial delivery) to Pepsi by the Supplier or
any Supplier Affiliate or any Third Party Manufacturer of Bio-PET incorporating Bio-pX manufactured at the Pioneer Plant, in full compliance with the terms and
conditions of this Agreement, including but not limited to Article 7.5, and the corresponding Orders. 
 **“First delivery”
means the first full delivery (no partial delivery) to Pepsi by the Supplier or any Supplier Affiliate or any Third Party Manufacturer of Bio-pX manufactured at the New Plant, in full compliance with the terms
and conditions of this Agreement, including but not limited to Article 7.5, and the corresponding Orders. 

  
 Appendix 5 - Page 2 

 Appendix 5: SEDEX Platform 

Each of Pepsi’s selected suppliers shall have to register on Sedex. 

Sedex is a common data platform, issued from a responsible sourcing initiative called AIM-PROGRESS.

 Major FMCG companies are taking part in the project whose objective is to develop a common approach towards supplier performance on the
main sustainability issues (Labor Standards, Health & Safety, Environment and Business Integrity). 
 Sedex platform gives a
supplier the opportunity to share its information not only with Pepsi but with any of the other AIM-PROGRESS members. 

Therefore, each supplier selected by Pepsi shall register on Sedex platform (www.sedex.org.uk) for each of its production sites Pepsi. This
will allow the supplier: 
  

	 	☐	 to upload, store and share its information with as many of its customers as it choose to select;

  

	 	☐	 to satisfy the ethical information requirement for any of its customers who are members of Sedex;

  

	 	☐to	 upload audit results and to share them with its customers; 

 

	 	☐	 to avoid multiple audits from different customers—all the members of
AIM-PROGRESS group mutually recognize the audits done by any one of them. 

 The
security of all data is of paramount importance to Pepsi and Sedex, and data can only be shared between companies in a supply chain relationship. As the owner of a site, the supplier must explicitly grant access to member companies within its supply
chain. 

  
 Appendix 5 - Page 1 

 Appendix 6: Supplier Affiliate 

Origin Materials Canada Pioneer—Limited 

  
 Appendix 6 - Page 1 

 Appendix 11: Sustainability Principles 

This Agreement is subject to Pepsi’s Sustainable Packaging, Forestry Stewardship, and Land Use Policy, available at
http://www.pepsico.com/Purpose/Policies as amended from time to time. Supplier will adhere to the policy during the New Plant Term and will make commercially reasonable efforts to adhere to the policy during the Pioneer Plant Term. In support of the
foregoing for its supply of “virgin materials”, Supplier certifies that it will not knowingly source material in violation of the aforementioned policies and that it has put in place systems to ensure that all materials it uses come from
forest sources which meet Pepsi’s policies. This may include provision of certified materials, certified to a scheme which delivers the commitments and covered by a valid chain of custody certificate, or via other programs or approaches which
provide evidence that the policies are met. 
 For supply of “recycled materials” Supplier certifies that is has already obtained
and can provide evidence that the material is recycled. A claim from a recognized fiber certification scheme (FSC or PEFC) is acceptable as proof. Where certification is not available, Supplier has put in place systems to ensure that material is
post- or pre-consumer reclaimed material as defined by FSC. 
 Supplier agrees to provide
information related to the source of fiber used in their products to Pepsi at least annually within thirty (30) days of request. 
 All
virgin fiber must be sourced from woodlands with chain-of-custody certification through FSC, PEFC, or SFI, or at minimum be certified as FSC Controlled Wood. 

For non-certified fiber, Pepsi reserves the right to decide whether the evidence submitted to
demonstrate compliance with Pepsi policies is adequate to demonstrate that the all Products comply with the contract specification. In the event that Pepsi is not satisfied, Supplier shall commission and meet the costs of an independent verification
and report to either verify the material was reclaimed, or to (a) verify the forest source and (b) assess whether the source meets the requirements of Pepsi. 

  
 Appendix 11 - Page 1 

 Appendix 13: List of NaturALL Bio-PET Alliance
Members 
 Danone Research 
 Nestlé Waters
Management & Technology 
 PepsiCo, Inc. 

  
 Appendix 13 - Page 1

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