Document:

Exhibit 10.98

 

CONFIDENTIAL
TREATMENT REQUESTED. CERTAIN PORTIONS OF THIS DOCUMENT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND,
WHERE APPLICABLE, HAVE BEEN MARKED WITH AN ASTERISK TO DENOTE WHERE OMISSIONS HAVE BEEN MADE. THE CONFIDENTIAL MATERIAL HAS BEEN
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

JOINT VENTURE AGREEMENT

 

 

THIS JOINT VENTURE AGREEMENT (this “Agreement”)
is made and entered into as of December 6, 2016 (the “Effective Date”), by and between (i) Amyris, Inc., a Delaware
corporation having its principal place of business at 5885 Hollis Street, Suite 100, Emeryville, California 94608, USA (“Amyris”),
and (ii) Nikko Chemicals Co., Ltd., a Japanese corporation having its principal place of business at 1-4-8, Nihonbashi-Bakurocho,
Chuo-ku, Tokyo 103-0002, Japan (“Nikko Chemicals”) and Nippon Surfactant Industries Co., Ltd., a Japanese corporation
having its principal place of business at 7-14 Hiraidekogyodanchi, Utsunomiya, Tochigi 321-0905 (“Nissa”
and, together with Nikko Chemicals, “Nikko”). Amyris and Nikko are sometimes referred to herein collectively
as the “Parties” and each individually as a “Party.” In case of Nikko, the Party’s rights and obligations
are allocated to Nikko Chemicals and Nissa on an 80%/20% basis unless otherwise expressly stated.

 

WHEREAS, Amyris is a technology company which is focused
on the research, development, production and commercialization of a variety of renewable chemical products;

 

WHEREAS, Nikko Chemicals is a specialty chemical company which
is focused on the manufacture and distribution of ingredients for cosmetic and other applications;

 

WHEREAS, Nissa is a specialty chemical company which
is focused on the manufacture and distribution of ingredients for cosmetic and other applications; and

 

WHEREAS, Amyris desires to form a Delaware limited liability
company (the “Company”), make an in-kind contribution (including assets from Glycotech and Salisbury) to such company
and sell fifty percent (50%) of the membership units in such company to Nikko so that the Company will become a joint venture company
engaging in the manufacture, marketing, sale, distribution and other disposition of (i) squalane, (ii) hemisqualane, and (iii)
other products developed or to be developed through R&D activities involving Amyris (collectively, “Products”)
under this Agreement and the First Amended and Restated LLC Operating Agreement of Neossance, LLC dated as of the Effective Date
(“LLC Operating Agreement”).

 

NOW, THEREFORE, in consideration of the agreements and obligations
set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereby agree as follows:

 

Section 1.       Formation
of LLC

 

1.       Formation and Contribution. On or
prior to the Closing (as hereinafter defined), Amyris shall form or shall have formed the Company as a limited liability company
under the law of the State of Delaware, USA and shall contribute or shall have contributed the Neossance Business (as hereinafter
defined), free and clear of any Encumbrances, to the Company in exchange for 100 membership units of the Company (“Shares”).
Documents showing the formation is attached hereto as Annex 1.1 and documents showing the contribution shall be delivered on or
prior to the Closing.

 

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2.       Neossance Business. For the purpose of this Agreement, the Neossance Business shall mean manufacturing, marketing,
sale, distribution and other disposition of the Products as conducted by Amyris, as of the date hereof or prior to the contribution
described in Section 1.1, (A) in any field, in the case of squalane; (B) in any field that is not excluded based on an agreement
currently valid by and between Amyris and a third party, in the case of hemisqualane; and (C) in the field of cosmetics (which
for the avoidance of doubt excludes those (i) solely related to any market(s) or industry(ies) other than cosmetics or (ii) subject
to certain [*] and such other fields as agreed by the Parties, in the case of all other Products (collectively, the “Field”)
and in bulk to incorporate into other products for sale to consumers, as well as any and all properties, assets, inventory and
rights necessary for and used in relation to the foregoing (collectively, “Assets”), and shall include the following:

 

(a)       Glycotech
/ Salisbury Assets:

 

(i)        any
and all right, title and interest in and to the real property located at 2271 Andrew Jackson Highway, Leland, Brunswick County,
North Carolina (the “Real Property”), as well as furniture, fixtures, equipment, inventory, raw materials, supplies
and other tangible assets located at or used or owned by Glycotech, Inc. (“Glycotech”) and/or Salisbury Partners, LLC
(“Salisbury”) in connection with the manufacturing facility at the Real Property;

 

(ii)        any
and all right, title and interest in and to the processes, procedures, instructions, formulations, techniques and similar matters
related to the development, production or other activities under the Production Services Agreement dated February 1, 2011 between
Glycotech and Amyris (attached hereto as Annex 1.2(a)(ii), “PSA”), and any and all intellectual property relating exclusively
thereto (including those invented by employees and contractors of Glycotech/Salisbury and owned by Glycotech/Salisbury), including
all inventions, trade secrets, know-how and copyrights (including key patents listed on Annex 1.2(a)(ii)(B)); and

 

(iii)       any
and all rights under the Environmental Indemnification Agreement dated November 7, 2008 between C.T. Specialty Properties, L.L.C.
and the Access and Indemnity Agreement dated February 26, 2009 between Salisbury and Akzo Nobel SPG LLC and Akzo Nobel’s
agreement with Amyris relating thereto (collectively, the “Akzo Nobel Agreements”); and

 

(b)       Amyris
Assets:

 

(i)       any
and all of right, title and interest of Amyris in, to and under the following assets:

 

(A)             
all relationships with all existing and prospective customers of Products in the Field;

 

[*] Certain portions denoted with an asterisk have been omitted
and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portions.

 

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(B)             
all municipal, state, federal and foreign permits, licenses, registrations, filings, and authorizations held or used by Amyris
in connection with any business activities involving the Products in the Field;

 

(C)             
all promotional materials, sales literature, advertising, brochures, user manuals, graphics and artwork to the extent they relate
to Products in the Field;

 

(D)             
all books, records, files, documents, data, information and correspondence (or portions thereof) held or used by Amyris to the
extent they relate to the Products in the Field; and

 

(E)              
the goodwill of Amyris to the extent they relate to the Products in the Field.

 

(ii)       any
and all rights of Amyris under distribution agreements and other agreements involving Amyris (material agreements being listed
on Exhibit A);

 

(iii)      a royalty-free, perpetual
and sublicensable license to use, make, have made, sell, offer for sale, import and otherwise dispose of Products for their respective
permitted Fields as defined in Section 1.2 of this Agreement under any know-how, patents, trademarks and other intellectual property
rights, currently or in the future, owned by or licensed to Amyris regarding the Products (including key patents listed on Exhibit
B-1 and key trademarks listed on Exhibit C), which license is exclusive to the extent license rights to such intellectual
property have not been granted to a third party (for the avoidance of doubt no license rights to intellectual property listed on
Exhibits B-1 and C have been granted to any third party); and

 

(iv)       all
copyrights (whether registered or unregistered) involving the Products (e.g., advertising and marketing materials in all media
(web, sound, print), product packaging, product labeling, instructions for use and product inserts).

 

3.       No Liabilities.
Notwithstanding the foregoing, the Company shall not assume or have any responsibility or liability for, and Amyris shall retain,
be responsible and liable for, and perform and discharge any liability and obligation:

 

(a)       arising
out of or relating to the ownership or operation of the Assets (including Glycotech/Salisbury Assets, the Amyris Assets, and the
Real Property) and the Neossance Business (including without limitation any liability for environmental issues involving the Real
Property) prior to the Closing;

 

(b)        arising
or existing prior to the Closing under any contract or agreement relating to the Assets and the Neossance Business (including any
obligations to pay for purchase of products/services that are agreed prior to the Closing);

 

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(c)        arising
out of the failure of Amyris, Salisbury or Glycotech and their Affiliates to comply with any Applicable Law prior to the Closing;
and

 

(d)       based
upon any acts or omissions by Amyris, Salisbury or Glycotech prior to the Closing.

 

4.       Shared
Assets. If Amyris needs to utilize any Assets, the Parties shall discuss and determine the terms and conditions on which Amyris
may use such Assets.

 

5.       License
Grants.

 

(a)       Amyris
hereby grants to the Company a royalty-free, non-sublicensable license under the intellectual property rights owned by Amyris necessary
to use, make, have made, sell, offer for sale, import Products for their respective permitted Fields as defined in Section 1.2
of this Agreement (including key patents listed on Exhibit B-2), and for no other purpose, which license is non-exclusive
to the extent license rights to such intellectual property have been granted to a third party.

 

(b)        Amyris
hereby grants to the Company and Nikko (i) a non-exclusive, royalty-free, non-sublicensable license under the intellectual property
rights owned by Amyris related to the production of farnesene by or for the Company, solely to use, make, have made, sell, offer
for sale and/or import Products and (ii) a non-exclusive, royalty-free, non-sublicensable license to use and make know-how and
materials to generate strains and strains themselves (collectively, “Strain Materials”) for the production of farnesense,
each only the occurrence of any of the following events (“Triggering Events”): (A) a valid termination by Nikko of
the supply agreement described in Section 5.1 hereof (“Supply Agreement”) following a material breach of or default
under such supply agreement by Amyris that remains uncured following any applicable cure period or (B) any other situation where
Amyris becomes unable to supply farnesene to the Company in case that such Supply Agreement is not executed.

 

(c)       Amyris
shall commence the placement of Strain Materials in escrow with a third party mutually acceptable to the Parties immediately after
the Closing and shall complete such arrangement within forty five (45) days of the Closing, so that the Company and Nikko shall
receive such Strain Materials upon the occurrence of any of the Triggering Events.

 

6.       Loan.
In order for Amyris to transfer the Real Property to the Company, free and clear of any encumbrances, Amyris hereby acknowledges
that it needs to pay $3,900,000 (“Payment Amount”) to Salisbury, as evidenced by a pay-off letter (the “Pay-Off
Letter”) issued by Glycotech/Salisbury (which shall include, among others, a commitment to terminate the UCC financing statement
filed by the First Western Bank & Trust (DBA All Lines Leasing) and reconvey or otherwise terminate any encumbrances in favor
of Glycotech/Salisbury with respect to Glycotech/Salisbury Assets).

 

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To ensure such payment described above, Nikko Chemicals
shall loan an amount equal to the Payment Amount to Amyris and pay such Payment Amount, on behalf of Amyris, to Salisbury (or
as otherwise mutually agreed by the Parties), provided that (i) Nikko Chemicals receives the Pay-Off Letter executed by Glycotech/Salisbury;
(ii) Amyris grants to Nikko Chemicals a first-priority security interest in and to 10% of the Shares; (iii) a UCC financing statement
is filed to secure Nikko Chemicals’ security interest in and to 10% of the Shares; (iv) Payment Amount is evidenced by a
purchase money promissory note (the “Purchase Money Note”).

 

The Purchase Money Note shall bear
interest at the rate of five percent (5%) per annum, with a term of thirteen (13) years, and payable in level monthly payments
of principal and interest in an amount of $30,557.09, with the first such monthly payment to be due on the first day of the month
following the month in which the Closing occurs, and continuing on the first day of each successive month thereafter. Further,
Amyris shall pay $400,000 in equal monthly installments of $100,000 on January 1, 2017, February 1, 2017, March 1, 2017 and April
1, 2017.

 

In addition to the repayment described
in the immediately preceding paragraph, Amyris shall, commencing with the distributions from the Company relating to the fourth
fiscal year of the Company and continuing for each fiscal year thereafter until the Purchase Money Note is fully paid off, pay
Nikko Chemicals an amount equal to the profits distributed to it by the Company in order to accelerate its repayment to Nikko Chemicals.
The Purchase Money Note shall provide for a late fee of 5% for any payments delinquent more than five (5) days.

 

To secure prompt payment in full
when due (whether at stated maturity, by acceleration or otherwise) and performance of Amyris’ obligations under the Purchase
Money Note, Amyris hereby pledges and grants to Nikko Chemicals a first-priority security interest in and to all of Amyris’
right, title and interest in, to and under ten (10) percent of the Shares (i.e., membership interests of the Company) (the “Pledged
Shares”). Amyris hereby agrees that it will not sell, assign, encumber or otherwise transfer or dispose of such Shares, except
as expressly permitted by the LLC Operating Agreement. Amyris irrevocably appoints Nikko Chemicals as its true and lawful attorney-in-fact
of Amyris to make, execute and file UCC financing statement to secure Nikko’s security interest in and to 10% of the Shares
described above.

 

In the event of default by Amyris
under the Purchase Money Note, the Pledged Shares will be transferred to Nikko Chemicals so that Nikko Chemicals’ shareholding
percentage will increase by ten (10) percent, regardless of the amount repaid by Amyris under the Purchase Money Note on or prior
to such default.

 

7.       Sales
Commission. For the avoidance of doubt, it is hereby confirmed that, regardless of the consummation of the transaction contemplated
hereby, Amyris will continue paying Nikko Chemicals the sales commission under the Sales Commission Agreement dated April 1, 2016
by and between Amyris and Nikko Chemicals.

 

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Section
2.       Purchase and Sale of Shares

 

1.       Transfer
of Shares. Subject to the terms and conditions set forth herein, at the Closing (as hereinafter defined), Nikko shall purchase
and acquire from Amyris, and Amyris shall sell, assign, convey, transfer and deliver to Nikko, fifty (50) Shares (i.e., 40 Shares
for Nikko Chemicals and 10 Shares for Nissa), which Shares (a) shall be fully paid and non-assessable, (b) shall, on a fully diluted
basis, represent 50% of the issued and outstanding shares of the Company, (c) shall be free and clear of any and all Encumbrances,
and (d) shall include all rights attaching to the Shares (including voting rights and the right to receive all profits and distributions
declared, made or paid on or after the date hereof).

 

2.       Purchase
Price. In acquiring the 50% of the Shares in Section 2.1 (40% by Nikko Chemicals and 10% by Nissa), Nikko shall pay Amyris
the following purchase price (the “Purchase Price”):

 

(a)       an
initial purchase price equal to ten million dollars (US$10,000,000) payable within three Business Days after the Closing (the “Initial
Purchase Price”); and

 

(b)       an
earnout equal to the profits distributed to Nikko in cash as a Member of the Company until the earlier of: (a) three years from
the date hereof (even if Amyris receives less than ten million dollars) and (b) such time as Amyris has received a total of ten
million dollars (US$10,000,000) (even if such time is less than three years from the date hereof) (the “Earnout”).

 

Nikko shall pay Amyris each earnout
in an amount equal to the profits distributed to it by the Company (at the rate of 40% by Nikko Chemicals and 10% by Nissa) and
such payment shall be made within one week of such receipt of such profits.

 

In the event that any of the Neossance
Business contributed to the Company is subject to any Encumbrances, the Initial Purchase Price and the Earnout shall be used to
remove such Encumbrances so that the Neossance Business shall become free and clear of any Encumbrances.

 

3.       Tax Treatment.
For U.S. federal income and other applicable Tax purposes, the Parties agree to treat the purchase of the Shares by Nikko in a
manner consistent with Revenue Ruling 99-5, Situation #2. As a result, the Parties agree to treat Nikko as purchasing a 50% interest
in each of the Assets of the Company (which are treated as held directly by Amyris for U.S. federal income Tax purposes), followed
immediately by a contribution by Nikko and Amyris of their respective interests in such Assets to the Company.

 

4.       Purchase Price Allocation.
No later than forty five (45) days after the Closing, Nikko shall prepare and deliver to Amyris an allocation (the “Purchase
Price Allocation”) of the purchase price (as determined for U.S. federal income Tax purposes) and any other amounts treated
as consideration for U.S. federal income Tax purposes among the Assets consistent with Section 1060 of the Code and the Treasury
Regulations promulgated thereunder (and any similar provision of state, local or foreign Tax law, as appropriate). Nikko, Amyris
and their Affiliates shall file all Tax Returns (including, but not limited to, IRS Form 8594) in all respects and for all
purposes consistent with such Purchase Price Allocation. Amyris shall timely and properly prepare, execute, file and deliver all
such documentation, forms and other information as Nikko shall reasonably request to prepare the Purchase Price Allocation. Neither
Nikko, Amyris nor their Affiliates shall take any position (whether on any Tax Returns, in any Tax Proceeding, or otherwise) that
is inconsistent with the Purchase Price Allocation, unless required to do so by applicable law. If the amount of the Purchase Price
or any other amounts treated as consideration for U.S. federal income Tax purposes is adjusted pursuant to the terms of this Agreement,
then the Purchase Price Allocation shall be amended by Nikko to reflect such adjustment and Nikko shall deliver a copy of
such amended Purchase Price Allocation to Amyris, which amended Purchase Price Allocation shall be binding on Nikko, Amyris and
their Affiliates in accordance with the provisions contained in this Section 2.4. For the purpose of this Section, “Tax
Proceeding” means any Tax audit, assessment, examination, litigation, dispute, review, information request, proposed deficiency
or adjustment, or administrative or court proceedings of any kind relating to Taxes.

 

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5.       Withholding.
Nikko shall be entitled to deduct and withholding, or cause to be deducted and withheld, from any amounts payable pursuant to this
Agreement such amounts as it determines are required to be deducted or withheld therefrom under any provision of U.S. federal,
state, local or foreign Tax law or under any other applicable legal requirement. To the extent such amounts are so deducted and
withheld and paid over to the appropriate Governmental Authority, such amounts will be treated for all purposes of this Agreement
as having been paid to the Person in respect of which such deduction and withholding was made.

 

SECTION 3.       CLOSING

 

1.       Closing. Subject
to the terms and conditions set forth herein, the closing of the transactions contemplated hereby (the “Closing”) shall
occur at such place and at such time, if any, as agreed to by the Parties.

 

2.       Closing Deliveries.

 

(a)               
On or prior to the Closing, Amyris shall deliver, or cause to be delivered, to Nikko a certificate of Amyris’ Secretary
or other duly authorized officer, in a form reasonably acceptable to Nikko, certifying that (A) attached are true and correct copies
of the resolutions of Amyris authorizing the execution, delivery and performance of this Agreement and the other documents to which
it is a party contemplated hereby and thereby and the consummation of the transactions contemplated by this Agreement, (B) all
such resolutions are in full force and effect and have not been repealed or contravened, (C) such resolutions constitute all the
resolutions adopted in connection with the transactions contemplated by this Agreement and (D) all of its representations and warranties
set forth herein are true and correct. Further, on or prior to the Closing, Amyris shall provide (i) written consents to consummate
the transaction contemplated hereby, which are issued by all of the financial institution(s) and other Persons lending money to
or providing guarantees for Amyris (and whose consent is required for such consummation), (ii) written consent from Akzo Nobel
SPG LLC confirming that the Company is entitled to exercise any and all rights under the Akzo Nobel Agreements or other documentation
relating to the Akzo
Nobel Agreements reasonably satisfactory to Nikko, (iii) a statement pursuant to Treasury Regulation Section 1.1445-2(b), in a
form reasonably satisfactory to Nikko, providing that Amyris is not a “foreign person” for purposes of Section 1445
of the Code, (iv) a list of Amyris’ debt-holders; (v) warranty deed conveying the Real Property to the Company together with
any necessary sewer, utility and access easements; (vi) a bill of sale and assignment from Amyris conveying to the Company the
Assets; (vii) a statement of termination of the UCC financing statement filed for the First Western Bank & Trust (DBA All Lines
Leasing); and (viii) financial statements of Glycotech/Salisbury. In relation to Section 3.2.(a)(i), Amyris hereby confirms that
it will deliver a letter of waiver and release issued by Stegodon Corporation concerning the transactions contemplated by this
Agreement and that no other consent is required to consummate such transactions in accordance with the terms of this Agreement.

 

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(b)              
On or prior to the Closing, each of Nikko Chemicals and Nissa shall deliver, or cause to be delivered, to Amyris a certificate
of Nikko Chemicals’ or Nissa’s Secretary, as applicable, or other duly authorized officer, in a form reasonably acceptable
to Amyris, certifying that (A) attached are true and correct copies of the resolutions of Nikko Chemicals or Nissa, as applicable,
authorizing the execution, delivery and performance of this Agreement, the other documents and the other documents to which it
is a party contemplated hereby and thereby and the consummation of the transactions contemplated by this Agreement, (B) all such
resolutions are in full force and effect and have not been repealed or contravened, (C) such resolutions constitute all the resolutions
adopted in connection with the transactions contemplated by this Agreement and (D) all of its representations and warranties set
forth herein are true and correct. Further, at the Closing, Nikko shall remit the Initial Purchase Price in accordance with Section 2.2.

 

3.       Transfer
Taxes. Any Transfer Taxes shall be borne by Amyris. The Party required by applicable law to file any Tax Return with respect
to such Transfer Taxes will do so within the time period prescribed by applicable law and will pay all Transfer Taxes required
to be paid in connection therewith; provided, however, that Amyris will promptly reimburse Nikko for any Transfer Taxes so paid
by Nikko. To the extent that Amyris is required to file any Tax Return pursuant to the preceding sentence, Amyris shall provide
Nikko with evidence satisfactory to Nikko that any Transfer Taxes required to be paid in connection therewith have been timely
paid to the applicable Governmental Authority.

 

 

section 4.Representations
and Warranties

 

1.       As an inducement to
Nikko to enter into this Agreement, Amyris hereby makes the representations and warranties concerning Amyris as set forth in Exhibit
D and those concerning the Company as set forth in Exhibit E. As an inducement to Amyris to enter into this Agreement,
each of Nikko Chemicals and Nissa hereby makes the representations and warranties set forth in Exhibit F. The representations
and warranties contained in this Agreement shall survive until the expiration of the applicable statute of limitations with respect
thereto.

 

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2.       Each Party shall indemnify,
save and hold the other Party, its Affiliates and each of their respective directors, officers, employees, stockholders, successors,
transferees and assignees, and other representative (collectively, “Representatives”) of such Person harmless from
and against any and all losses, liabilities and costs (including without limitation attorney’s fees) arising out of or in
connection with (i) any breach or inaccuracy with respect to any representations or warranties set forth in this Agreement, or
(ii) any non-compliance with any of the covenants, agreements or obligations set forth in this Agreement.

 

3.       All indemnification
payments made under this Agreement shall be treated for Tax purpose by the Parties as an adjustment to the purchase price, unless
otherwise required by applicable law.

 

Section 5.       POST-CLOSING
ACTIONS

 

1.       Supply Agreement.
Amyris shall execute, and shall cause Amyris Brasil Ltda. (“Amyris Brasil”) to execute, with the Company an agreement
to supply farnesene to the Company. Further, as soon as possible after the Closing, Amyris shall secure another route (i.e., CJ
BIO) to supply farnesene to the Company at the same price level as Amyris. At a reasonable time, Nikko shall have the right to
inspect Amyris and Amyris Brasil to verify that Amyris supplies farnesene to the Company through Amyris Brasil with no or nominal
profit.

 

2.       Service Agreements.
Each Party may enter into agreements with the Company in which such Party shall provide its administration, financial or other
services to the Company from time to time; provided, however, the effectiveness of such agreements shall be subject to an approval
at the Company’s board of directors (the “Board”).

 

3.       Contract Manufacturing
Agreements. Each Party may enter into agreements with the Company in which the Company shall manufacture such products as designated
by such Party from time to time; provided, however, that such manufacturing activities shall not negatively affect the Company’s
business activities with respect to the Products (in particular, squalane and hemisqualane) and that the effectiveness of such
agreements shall be subject to an approval at the Board.

 

4.       Space Leasing Agreements.
Each Party may enter into agreements with the Company in which the Company leases available space to such Party from time to time;
provided, however, that such lease shall not negatively affect the Company’s business activities with respect to the Products
(in particular, squalane and hemisqualane) and that the effectiveness of such agreements shall be subject to an approval at the
Board.

 

5.       Manufacture of Products.
Amyris shall guarantee that the Company manufactures squalane at a Fully Burdened Cost of no more than [*]
and hemisqualane at a Fully Burdened Cost of no more than [*]. Any amount exceeding such agreed
price(s) shall be borne and paid by Amyris.

 

 

 

[*] Certain portions denoted with an asterisk have been omitted
and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portions.

 

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6.       Distribution.
Amyris and its Affiliates shall conduct all of its business related to the Products in the Field and in bulk through the Company.
Amyris and its Affiliates shall purchase all of its requirements of the Products (whether the Products are in the Field, in bulk
or otherwise) from the Company.

 

7.       Customers. Amyris
shall transfer to the Company any and all of its and its Affiliates’ actual and potential customers for the Products. All
of the contracts executed by and between Amyris and its customers and currently effective are listed on Exhibit A.

 

8.       Access to R&D.
Each Party shall make available to the Company under commercially reasonable terms its research and development expertise regarding
the Products; provided, however, that any costs for labor and materials shall be borne by the Company. Whether and under what additional
terms and provisions the Company shall seek to utilize such research and development expertise of either or both Parties shall
be subject to determination by the Board from time to time in its discretion.

 

9.       Third Party Product.
If Amyris engages in research and development activities with its business partner or any other Person and if such Person does
not have exclusivity as to the product developed through such activities, then the Company shall have the right to sell, distribute
or otherwise deal with such product in the Field.

 

10.       Working Capital.
Promptly after the Closing, Amyris will loan $500,000, and Nikko will loan $1,500,000 (i.e., $1,200,000 by Nikko Chemicals and
$300,000 by Nissa), to the Company for its working capital. If the Company is unable to repay the loan to a Party as due, then
such Party shall be entitled to convert the loan into Shares under the LLC Operating Agreement.

 

11.       Non-Competition.
Neither Party nor any of its Affiliates shall, directly or indirectly, engage in the Neossance Business in the Field and/or in
Bulk (excluding any business already existing as of the Effectively Date and that is not transferred to the Company) or shall participate
in or receive any benefit from any such business without prior written consent of the other Party.

 

12.       Buy-Out. In
the event of (i) an acquisition, merger, sale of assets or other similar reorganization, or (ii) a dissolution, backruptcy, insolvency,
demerger, divestment or other similar event of one Party, the other Party shall have the first right to purchase all of the Shares
owned by the Party experiencing such event. The purchase price for the Shares shall be as follows: in the case of an event described
in clause (i) the purchase price shall be equal to the then current fair market value of the Shares to be purchased, or in the
case of an event described in clause (ii), the purchase price shall be equal to the then current fair market value or book value
of the Shares to be purchased, whichever is lower. For purposes of this Section 5.12, fair market value shall be determined by
a firm mutually agreed upon by the Parties with expertise in valuations.

 

13.       Assignment of Assets.
To the extent that any Assets held by Amyris, Glycotech or Salisbury are discovered to constitute the Neossance Business, Amyris
shall cooperate with Nikko and shall execute and deliver any instruments of transfer or assignment reasonably necessary to transfer
and assign such Assets to the Company.

 

14.       Further
Assurances. Each Party agrees to execute such documents, instruments or conveyances and take such actions as may be reasonably
requested by the other Party and otherwise cooperate in a reasonable manner with the other Party, its Affiliates and their respective
Representatives in connection with any action that may be necessary, proper or advisable to carry out the provisions hereof or
transactions contemplated hereby.

 

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Section 6.       MISCELLANEOUS

 

1.       Confidentiality.
Each Party shall keep the existence and terms of this Agreement, as well as any information of the other Party made available under
this Agreement, strictly confidential; provided, however, that this provision shall not apply to: (a) any disclosure
to the Parties’ counsels and other professional advisors; (b) any disclosure in the event of legal proceedings initiated
among the Parties; (c) any disclosure to the directors, officers or employees of the concerned Party or its Affiliate on a need-to-know
basis; (d) any disclosure required by Applicable Law, by any relevant regulatory authority (including in any Tax Returns) or by
the rules of any recognized stock exchange; (e) any disclosure of information where such information has entered the public domain
or been received by the concerned Party otherwise than through breach of this Agreement; and (f) any disclosure reasonably required
to be made in order to enforce any provision of this Agreement.

 

2.       Notice. All notices
under this Agreement shall be sent by registered mail or nationally recognized overnight courier, in each case, with confirmation
of receipt, and shall be deemed to have been sent on the date of receipt or on the date of mailing if preceded by transmission
of the text of such notice by facsimile (with confirmation of transmission) to the number or by e-mail to the e-mail address given
by each Party in writing.

 

3.       Press Release.
At or promptly after the execution of this Agreement, each Party may issue a press release concerning the transaction(s) contemplated
by this Agreement.

 

4.       Costs
and Expenses. Except as otherwise specifically provided for in this Agreement, each Party will bear its own expenses, costs,
and fees (including without limitation legal fees) incurred in connection with the transactions contemplated hereby, including
the preparation, negotiation and execution of this Agreement and other documents contemplated hereby and compliance with their
terms and conditions. Except as set forth in Section 3.3, all documentary transfer or transaction duties and any other transfer
taxes (along with any interests or penalties related thereto), arising as a result of the sale and purchase of the Shares shall
be equally borne by the Parties.

 

5.       Governing
Law. This Agreement shall be construed and interpreted in accordance with and governed by the Laws of the State of Delaware
(without regard to the choice of law provisions thereof). Any and all disputes arising out of or in connection with this Agreement
shall be finally and exclusively settled under the Rules of Arbitration of the International Chamber of Commerce by three arbitrators
appointed in accordance with the said Rules. The place of arbitration shall be Tokyo, Japan, in the event of an arbitration proceeding
initiated by Amyris, or San Francisco, California, United States, in the event of an arbitration initiated by Nikko, and judgment
on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

 

6.       Parties Bound; No
Third Party Beneficiaries. This Agreement shall inure to the benefit of and shall be binding upon the Parties and their respective
heirs, successors and assigns. No provision of this Agreement is intended to or shall be construed to grant or confer any right
to enforce this Agreement or any remedy for breach of this Agreement to or upon any Person other than the Parties.

 

7.       Amendment. No
change or modification to this Agreement shall be valid unless the same is approved by the Parties in writing.

 

    	 	11	 

     

    

8.       Assignment. Neither
Party may assign, by operation of Law or otherwise, either this Agreement or any of its rights, interests, or obligations hereunder
without the express prior written consent of the other Party. Notwithstanding the foregoing, Nikko may, without Amyris’ or
the Company’s consent, assign this Agreement and any of its rights, interests and obligations hereunder (including any relevant
portion of the Shares) to Nissa.

 

9.       Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance shall, for any reason and to any extent,
be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other Persons or circumstances
shall not be affected thereby but rather shall be enforced to the greatest extent permitted by Applicable Law.

 

10.       No
Waiver. No waiver of any term or condition of this Agreement shall be valid or binding on a Party unless the same shall have
been set forth in a written document, specifically referring to this Agreement and duly signed by the waiving Party.

 

11.       Headings
and Captions. The headings and captions contained in this Agreement are inserted only as a matter of convenience and in no
way define, limit or extend the scope or intent of this Agreement or any provisions hereof.

 

12.       Counterparts.
This Agreement may be executed in one or more counterparts, with the same effect as if the Parties had signed the same document.
Each counterpart so executed shall be deemed to be an original, and all such counterparts shall be construed together and shall
constitute one agreement.

 

[Signature Page Follows]

 

    	 	12	 

     

    

IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as
of the date first above written.

 

Nikko Chemicals Co., Ltd.

 

 

 

By:          /s/ Shizuo Ukaji                                               

Name: Shizuo Ukaji

Title: President & Chief Executive Officer

 

 

Nippon Surfactant Industries Co., Ltd.,

 

 

 

By:          /s/ Shogo Sekine                                            

Name: Shogo Sekine

Title: President

 

 

AMYRIS, INC.

 

 

 

By:          /s/ John Melo                                                  

Name: John Melo

Title: President & Chief Executive Officer

 

 

 

[Signature Page to Joint Venture Agreement]

     

     

    

EXHIBIT A

 

Amyris Assigned Contracts

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[*] Certain portions denoted with an asterisk have been omitted
and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portions.

 

     

     

    

EXHIBIT B-1

 

PATENTS

 

 

 

	Amyris Ref	Title	Application No.	File Date	Pub Number	Pub Date	Patent Number	Issue Date
	[*]	[*]	[*]	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	-----	-----	-----	[*]
	[*]	[*]	[*]	[*]	[*]	[*]	-----	[*]
	[*]	[*]	[*]	[*]	[*]	[*]	-----	[*]
	[*]	[*]	[*]	[*]	-----	-----	-----	[*]
	[*]	[*]	[*]	[*]	-----	-----	-----	[*]

 

 

[*] Certain portions denoted with an asterisk have been omitted
and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portions.

 

 

 

     

     

    

EXHIBIT B-2

 

PATENTS

 

	Amyris Ref	Title	Application No.	File Date	Pub Number	Pub Date	Patent Number	Issue Date
	[*]	[*]	[*]	[*]	-----	-----	[*]	[*]
	[*]	[*]	[*]	[*]	-----	-----	[*]	[*]
	[*]	[*]	[*]	-----	-----	-----	-----	[*]
	[*]	[*]	[*]	-----	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	-----	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	-----	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	-----	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	[*]	[*]	[*]	[*]

 

	Amyris Ref	Title	Application No.	File Date	Pub Number	Pub Date	Patent Number	Issue Date
	[*]	[*]	[*]	[*]	[*]	[*]	-----	[*]
	[*]	[*]	[*]	-----	-----	-----	[*]	[*]
	[*]	[*]	[*]	-----	-----	-----	-----	[*]
	[*]	[*]	[*]	-----	-----	-----	-----	[*]
	[*]	[*]	[*]	-----	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	-----	[*]	[*]	-----	[*]
	[*]	[*]	[*]	-----	-----	-----	[*]	[*]
	[*]	[*]	[*]	-----	-----	-----	-----	-----

 

 

[*] Certain portions denoted with an asterisk have been omitted
and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portions.

 

     

     

    

EXHIBIT C

 

TRADEMARKS

 

	Mark	Country	Class	Goods & Services Claimed	App. No.	File Date	Reg. No.	Reg. Date
	NEOSSANCE 	US 	1,3 	
        1 – Emollient used as an ingredient for cosmetics and personal care compositions
        

        3 – Oils for cosmetic and personal care purposes 
	85/541,582 	02/13/12 	4,209,630 	09/18/12 
	NEOSSANCE 	Int'l Reg. 	1,3 	
        1 – Emollient used as an ingredient for cosmetics and personal care compositions
        

        3 – Oils for cosmetic and personal care purposes 
	IR1133812 	07/11/12 	IR1133812 	07/11/12 
	NEOSSANCE 	BR 	1 	1 – Emollient used as an ingredient for cosmetics and personal care compositions 	905060539 	07/23/12 	905060539 	07/07/15 
	NEOSSANCE 	BR 	3 	3 – Oils for cosmetic and personal care purposes 	905060555 	07/23/12 	905060555 	07/07/15 
	NEOSSANCE 	EU 	1,3 	
        1 – Emollient used as an ingredient for cosmetics and personal care compositions

        3 – Oils for cosmetic and personal care purposes 
	IR1133812 	07/11/12 	IR1133812 	07/26/13 
	NEOSSANCE 	JP 	1,3 	
        1 – Emollient used as an ingredient for cosmetics and personal care compositions
        

        3 – Oils for cosmetic and personal care purposes 
	IR1133812 	07/11/12 	IR1133812 	07/26/13 
	

     

     

    

	NEOSSANCE 	KR 	1,3 	
        1 – Emollient used as an ingredient for cosmetics and personal care compositions
        

        3 – Oils for cosmetic and personal care purposes 
	40-2014-0071401 	10/23/14 	401124885 	08/21/15 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

EXHIBIT D

 

REPRESENTATIONS
AND WARRANTIES CONCERNING amyris

 

Amyris hereby represents and warrants that
the following are true and correct as of the Closing Date:

 

		1.	Organization. Amyris is duly organized and validly existing under the laws of the
state of Delaware, with the power and authority to own and operate its business as presently conducted.

 

		2.	Authority. The execution and delivery by Amyris of this Agreement and any other documents
to which Amyris is a party, the performance by Amyris of its obligations hereunder and thereunder and the consummation by Amyris
of the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part of Amyris. This
Agreement has been duly executed and delivered by Amyris, and (assuming due authorization, execution and delivery by Nikko) this
Agreement constitutes a legal, valid and binding obligation of Amyris enforceable against Amyris in accordance with its terms.

 

		3.	Consent. No consent of any Person, governmental approval or other governmental filing
is required to be made or obtained by Amyris in connection with the execution, delivery or performance of this Agreement or the
consummation of the transactions contemplated hereby.

 

		4.	No Violation. The execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated hereby will not result in: (a) a violation of or a conflict with any provision of the organizational
documents or the contracts of Amyris in any material respect or (b) a violation by Amyris any Applicable Law.

 

		5.	Ownership of Shares. Prior to the Closing, Amyris has been the record and beneficial
owner of 100 Shares (on a fully-diluted basis), free and clear of any and all Encumbrances.

 

		6.	Compliance. Glycotech/Salisbury operated the Neossance Business for Amyris in all
material respects in conformity with all applicable Laws, except for such breaches that are covered by Akzo Nobel Agreements. Neither
Amyris nor Glycotech/Salisbury has been subject to any Claim by Governmental Authority in any jurisdiction involving the Assets
and/or the Neossance Business.

 

		7.	Tax Filing. Amyris has timely filed all Tax Returns required to be filed by it, and
such Tax Returns are correct and complete in all respects, were prepared in compliance with applicable law. All Taxes owed by Amyris
(whether or not shown or required to be shown on any Tax Return) have been paid. There are no Encumbrances for Taxes (other than
statutory liens for Taxes that are not yet delinquent) upon any of the Assets.

 

		8.	Tax Ruling. Amyris has not executed or entered into any agreement with, or obtained
any consents, clearances or Tax exemptions or holidays from, any Governmental Authority, or has been subject to any ruling guidance,
with respect to the Assets or the Neossance Business.

 

     

     

    

EXHIBIT E

 

REPRESENTATIONS
AND WARRANTIES CONCERNING THE cOMPANY

 

 

Amyris hereby represents and warrants that the following are
true and correct as of the Closing Date:

 

		1.	Organization. The Company is a limited liability company duly organized and validly
existing under the laws of the Delaware, with the power and authority to own and operate the Neossance Business.

 

		2.	Certificate of Formation. True, correct and complete copies of the Company’s
certificate of formation and other documents (collectively, “Organizational Documents”), and a current good standing
certificate of the Company are contained in Annex 1.1.

 

		3.	Authority.  The execution and delivery by the Company of this Agreement and any other
document to which the Company is a party, the performance by the Company of its obligations hereunder and thereunder and the consummation
by the Company of the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part
of the Company. This Agreement has been duly executed and delivered by the Company, and (assuming due authorization, execution
and delivery by Nikko) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the
Company in accordance with its terms.

 

		4.	Capitalization. One hundred (100) Shares of the Company are issued and outstanding.
No other equity or other interests in the Company has been issued. All outstanding Shares have been duly authorized, validly issued,
fully paid and non-assessable.

 

		5.	Assets. The Company has good and valid title to the personal property and other Assets
and owns, free and clear of Encumbrances, all Assets (including Intellectual Property”). All such Assets are in good operating
condition (ordinary wear and tear excepted) and sufficient for the Company to operate the Neossance Business.

 

		6.	Permit. The Company has all valid approvals, permits and licenses necessary for the
conduct of the Neossance Business.

 

		7.	Contracts. Exhibit A contains a complete, true and correct list of all material
contracts to which Amyris is a party or by which it is bound involving the Neossance Business (the “Contracts”). All
such Contracts are valid, binding and in full force and effect, as assigned from Amyris to the Company. No party to the Contracts
is in default or in violation in any material respect of any such Contracts.

 

		8.	Distribution. The Company has not made or agreed to make any distribution of profits
of the Company.

 

		9.	Insolvency. As of the Closing, the Company is not insolvent and is not subject to
the filing of any petition in bankruptcy under any provisions of federal or state bankruptcy law nor is the Company subject to
liquidation or re-organization proceedings.

 

     

     

    

		10.	Affiliate Transactions. The Company has not incurred any indebtedness to Amyris or
any of its respective Affiliates or immediate family members of Amyris management.

 

		11.	Environment. Activities and facilities acquired by the Company by way of capital
contribution from Amyris are not and have not been the source of any pollution or any damage to human health or the environment.
Further, no dangerous or toxic wastes or substances are or have been stored or treated in material violation of any Environmental
Law by the Company on the Real Property. The Company has not, either directly or through a third party, disposed of wastes from
any product or packaging outside of sites adapted for its storage, treatment, evacuation or destruction which are regulated by
competent authorities for purposes of such operations in material violation of any Environmental Law.

 

		12.	Taxes. The Company has no liability for the Taxes of any Person under Treasury Regulation
Section 1.1502-6, or as a transferee or successor, by operation of law, by contract, or otherwise.

 

		13.	Real Property Holding Corporation. The Company is not a “United States real
property holding corporation” within the meaning of Section 897(c)(2) of the Code.

 

 

 

 

     

     

    

EXHIBIT F

 

REPRESENTATIONS
AND WARRANTIES concerning Nikko

 

Nikko hereby represents and warrants that the following are
true and correct as of the Closing Date:

 

		1.	Organization. Nikko is duly organized and validly existing under the laws of its
Japan, with the power and authority to own and operate its business as presently conducted.

 

		2.	Authority. The execution and delivery by Nikko of this Agreement and any other documents
to which Nikko is a party, the performance by Nikko of its obligations hereunder and thereunder and the consummation by Nikko of
the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part of Nikko. This Agreement
has been duly executed and delivered by Nikko, and (assuming due authorization, execution and delivery by Amyris and the Company)
this Agreement constitutes a legal, valid and binding obligation of Nikko enforceable against Nikko in accordance with its terms.

 

		3.	Consent. No consent of any Person, governmental approval or other governmental filing
is required to be made or obtained by Nikko in connection with the execution, delivery or performance of this Agreement or the
consummation of the transactions contemplated hereby.

 

		4.	No Violation. The execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated hereby will not result in: (a) a violation of or a conflict with any provision of the organizational
documents or the contracts of Nikko in any material respect or (b) a violation by Nikko any Applicable Law.

 

		5.	Investment Purpose.  Nikko is acquiring the Shares solely for its own account for
investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof. Nikko acknowledges
that the Shares are not registered under the Securities Act of 1933, as amended, or any state securities laws, and that the Shares
may not be transferred or sold by Nikko except pursuant to the registration provisions of the Securities Act of 1933, as amended
or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable.

 

     

     

    

SCHEDULE A

 

INTEPRETATIONS AND DEFINITIONS

 

A.        Interpretations

 

(a)        Unless
the context of this Agreement otherwise requires, (i) words of any gender include each other gender; (ii) words using the singular
or plural number also include the plural or singular number, respectively; (iii) the terms “hereof”, “herein”,
“hereby” and derivative or similar words refer to this entire Agreement; (iv) the term “Article” refers
to the specified Article or Article of this Agreement; (v) the word “including” shall mean “including, without
limitation”; and (vi) the word “or” shall be disjunctive but not exclusive.

 

(b)        References
to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto.

 

(c)       The
schedules and exhibits to this Agreement are a material part hereof and shall be treated as if fully incorporated into the body
of this Agreement.

 

(d)        Whenever
this Agreement refers to a number of days, such number shall refer to calendar days and shall be counted from the day immediately
following the date from which such number of days is to be counted.

 

(e)        References
to Articles, Exhibits and Schedules are references to articles of, exhibits to and schedules to, this Agreement.

 

(f)       This
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party
drafting an instrument or causing any instrument to be drafted.

 

B.        Definitions

 

All capitalized terms and not defined herein
shall have the meanings ascribed to them below.

 

“Affiliates” means,
with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person. The term “control” shall mean the power to direct, or cause the direction of, the management and
policies of a Person through voting securities, by contract or otherwise.

 

“Applicable Law” means,
as to any Person, any statute, law, rule, regulation, directive, treaty, judgment, order, decree or injunction of any Governmental
Authority that is applicable to or binding upon such Person or any of its properties.

 

“Business Day” means
a day on which commercial banks in San Francisco, California and Tokyo, Japan are generally open to conduct their regular banking
business.

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time, the provisions of succeeding law, and to the extent applicable, the Treasury
Regulations.

 

“Claim” means any dispute
in any civil, criminal, administrative, arbitration, tax, regulatory or other proceedings, claims, investigations, inquiries, actions
(including disciplinary) or prosecutions before any Governmental Authority.

 

     

     

    

“Disclosure Schedules”
means the disclosure schedules delivered with the execution and delivery of this Agreement.

 

“Encumbrance” means
any lien, judgment, pledge, attachment, escrow, option, charge, easement, restrictive covenant, security interest, deed of trust,
right of first refusal, mortgage, right-of-way, encroachment, building or use restriction, encumbrance or other right of third
parties, whether voluntarily incurred or arising by operation of laws, and includes, without limitation, any agreement to give
any of the foregoing in the future, and any contingent or conditional sales agreement or other title retention agreement including
rights of retention.

 

“Environmental Laws”
means all Applicable Laws relating to pollution or protection of the environment (including, without limitation, ambient air, surface
water, ground water, land surface, or subsurface strata).

 

“Fully Burdened Cost”
means (a) the direct labor costs (including salary and wages and fringe benefits) incurred by the Company in producing the applicable
Product; (b) the cost of materials used by the Company (including feedstock and raw materials, intermediates, components and packaging
materials, and including shipping and handling costs, freight-in charges and any applicable sales taxes and/or customs duties therefor);
(c) a reasonable allocation of overhead (including without limitation indirect labor costs, supplies and materials, plant insurance
and property taxes) and facilities and equipment expense (including rent, utilities, repairs and maintenance costs, equipment rental,
and depreciation expense over the expected life of the buildings and equipment), (d) costs for administration and for management
of material procurement (including ingredient procurement, if applicable) and other manufacturing or other applicable activities,
including quality control and quality assurance (QA), performed directly in support of the applicable activity, calculated in accordance
with GAAP in effect from time to time, consistently applied; (e) if applicable, amounts paid (net of rebates or discounts, if any)
to contract manufacturers or service providers in connection with their supply of ingredient or subcontracting of the applicable
activity (including shipping costs and any applicable taxes and/or duties therefor) and (f) any royalties payable to a third party
attributable to the applicable activity; provided, however, that no cost may be counted more than once in such calculation.

 

“GAAP” means the generally
accepted accounting principles and practices applicable in the United States.

 

“Governmental Authority”
means any domestic or foreign government, governmental authority, court, tribunal, agency or other regulatory, administrative or
judicial agency, commission or organization, and any subdivision, branch or department of any of the foregoing.

 

“Intellectual Property”
means any patents, trademarks, trade names, designs, models, know-how and/or other intellectual property rights.

 

“Person” shall mean
an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization,
trust, association or other entity.

 

“Tax” or “Taxes”
means any federal, state, local, or non-U.S. income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation,
premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security (or similar),
unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on
minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed
or not.

 

“Tax Return” means any
return, certificate, declaration, notice, report, statement, election, information statement or other document filed or required
to be filed with respect to Taxes, including any amendments thereof, and including any schedules and attachments thereto.

 

     

     

    

“Transfer Taxes” means
any transfer, stamp, documentary, sales, use, registration, value-added and other similar Taxes (including all applicable real
estate transfer Taxes and real property transfer gains Taxes and including any filing and recording fees) incurred in connection
with this Agreement and the transactions contemplated hereby.

 

“Treasury Regulations”
shall mean the final and temporary regulations that have been issued by the U.S. Department of Treasury pursuant to its authority
under the Code, and any successor regulations.Exhibit 10.99

 

CONFIDENTIAL
TREATMENT REQUESTED. CERTAIN PORTIONS OF THIS DOCUMENT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND,
WHERE APPLICABLE, HAVE BEEN MARKED WITH AN ASTERISK TO DENOTE WHERE OMISSIONS HAVE BEEN MADE. THE CONFIDENTIAL MATERIAL HAS BEEN
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

FIRST AMENDED AND RESTATED

LLC Operating Agreement

OF 

NEOSSANCE, LLC

a Delaware Limited Liability Company

 

THIS FIRST AMENDED AND RESTATED LLC OPERATING
AGREEMENT (this “Agreement”) of ABC LLC
(the “Company”) is made and entered into as of December 6, 2016
(the “Effective Date”), by and between (i) Amyris, Inc., a Delaware corporation (“Amyris”),
and (ii) Nikko Chemical Co., Ltd., a Japanese corporation (“Nikko Chemicals”) and Nippon Surfactant Industries
Co., Ltd., a Japanese corporation (“Nissa” and, together with Nikko Chemicals, “Nikko”). Amyris
and Nikko are sometimes referred to herein collectively as the “Members” and each individually as a “Member.”
In case of Nikko, the Member’s rights and obligations are allocated to Nikko Chemicals and Nissa on an 80%/20% basis unless
otherwise expressly stated. Any capitalized terms used but not defined herein shall have the meaning set forth in Exhibit A.

 

Article
1

Organizational Matters

 

1.1             
Formation. On December 5, 2016, the Company was formed as a Delaware limited
liability company upon the filing of a Certificate of Formation with the Secretary of State of Delaware (the “Certificate
of Formation”). The Members hereby ratify and approve the execution and
filing of the Certificate of Formation and agree that this Agreement shall constitute the “limited liability company agreement”
of the Company within the meaning of the Act. The rights and liabilities of the Members shall be determined pursuant to the Act
and this Agreement. To the extent that the rights or obligations of any Member are different by reason of any provision of this
Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act, control.

 

1.2             
Name. The name of the Company shall be “Neossance, LLC”. The name of the Company shall not include the
company name or brand name of a Member if such Member is no longer a party to this Agreement or withdraws from the Company.

 

1.3             
Term. The term of the Company commenced as of the date of the filing of the Certificate of Formation
in accordance with the Act and shall continue on a perpetual basis unless sooner terminated in connection with the Company’s
dissolution under this Agreement or the Act.

 

1.4             
Office and Agent. The principal office of the Company shall be located at Emeryville,
California or such other location as the Board shall determine. The initial registered agent for service of process for the Company
shall be as set forth in the Certificate of Formation. The Board may change the Company’s
agent for service of process or the principal office at any time.

 

     

     

    

1.5             
Business of the Company. The purpose of the Company is to engage in the following businesses (collectively, the “Business”):

 

(a)               
manufacturing, marketing, sale, distribution and other disposition of (i) squalane, (ii) hemisqualane, and (iii) other products
developed or to be developed through R&D activities involving Amyris (collectively, “Products”) (A) in any
field, in the case of squalane; (B) in any field that is not excluded based on an agreement currently valid by and between Amyris
and a third party, in the case of hemisqualane; and (C) in the field of cosmetics (which for the avoidance of doubt excludes those
(i) solely related to any market(s) or industry(ies) other than cosmetics or (ii) subject to certain [*]) and such other fields
as agreed by the Parties, in the case of all other Products;

 

(b)       such other
businesses as the Board approves; and

 

(c)       all
other lawful activities reasonably necessary or convenient to the foregoing.

 

1.6             
Powers of the Company. In furtherance of the purpose of the Company as set forth in Section 1.5, the
Company shall have the power and authority to take in its name all actions necessary, useful or appropriate in the Board’s
discretion to accomplish its purpose, including, but not limited to, the powers set forth in the Act, as amended from time to time.

 

Article
2

Capital Contributions; shares

 

2.1             
Capital Contributions.

 

(a)               
Capital Contributions to the Company shall consist of cash or property valued at the fair market value as agreed to by the
Members, net of any liabilities assumed by the Company or to which the relevant property is subject. The Capital Contributions
of the Members of the Company from time to time shall be set forth in Exhibit B. Additional Capital Contributions shall
be made from time to time as the Members shall determine, in each case on an equal (50%/50%) basis unless otherwise mutually agreed
by the Members. The Company shall not pay any interest on any Capital Contributions.

 

(b)              
In addition to the Additional Capital Contributions, the Members may elect to provide (i) loans or (ii) guaranties (for
the Company to borrow from financial institutions) based on the determination by the Board. If the Company is unable to repay the
loan as due (to the lending Member or the financial institution) and if any repayment is made by a Member on behalf of the Company,
then such repayment shall be treated as a Capital Contribution and the Member shall be entitled to receive Shares in respect of
such Capital Contribution in an amount determined pursuant to Section 2.2(b).

 

[*] Certain portions denoted with an asterisk
have been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions.

 

    	 	1	 

     

    

(c)               
At such time as the Board determines, but not later than the expiration of the period of the Earnout under Section 2(b)
of the JV Agreement, the Board shall develop a capital expansion plan to increase capacity at the Company’s manufacturing
facility(ies) to [*], which plan shall include requirements, if applicable, for Additional
Capital Contributions by the Members.

 

2.2             
Shares.

 

(a)               
The membership interests of the Members shall be denominated in shares (“Shares”). The Shares of the
Members of the Company from time to time shall be set forth in Exhibit B.

 

(b)              
Upon a Capital Contribution of any Member, the Company shall issue additional Shares to such Member in such number of Shares
as determined by the Board.

 

Article
3

RIGHTS AND OBLIGATIONS OF Members

 

3.1             
Members; Obligations to Update. All Members of the Company from time to time and their last known business or mailing
addresses shall be listed on Exhibit B. The Board shall update Exhibit B from time to time as necessary to accurately
reflect the information therein, and each Member shall cooperate in such effort with respect to information relating to such Member.

 

3.2             
Rights of Members. Members shall have the rights and obligations provided in this Agreement and, to the extent consistent
with this Agreement, the Act. Except as otherwise expressly provided in this Agreement, no Member, in its capacity as such, shall
have any right, power or authority to take part in the management or control of the Company or its business and affairs or to act
for or bind the Company in any way.

 

3.3             
Admission of Additional Members. Additional Members may be admitted with the unanimous approval of the Members.

 

3.4             
Withdrawals or Resignations. Member may withdraw, retire and/or resign from the Company, without any approval of
other Member(s) by way of surrendering all of its Shares to the Company.

 

3.5             
Payments to Members. Except as specified in or authorized by the Board in a manner consistent with this Agreement,
no Member or its Affiliate shall be entitled to remuneration for services rendered or goods provided to the Company as Member or
an officer of the Company.

 

[*] Certain portions denoted with an asterisk have been omitted
and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portions.

 

    	 	2	 

     

    

Article
4

Management And Control Of The Company

 

4.1             
Board.

 

(a)               
The Company shall be managed by a Board of Directors (the “Board”) in accordance with the terms of this
Agreement and the Act. For the purpose of this Agreement, the Board shall constitute a “manager” under the Act.

 

(b)              
The Board shall initially consist of four (4) Directors, two (2) of whom shall be appointed by Amyris and two (2) of whom
shall be appointed by Nikko. Amyris hereby appoints John Melo and Caroline Hadfield, and Nikko hereby appoints Shizuo Ukaji and
Ikko Tanaka to serve as the initial Board of the Company. The number of Directors to be appointed by each Member shall be adjusted
based on a change in the Company Interest. One of the Directors appointed by Nikko shall be designated the “Board Director
Responsible for Sales”; such Director shall initially be Ikko Tanaka. One of the Directors appointed by Amyris shall be designated
the “Board Director Responsible for Product and Channel”; such Director shall initially be Caroline Hadfield. Any Director
may appoint an assistant to such Director, who shall be designated the “Assistant Amyris Board Member” or “Assistant
Nikko Board Member”, as applicable.

 

(c)               
Each Member shall have the right, at any time and in its sole discretion, to remove any Director appointed by such Member,
effective upon delivery of written notice to the Company and each other Member. In the case of a vacancy in the office of a Director
for any reason (including removal pursuant to the preceding sentence), the vacancy shall be filled by the Member that appointed
the Director to which such vacancy relates.

 

4.2             
Officers.

 

(a)               
The Company’s day-to-day operations shall be managed by officers appointed by the Board. Officers other than the CEO
shall be subject to the authority of the CEO. Nikko shall select the CEO from and among Directors.

 

The CEO shall supervise and implement the Company’s
business and strategy based on the Board’s resolutions. Further, the CEO shall have the right (i) to review and make the
final determination as to the evaluation of the Company’s employees, (ii) to appoint the Assistant CEO to fulfill his or
her duties and vote, on his or her behalf, at the Board meetings in person and (iii) to delegate his or her authority to any Person.
Nikko has the right to designate the CEO. The Board shall appoint the CEO in accordance with such nomination. Nikko hereby designates
John Melo to serve as the initial CEO of the Company for a period of one year.

 

The CFO shall supervise and implement the Company’s
financial strategy based on the Board’s resolutions. Further, the CFO shall have the right to delegate his or her authority
to any

 

    	 	3	 

     

    

Person. Amyris has the right to designate the CFO. The Board shall appoint the CFO in accordance with such nomination. Amyris
hereby designates Shizuo Ukaji to serve as the initial CFO of the Company for a period of one year.

 

(b)              
The Company shall also have a Secretary and such other officers, if any, as may be appointed by the Board from time to time.
Nikko has the right to designate the Secretary and shall designate Kaitaro Sekine to serve as the initial Secretary of the Company.
The Board shall appoint any such other officer(s) in accordance with such designations.

 

(c)               
Each Member shall have the right, at any time and in its sole discretion, to remove any officer designated by such Member
(including, for example, the CEO designated by Nikko), effective upon delivery of written notice to the Company and each other
Member. In the case of a vacancy in any officer position for any reason (including removal pursuant to the preceding sentence),
the vacancy shall be filled by a designee of the Member that designated the officer to which such vacancy relates.

 

4.3             
Board Meetings.

 

(a)               
The CEO shall (i) convene a meeting of the Board at least once per quarter (which may be waived by an agreement of the Members);
(ii) have the authority to convene Board meetings at any other time as determined in his or her discretion; and (iii) convene a
Board meeting at the request of any Director. The CEO shall, subject to the notice requirements of Section 4.3(d), have the authority
to specify the time and place of any Board meeting; provided, that the CEO shall in good faith and to the fullest extent practicable
ensure that meetings are scheduled at times and places when all Directors are available to participate. Directors shall utilize
commercially reasonable efforts to be available for meetings upon request of the CEO in conformance with Section 4.3(d), below,
and shall promptly inform the CEO in the event that such Director will be unable to attend a proposed meeting. The CEO shall serve
as the chair of a Board meeting. In case of the CEO’s unavailability, the Assistant CEO shall act as the chair of such meeting.

 

(b)              
Directors may participate in a meeting of the Board by means of a conference telephone or similar communications equipment
through which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute
presence in person at such meeting.

 

(c)               
Any action required or permitted to be taken by the Board, either at a meeting or otherwise, may be taken without a meeting
if the Directors consent to, approve or authorize such action in writing by a majority vote of the Directors.

 

(d)              
Without limitation of the requirements of Section 4.3(a) for consideration of the availability of all Directors in scheduling
meetings, written notice of each Board meeting shall be given to each Director not less than fourteen (14) days in advance of such
meeting (which fourteen day (14) period may be shortened by written waiver of the Director in question or actual attendance by
such Director, without objection, at the applicable Board meeting).

 

    	 	4	 

     

    

Minutes of Board meetings shall be prepared by the Company and distributed to each Director promptly following each meeting. Each
Member shall bear all travel and other expenses incurred by its respective appointees in connection with attendance at each Board
meeting.

 

(e)               
Matters listed on Exhibit C (“Board Resolutions”) shall require approval by the Board. The presence
of a majority of Directors shall constitute a quorum for any meeting of the Board. Any approval, determination or resolution of
the Board shall require the approval of a majority of Directors participating in such meeting.

 

4.4             
Member Meetings.

 

(a)               
The Board shall provide notice to the Members (i) of each annual meeting of Members at least fourteen (14) days before the
scheduled date of the meeting, and (ii) of each other meeting of Members at least thirty (30) days before the scheduled date of
the applicable meeting.

 

(b)              
The Company shall have at least one meeting of Members each calendar year. Such meeting will take place at such time and
place as are determined by the Board. The Board may cause the Company to hold additional Member meetings at such times and places
as it determines, provided that the notice requirements of Section 4.4(a)(ii) are satisfied. Minutes of such meetings shall
be prepared by the Company and distributed to each Member promptly following each meeting.

 

(c)               
Matters listed on Exhibit D (“Member Resolutions”) shall require approval by the Members. The
presence of all Members shall constitute a quorum for any meeting of Members. Any approval, determination or resolution of the
Members shall require the approval of a majority of Shares/Company Interests represented by the Members participating in such meeting.

 

4.5             
Deadlock. If any item requiring Member Resolution or Board Resolution is unresolved, such item shall be discussed
and determined by the CEOs (i.e., top executives) of Amyris and Nikko Chemicals in good faith.

 

Article
5

Distributions and Tax Matters

 

5.1             
Non-Liquidating Distributions. Subject to Applicable Law and any limitations contained elsewhere in this Agreement,
the Board shall cause the Company to make distributions of Net Cash Flow of the Company as calculated for each calendar year at
such times as the Board deems appropriate in its sole discretion, but not later than March 15 following the applicable calendar
year. All such distributions to the Members shall be in the following orders of priority:

 

(a)               
First, to the Members in proportion to their respective Unreturned Capital Contribution Balances, until each Member’s
Unreturned Capital Contribution Balance equals zero; and

 

    	 	5	 

     

    

(b)              
Second, to the Members in proportion to their respective Company Interests.

 

5.2             
Liquidating Distributions. Notwithstanding the provisions of this Article to the contrary, cash or property of the
Company available for distribution upon the dissolution of the Company (including cash or property received upon the sale or other
disposition of assets in anticipation of or in connection with such dissolution) shall be distributed to the Members in accordance
with Section 5.1. For this purpose, all assets not sold shall be treated as sold at their fair market values as determined
by the Board.

 

5.3             
Withholding Taxes. The Company shall withhold from distributions to, and allocations among, the Members to the extent
required by Applicable Law, and shall pay over such amounts to the applicable taxing authority. Any amount so withheld by the Company
with regard to the Member shall be treated for purposes of this Agreement as an amount actually distributed to such Member pursuant
to Section 5.1.

 

5.4             
Other Tax Matters. Notwithstanding any contrary provision of this Agreement, rules governing certain tax matters
and related items are set forth in Exhibit E attached hereto and made a part hereof.

 

5.5       Limitation
on Distributions. No distribution shall be made to a Member pursuant to Section 5.1 to the extent that such distribution
would: (i) cause the Company to be insolvent or (ii) render a Member liable for a return of such distribution under Applicable
Law. For the purposes of this Section 5.5, a distribution shall cause the Company to be, or otherwise render the Company,
“insolvent,” if, at the time of the distribution, after giving effect to the distribution, all liabilities of the Company
(other than liabilities to Members on account of their interests in the Company and liabilities for which the recourse of creditors
is limited to specified property of the Company) exceed the fair market value of the assets of the Company, except that the fair
market value of property that is subject to a liability for which the recourse of creditors is limited to specified property of
the Company shall be included in the assets of the Company only to the extent that the fair market value of that property exceeds
that liability.

 

Article
6

Transfer And Assignment Of Share

 

No Member shall, directly or indirectly, sell,
assign, encumber or otherwise transfer or dispose of (“transfer”) all or any portion of its Shares, or any right
or interest therein, except with the prior approval of each non-transferring Member, which approval may be given or withheld in
the sole discretion of such non-transferring Member; provided, however, that Nikko may Transfer, without any other Member’s
approval, all or any part of its Shares to Nikko Chemicals or Nissa. Any transferee or assignee shall be bound by the terms of
this Agreement (including Article 6) and the JV Agreement. Any transfer in violation of this Article 6 shall
be null and void.

 

    	 	6	 

     

    

Article
7

Accounting and Records

 

7.1             
Books and Records. The books and records of the Company shall be kept at the Company’s principal office. The
Company shall maintain its books and records in accordance with Applicable Law, GAAP and reasonable commercial practices.

 

7.2             
Bank Account. The Company’s bank account and other financial accounts to be used by the Company shall be established
with the Bank of Tokyo-Mitsubishi UFJ (including MUFG Union Bank).

 

7.3             
Financial Statements and Accounting Records.

 

(a)               
Financial statements for the Company, including, without limitation, a balance sheet, income statement, statement of cash
flows and statement of Members’ equity (collectively, the “Financial Statements”), shall be submitted
by the Company to each of the Members (i) within thirty (30) days after the end of each fiscal quarter for such quarter; and
(ii) within sixty (60) days after the end of each fiscal year for such year.

 

(b)              
The Financial Statements covering each fiscal year shall be audited and certified by an internationally recognized accounting
firm retained by the Company as selected by the Members. The Financial Statements shall be prepared in accordance with GAAP
and shall contain such financial data as is reasonably necessary to keep the Members advised of the Company’s financial status
and allow them to complete their respective tax filings.

 

7.4             
Right of Inspection. During the regular office hours of the Company, and upon reasonable notice to the Company, each
Member shall have (a) access to all properties, books of account, and records of the Company; and (b) the right to make
copies from such books and records at such Member’s own expense. For the avoidance of doubt, any information obtained by
the Members through exercise of rights granted under this Section 7.4 shall, to the extent constituting Confidential Information
(as defined in the JV Agreement), be subject to the confidentiality provisions set forth in the JV Agreement.

 

7.5             
Fiscal Year and Taxable Year. The fiscal year of the Company shall be from January 1 to December 31 of such year.
The Company’s taxable year for U.S. federal income tax purposes shall, unless otherwise required by Applicable Law, be the
same as its fiscal year.

 

Article
8

Liability of Members and BOARD; Limitation of Duties

 

8.1             
No Liability for Company Obligations. Notwithstanding anything to the contrary contained herein, the debts, obligations
and liabilities of the Company shall be solely the debts, obligations and liabilities of the Company, and no Member, Director or
officers shall be

 

    	 	7	 

     

    

obligated personally for any debt, obligation or liability of the Company solely by reason of being a Member, Director or officers
of the Company.

 

8.2             
No Liability of Directors or Officers to Company. No Director or officer of the Company shall be liable to the Company
or any Member for any loss or damage sustained by the Company or any Member, unless the loss or damage shall have been the result
of fraud, gross negligence or intentional misconduct by the Director or officer.

 

Article
9

Dissolution And Winding Up

 

The Company shall be dissolved, and shall terminate
and wind up its affairs, upon the first to occur of the following: (a) the unanimous determination by the Members to dissolve the
Company; or (b) the entry of a decree of judicial dissolution pursuant to Section 18-802 of the Act. Upon the dissolution
of the Company, the Company’s assets shall be disposed of and its affairs wound up pursuant to this Article 9
and the appropriate provisions of the JV Agreement and the Act.

Article
10

Indemnification

 

10.1         
Indemnification. The Company shall, to the maximum extent permitted by Applicable Law, indemnify and hold harmless
the Directors, Members, their respective Affiliates and the officers, directors and employees of the foregoing Persons (collectively,
“Indemnitees”), and the Company and the Members shall release each Indemnitee, to the maximum extent permitted
by Applicable Law, from any and all Losses (including reasonable legal expenses) arising from any and all Proceedings (collectively,
“Claims”) which arise out of, relate to or are in connection with this Agreement or the management or conduct
of the business or affairs of the Company, except for any Losses that are finally found by a court or arbitral body of competent
jurisdiction to have resulted primarily from the bad faith, gross negligence or intentional misconduct of, or breach of its obligations,
or knowing violation of law by, the Indemnitee seeking indemnification.

 

10.2         
Not Exclusive. The indemnification provided by this Article 10 shall not be deemed to be exclusive of
any other rights to which any Person may be entitled under any agreement, or as a matter of law, or otherwise, both as to action
in a Person’s official capacity and to action in another capacity.

 

10.3         
Indemnification Continuing. The indemnification provided by this Article 10 shall continue as to a Person
who has ceased to be an Indemnitee and shall inure to the benefit of the heirs, executors and administrators of such a Person.

 

Article
11

Miscellaneous

    	 	8	 

     

    

11.1         
Governing Law. This Agreement shall be construed and interpreted in accordance with and governed by the Laws of the
State of Delaware (without regard to the choice of law provisions thereof).

 

11.2         
No Third Party Beneficiaries. This Agreement shall inure to the benefit of and shall be binding upon the Members
and their respective heirs, successors and assigns. No provision of this Agreement is intended to or shall be construed to grant
or confer any right to enforce this Agreement or any remedy for breach of this Agreement to or upon any Person other than the Members.

 

11.3         
Amendment. No change or modification to this Agreement shall be valid unless the same is approved by the Members
in writing.

 

11.4         
Severability. If any provision of this Agreement or the application thereof to any Person or circumstance shall,
for any reason and to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provision
to other Persons or circumstances shall not be affected thereby but rather shall be enforced to the greatest extent permitted by
law.

 

11.5         
Construction. When from the context it appears appropriate, each term stated either in the singular or the plural
shall include the singular and the plural and pronouns stated either in the masculine, the feminine or the neuter shall include
the masculine, the feminine and the neuter.

 

11.6         
Headings and Captions. The headings and captions contained in this Agreement are inserted only as a matter of convenience
and in no way define, limit or extend the scope or intent of this Agreement or any provisions hereof.

 

11.7         
Counterparts. This Agreement may be executed in one or more counterparts, with the same effect as if the Members
had signed the same document. Each counterpart so executed shall be deemed to be an original, and all such counterparts shall be
construed together and shall constitute one agreement.

 

11.8         
No Waiver. No waiver of any term or condition of this Agreement shall be valid or binding on a Member unless the
same shall have been set forth in a written document, specifically referring to this Agreement and duly signed by the waiving Member.

 

11.9         
Conflicts with JV Agreement. In the event of any ambiguity or conflict arising between the terms of this Agreement
and those of the JV Agreement, the terms of the JV Agreement shall control and prevail as among the Members.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	9	 

     

    

IN WITNESS WHEREOF, the Members of ABC LLC,
a Delaware limited liability company, have executed this Agreement, effective as of the date first written above.

 

 

	 	
        MEMBERS:

         
	 
	 	
        AMYRIS, INC.

        

        

        By: /s/ John Melo                                              

        Name:  John Melo

        Title:  President & Chief Executive Officer

         

         

	 	
        NIKKO CHEMICALS CO., LTD.

        

        

        

        By: /s/ Shizuo Ukaji                                           

        Name:  Shizuo Ukaji

        Title:  President & Chief Executive Officer

 

 

	 	
        Nippon
        Surfactant Industries Co., Ltd.

        

        

        

        By: /s/ Shogo Sekine                                           

        Name:  Shogo Sekine

        Title:  President

 

    	 	10	 

     

    

EXHIBIT
A

 

DEFINED TERMS

 

As used in this Agreement, the following terms
shall have the following meanings. Unless otherwise defined herein, terms used herein that are defined in the JV Agreement shall
have the meanings set forth for such terms in the JV Agreement.

 

“Act” means the Delaware
Limited Liability Company Act, as amended and in effect from time to time.

 

“Affiliates” shall mean,
with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person. The term “control” shall mean the power to direct, or cause the direction of, the management and
policies of a Person through voting securities, by contract or otherwise.

 

“Applicable Law” means, as
to any Person, any statute, law, rule, regulation, directive, treaty, judgment, order, decree or injunction of any Governmental
Authority that is applicable to or binding upon such Person or any of its properties.

 

“Capital
Contribution” shall mean, with respect to any Member, the aggregate amount of cash and the fair market value of
property contributed to the Company by the Member.

 

“C Corporation” shall have
the meaning set forth in Section A of Exhibit E.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, the provisions of succeeding law, and to the extent
applicable, the Treasury Regulations.

 

“Company Interest” shall
mean the percentage of the Shares held by each Member, as set forth in Exhibit B.

 

“GAAP” shall mean the generally
accepted accounting principles and practices applicable in the United States.

 

“Governmental Authority”
means any domestic or foreign government, governmental authority, court, tribunal, agency or other regulatory, administrative or
judicial agency, commission or organization, and any subdivision, branch or department of any of the foregoing.

 

“JV Agreement” means the
Joint Venture Agreement, dated as of December 6, 2016 by and between Amyris, Nikko Chemicals and Nissa.

 

“Losses” shall mean any and
all claims, losses, liabilities, damages (including fines, penalties, and criminal or civil judgments and settlements), costs (including
court costs) and expenses (including reasonable attorneys’ and accountants’ fees).

 

“Director” means a manager
of the Company with the powers and duties specified for a manager under this Agreement, the JV Agreement and the Act.

 

     

     

    

“Members” means each Person
who holds the Shares in accordance with the terms hereof.

 

“Net
Cash Flow” shall mean, for any calendar year, the sum of gross proceeds received by the Company from the Company
operations less the portion thereof used to pay or establish reserves for all Company expenses, obligations, liabilities and capital
expenditures, investments and reinvestments, all as determined by the Board in an annual plan and budget to be adopted not less
than thirty (30) days prior to the start of each calendar year (except in the case of the plan and budget for 2017, which shall
be adopted by the Board as soon as practicable following the Effective Date).

 

“Person” shall mean an individual,
corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization, trust,
association or other entity.

 

“Proceeding” shall mean any
action, litigation, arbitration, suit, proceeding or investigation or review of any nature, civil, criminal, regulatory or otherwise,
before any Governmental Authority.

 

“Securities” means Shares
(including as represented by Shares), other equity securities of the Company, and options, warrants, convertible securities, exchangeable
securities or other rights to acquire Shares or other equity securities of the Company.

 

“Treasury
Regulations” shall mean the final and temporary regulations that have been issued by the U.S. Department of Treasury
pursuant to its authority under the Code, and any successor regulations.

 

“Unreturned Capital Contribution Balance”
means, with respect to a Member, the excess (if any) of (i) such Member’s aggregate Capital Contributions, over (ii) the
distributions made to such Member under Section 5.1(a). For the avoidance of doubt, no cost or expense nor any diminution or reduction
in profits incurred by Amyris in connection with performing its obligations under Section 5.5 of the JV Agreement (“Manufacture
of Products”) shall be considered a “Capital Contribution” for purposes of determining any Member’s Unreturned
Capital Contribution Balance.

 

     

     

    

EXHIBIT
B

 

Members

 

	Member Name and Address	Capital Contribution	Shares (Company Interest)
	
         

        Nikko Chemicals Co., Ltd.,

        a Japanese corporation

         

        (1-4-8, Nihonbashi-Bakurocho, Chuo-ku, Tokyo 103-0002, Japan)

         
	
        Cash Contribution

         

        ($8 million plus Earnout)*

         
	40 (40%)
	
         

        Nippon Surfactant Industries Co., Ltd.,

        a Japanese corporation

         

        (7-14 Hiraidekogyodanchi,
        Utsunomiya, Tochigi 321-0905, Japan)

         
	
        Cash Contribution

         

        ($2 million plus Earnout)*

         
	10 (10%)
	
         

        Amyris, Inc.,

        a Delaware corporation

         

        (5885 Hollis Street, Suite 100, Emeryville, California 94608, USA)

         
	
        In-Kind Contribution

         

        (Equivalent to Nikko’s Cash Contribution)

         
	50 (50%)
	TOTAL	$20 million (excluding Earnout)	100

 

 

*       The
Members acknowledge and agree that the purchase price (including Earnout) payable by Nikko (i.e., Nikko Chemicals and Nissa) to
Amyris for 50 Shares, as described more fully in JV Agreement shall represent, and otherwise be treated for purposes of this Agreement
(including Article 2 and Article 5 hereof), as a Capital Contribution. Nikko’s Capital Contribution will be adjusted annually
based on the amount of the Earnout paid to Amyris by Nikko under the JV Agreement. As an illustration, if Amyris receives $2 million
as an Earnout under the JV Agreement, then Nikko’s Capital Contribution will be adjusted to be $12 million (i.e., $10 million
as initial payment and $2 million as Earnout) and Amyris’ Capital Contribution will also be adjusted to be $12 million. For
clarification, unless and until Amyris receives the Earnouts, no such adjustment shall be made.

 

     

     

    

EXHIBIT
C

 

BOARD RESOLUTIONS

 

		(a)	approval of the Company’s Financial Statements and distribution of profits;

 

		(b)	nomination of accounting firm(s) for Members’ approval and appointment of officers;

 

		(c)	employment, promotion, rotation, termination or other material action with respect to Company personnel
with the rank of senior business manager or higher;

 

		(d)	determination or action with respect to salary increases and bonuses of any Company personnel;

 

		(e)	change in the form of organization or U.S. federal income tax classification of the Company;

 

		(f)	investment or other expenditure by the Company in an amount (singly or together with all related
investments or other expenditures) greater than US$10,000;

 

		(g)	acquisition or disposition of assets by the Company with value or for consideration (singly or
together with all related acquisitions or dispositions) greater than US$10,000;

 

		(h)	borrowing or other incurrence of money debt by the Company in an amount (singly or together with
all related borrowings or other related incurrences of money debt) greater than US$10,000;

 

		(i)	guarantee or other commitment by the Company with respect to money debt or other obligations of
any other Person in an amount (singly or together with all related money debt and other obligations) greater than US$10,000;

 

		(j)	lease of real or personal property by the Company requiring aggregate payments during the applicable
lease term in an amount greater than US$10,000;

 

		(k)	transfer, license or other disposition of, and any acquisition of, Intellectual Property Assets;

 

		(l)	material action(s) with respect to any existing or prospective patent of the Company in any jurisdiction,
including filings with respect to patent applications, reissues and continuations;

 

		(m)	execution, amendment or termination of any material agreement (including any such agreements with
an Affiliate of any Member);

 

		(n)	dissolution or liquidation of the Company;

 

		(o)	establishment, amendment or termination of any internal rules or policies of the Company (including
employment rules or policies);

 

		(p)	approval of or amendment to any annual or other material business, strategic or financial plan
of the Company;

 

		(q)	approval of or amendment to any transaction, arrangement and/or agreement between the Company and
any of its Members, Directors or officers;

 

		(r)	such other matters in Exhibit E that require Board approval or action; and

 

		(s)	execution of agreements or commitments with respect to any of the foregoing.

 

     

     

    

EXHIBIT
D

 

MEMBER RESOLUTIONS

 

		(a)	change of the Company’s name;

 

		(b)	approval of accounting firm(s) nominated by the Board, and appointment of Directors;

 

		(c)	change in the Company’s authorized or outstanding equity interests or capitalization, including
without limitation through any issuance, redemption or repurchase of Shares or other Securities by the Company and any Capital
Contributions;

 

		(d)	change in the scope of the Business of the Company;

 

		(e)	investment or other expenditure by the Company in an amount (singly or together with all related
investments or other expenditures) greater than US$50,000;

 

		(f)	acquisition or disposition of assets by the Company with value or for consideration (singly or
together with all related acquisitions or dispositions) greater than US$50,000;

 

		(g)	borrowing or other incurrence of money debt by the Company in an amount (singly or together with
all related borrowings or other related incurrences of money debt) greater than US$50,000;

 

		(h)	guarantee or other commitment by the Company with respect to money debt or other obligations of
any other Person in an amount (singly or together with all related money debt and other obligations) greater than US$50,000;

 

		(i)	lease of real or personal property by the Company requiring aggregate payments during the applicable
lease term in an amount greater than US$50,000;

 

		(j)	amendment to this Agreement;

 

		(k)	dissolution of the Company or withdrawal from the Company by any Member;

 

		(l)	such other matters requiring approval of both Members as set forth in Exhibit E;

 

		(m)	execution of agreements or commitments with respect to any of the foregoing; and

 

		(n)	adoption of the capital expansion plan described in Section 2.1(c).

 

 

     

     

    

EXHIBIT E

 

TAXES; RELATED MATTERS

 

A.               
Allocations Generally.

 

(1)              
The Company shall establish and maintain an individual Capital Account for each Member. Unless otherwise stated in this
Agreement, the number of the Shares issued to any Member shall not be adjusted for any increase or decrease in such Capital Account.
No Member will have the right to withdraw or receive any return of, or interest on, any balance in such Member’s Capital
Account. No Member will have any obligation to restore any deficit or negative balance in the Capital Account of such Member.

 

(2)              
Except as otherwise provided in Section B, Profits and Losses of the Company shall be allocated among the Members
in a manner such that, after giving effect to any special allocations required by Section B, the Capital Account balance
of each Member, immediately after making such allocation, is, as nearly as possible, equal to the distributions that would be made
to such Member if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their book value (as determined
for purposes of maintaining Capital Accounts), all Company liabilities were satisfied (limited with respect to each nonrecourse
liability (as defined in the Treasury Regulations under Section 704 of the Code) to the book value of the assets securing such
liability), and the net assets of the Company were distributed in accordance with Section 5.2 of this Agreement to the Members
immediately after making such allocation, reduced by each Member’s share of “partnership minimum gain” and “partner
nonrecourse debt minimum gain,” as determined in the Treasury Regulations under Section 704 of the Code.

 

B.                
Regulatory Allocations and Other Allocation Rules.

 

Notwithstanding anything in the Agreement to
the contrary, the following special allocations will be made as follows, and, as appropriate, in the following order:

 

(1)              
Items of Company loss and deduction otherwise allocable to a Member hereunder that would cause such Member (hereinafter,
a “Restricted Holder”) to have a deficit balance in his or her or its Adjusted Capital Account, or would increase
the deficit balance in his or her or its Adjusted Capital Account, as of the end of the Fiscal Year to which such items relate
shall not be allocated to such Restricted Holder and instead shall be allocated to the other Members pro rata in proportion
to their positive Adjusted Capital Account balances until all Adjusted Capital Account balances equal zero, and then to all Members
in proportion to their percentage ownership of all outstanding Shares.

 

(2)              
If there is a net decrease in Company Minimum Gain for any Fiscal Year (except as a result of conversion or refinancing
of Company indebtedness, certain capital contributions or revaluation of the Company’s property as further outlined in Treasury
Regulation Sections 1.704-2(d)(4), (f)(2) or (f)(3)), each Member shall be specially allocated items of Company income and gain
for such year (and, if necessary, subsequent years) in an amount equal to that Member’s share of the net decrease in Company
Minimum Gain. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f). This
Section B(2) is intended to comply with the minimum gain chargeback requirement in said Section of the Treasury Regulations
and shall be interpreted consistently therewith. Allocations pursuant to this Section B(2) shall be made in proportion to
the respective amounts required to be allocated to each Member pursuant hereto.

 

     

     

    

(3)              
If there is a net decrease in Minimum Gain Attributable to Member Nonrecourse Debt during any Fiscal Year (other than due
to the conversion, refinancing or other change in the debt instrument causing it to become partially or wholly nonrecourse, certain
capital contributions, or certain revaluations of the Company’s property as further outlined in Treasury Regulations Section
1.704-2(i)(4)), each Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent
years) in an amount equal to that Member’s share of the net decrease in the Minimum Gain Attributable to Member Nonrecourse
Debt. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(4) and (j)(2).
This Section B(3) is intended to comply with the minimum gain chargeback requirement with respect to Member Nonrecourse
Debt contained in said Section of the Treasury Regulations and shall be interpreted consistently therewith. Allocations pursuant
to this Section B(3) shall be made in proportion to the respective amounts required to be allocated to each Member pursuant
hereto.

 

(4)              
In the event a Member unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), and such Member has an Adjusted Capital Account deficit, items of Company income
and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate the Adjusted Capital Account
deficit as quickly as possible. This Section B(4) is intended to constitute a qualified income offset under Treasury Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

(5)              
Nonrecourse Deductions for any Fiscal Year or other applicable period shall be allocated to the Members as deemed appropriate
by the Board, but only as permitted by the Treasury Regulations.

 

(6)              
Member Nonrecourse Deductions for any Fiscal Year or other applicable period shall be specially allocated to the Member
that bears the economic risk of loss for the debt (i.e., the Member Nonrecourse Debt) with respect to which such Member
Nonrecourse Deductions are attributable (as determined under applicable Treasury Regulations).

 

(7)              
To the extent that Treasury Regulations Section 1.704-1(b)(2)(iv)(m) requires that Capital Accounts be adjusted with respect
to an adjustment to the basis of Company property pursuant to a Code Section 754 election, such adjustment shall be treated as
an item of income, gain or loss and allocated to the Members as appropriate.

 

(8)              
In the event any Member has a deficit Capital Account at the end of any Fiscal Year which is in excess of the amount such
Member is obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5),
each such Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible,
provided that an allocation pursuant to this Section B(8) shall be made only if and to the extent that such Member
would have a deficit Capital Account in excess of such amount after all other allocations provided for under this Agreement have
been made as if Section B(4) and this Section B(8) were not in this Agreement.

 

     

     

    

(9)              
The allocations set forth in Sections B(1) through (and including) B(8) (the “Regulatory Allocations”)
are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent
possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other
items of Company income, gain, loss or deduction pursuant to this Section B(9). Therefore, notwithstanding any other provision
of the Agreement or this Exhibit E (other than the Regulatory Allocations), the Board shall make such offsetting special
allocations of Company income, gain, loss or deduction in current or future periods in whatever manner it determines appropriate
such that, after such offsetting allocations are made, each Member’s Capital Account balance is, to the extent possible,
equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of this Exhibit
E and all Company items were allocated pursuant to Section A hereof. In exercising its discretion under this Section
B(9), the Board shall take into account future Regulatory Allocations under Sections B(2) and B(3) that, although
not yet made, are likely to offset other Regulatory Allocations previously made under Sections B(5) and B(6).

 

(10)          
Allocations to Members whose interests vary during a year by reason of transfer, redemption, admission, capital contributions,
or otherwise, shall be made as determined by the Board in accordance with permissible methods under Code Section 706.

 

C.               
Tax Allocations.

 

(1)              
Subject to Section C(2), items of income, gain, loss, deduction and credit to be allocated for income tax purposes
(collectively, “Tax Items”) will be allocated among the Members on the same basis as their respective book items,
as provided in Sections A through (and including) B.

 

(2)              
If any Company property is subject to Code Section 704(c) or is reflected in the Capital Accounts of the Members and on
the books of the Company at a value that differs from the adjusted tax basis of such property, then the Tax Items with respect
to such property will, in accordance with the requirements of Treasury Regulations Section 1.704-1(b)(4)(i), be shared among the
Members in a manner that takes account of the variation between the adjusted tax basis of the applicable property and its value.
The Board is authorized to choose any reasonable method permitted by the Treasury Regulations pursuant to Code Section 704(c);
provided, however, that the Company shall apply the “remedial” method with respect to all Section 704(c) gain that
is attributable to Amyris as of the date of this Agreement.

 

(3)              
Pursuant to Treasury Regulations Section 1.752-3, each Member’s interest in Company profits, for purposes of determining
such Member’s shares of excess “nonrecourse liabilities” shall equal such Member’s Company Interest.

 

(4)              
Any payment of foreign tax that may be creditable against any Member’s federal income tax liability shall be allocated
to the Members in the same manner as the allocation of the income or gain generating such foreign tax credit. Other tax credits
shall be allocated to the Members in a manner reasonably determined by the Board.

 

     

     

    

(5)              
The Members are aware of the income tax consequences of the allocations made by this Agreement and will report their shares
of Tax Items for income tax purposes consistently with this Agreement.

 

D.               
Tax Classification.

 

The Members that the Company intend that, unless
the Board determines otherwise, the Company shall be operated in a manner consistent with its treatment as a “partnership”
other than a publicly traded partnership for U.S. federal, state and local income and franchise tax purposes. In accordance therewith,
(a) no Member shall file any election with any taxing authority to have the Company treated otherwise, and (b) each Member hereby
represents, covenants, and warrants that it shall not maintain a position inconsistent with such treatment, in each case subject
to a determination by the Board that the Company should no longer seek to be taxable as a partnership.

 

E.                
Additional Tax Matters.

 

(1)              
 For all tax years of the Company not subject to the BBA Rules, if the Company constitutes a “partnership” described
by Section 6231(a)(1) of the Code, or if the Company elects to be treated as such pursuant to this Section E(1), the Board
shall appoint the Tax Matters Member in compliance with the Code and the Treasury Regulations. All expenses incurred by the Tax
Matters Member with respect to any tax matter that does or may affect the Company, or any Member by reason thereof, shall be paid
for out of Company assets and shall be treated as Company expenses; provided, however, that the Company shall not be obligated
to pay any such expenses incurred as a result of the Tax Matters Member’s bad faith, gross negligence or intentional misconduct.
The Company may elect to be treated as a “partnership” described by Section 6231(a)(1) at the discretion of the Board,
and each Member shall take such actions as the Board reasonably requests to perfect any such election. References to Code Sections
in this Section E(1) are to such provisions as they existed before the enactment of the Bipartisan Budget Act of 2015.

 

(2)              
For all tax years that are subject to the BBA Rules, the Company’s “partnership representative” (the “Company
Representative”) shall be such Person as the Board designates from time to time in accordance with the BBA Rules. Each
Member shall take such actions as are necessary or convenient to effect the appointment of a Company Representative that has been
selected in accordance with this Section E(2). The Company shall elect into the partnership audit regime enacted by the
Bipartisan Budget Act of 2015, and the Company and the Members shall take all actions necessary to effect such election. The Company
Representative has full discretion to represent and bind the Company in each audit conducted by any taxing authority, including
without limitation the power and authority (i) to make an election under Section 6223 (if available) or Section 6226 of the Code
and any Treasury Regulations promulgated in accordance therewith and (ii) to take, and to cause the Company to take, all actions
necessary or convenient to give effect to such an election. Each Member agrees to take all actions that the Company Representative
informs it are reasonably necessary to effect a decision of the Company Representative in its capacity as such, including without
limitation (A) providing any information reasonably requested in connection with any tax audit or related proceeding (which information
may be freely disclosed to the Internal Revenue Service or other relevant taxing authorities), (B) paying all liabilities attributable
to such Member as the result of an election under Section 6226 of the Code, (C) filing any amended returns that the Company Representative
determines to be necessary or appropriate to reduce an imputed underpayment under Section 6225(c) of the Code or (D) paying all
liabilities associated with such an amended return. The costs and expenses incurred by a Member in connection with the preceding
sentence shall not be treated as expenses of, or Capital Contributions to, the Company. All expenses incurred by the Company Representative
with respect to any tax matter that does or may affect the Company, or any Member by reason thereof, shall be paid for out of Company
assets and shall be treated as Company expenses; provided, however, that the Company shall not be obligated to pay
any such expenses incurred as a result of the Company Representative’s bad faith, gross negligence or intentional misconduct.
References to Code Sections in this Section E(2) are to such provisions as amended by the Bipartisan Budget Act of 2015.

 

     

     

    

(3)              
If any tax audit under the BBA Rules or similar foreign, state, or local laws or regulations results in the imposition of
a tax liability on the Company itself and the Company Representative determines in its sole discretion that any portion of such
liability (including associated interest and penalties) is specifically attributable to a Member (whether as a result of its status,
actions, inactions or otherwise), then at the Company Representative’s election such amount shall (a) be contributed to the
Company by such Member, and such contribution shall not be treated as a Capital Contribution for purposes of determining a Member’s
Shares or Company Interest, or (ii) be deemed to have been distributed to such Member, and a corresponding amount shall be withheld
from the next distributions to which the Member would otherwise be entitled.

 

(4)              
Notwithstanding all other provisions of this Agreement, each Member agrees that its obligations to comply with the Company
Representative’s decisions under this Section E shall survive any transfer of its Company interest and the termination
of the Company as a tax partnership. Accordingly, each Person that ceases to be a Member shall, notwithstanding such divestiture,
(i) reimburse and indemnify the Company against any liability that would be attributed to such Person under Section E(3)
if the Person were a Member at the time of determination, and (ii) promptly provide updated contact information to the Company
upon any change to such information until the fourth anniversary of the Company’s status as a tax partnership is terminated.

 

(5)              
If a Member is permitted under the Code to participate in Company-level administrative or judicial tax proceedings, such
Member shall be responsible for all expenses incurred by it in connection with such participation. The cost of any adjustments
to all Members and the cost of any resulting audits or adjustments of Members will be borne solely by the Members without reimbursement
by the Company.

 

(6)              
For the avoidance of doubt, the Tax Matters Member and the Company Representative are each “officers of the Company”
for purposes of Section 8.2 and Article 10.

 

(7)              
No Member shall file a notice with the Internal Revenue Service under Section 6222 of the Code in connection with such Member’s
intention to treat an item on such Member’s federal income tax return in a manner which is inconsistent with the treatment
of such item on the Company’s federal income tax return unless such Member has, not less than thirty (30) days prior to the
filing of such notice, provided the Board with a copy of the notice and thereafter in a timely manner provides such other information
related thereto as the Board shall reasonably request.

 

     

     

    

(8)              
Any Member entering into a settlement agreement with the Internal Revenue Service that concerns a Company item shall notify
the Board of such settlement agreement and its terms within thirty (30) days after the date thereof.

 

(9)              
Except to the extent specifically provided in the Code or Treasury Regulations (or the laws of another relevant taxing jurisdiction)
or otherwise provided herein, the Board, in its sole discretion, shall have exclusive authority to act for or on behalf of the
Company with regard to tax matters, including the authority to make (or decline to make) any available tax elections (including
elections under Section 754 of the Code). The Board shall prepare and file or cause to be prepared and filed any federal, state,
local and foreign tax returns for the Company and shall be the sole signatory to such returns, except to the extent any other Person
is required by law to also sign such returns. The Company shall deliver to each Member a Schedule K-1 relating to such Member’s
interest in the Company within 90 days after each taxable year, or as soon as reasonably practicable thereafter.

 

F.       Definitions.

 

The following terms shall have the following
meanings.

 

“Adjusted Asset Value” means,
with respect to any asset of the Company, the adjusted basis of such asset for federal income tax purposes, except as follows:

 

(i)       The
Adjusted Asset Value of any asset contributed to the Company by a Member will be the gross fair market value of such asset as determined
by the Board.

 

(ii)       If
the Board reasonably determines that an adjustment is necessary or appropriate to reflect the relative interests of the Members
in the Company, the Adjusted Asset Values of all Company assets will be adjusted to equal their gross fair market values, as determined
by the Board, taking Section 7701(g) of the Code into account, as of the following times: (a) a Capital Contribution (other than
a de minimis Capital Contribution) to the Company by a new or existing Member; (b) any distribution by the Company to a Member
of more than a de minimis amount of Company property (other than cash); (c) any distribution by the Company to a Member of more
than a de minimis amount of cash in connection with the redemption of all or a portion of a Member’s Shares in the Company;
and (d) at such other times as the Board reasonably determines necessary or advisable in order to comply with Treasury Regulations
Sections 1.704 1(b) and 1.704 2.

 

(iii)       The
Adjusted Asset Values of Company property will be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Section 1.704 1(b)(2)(iv)(m) of the Treasury Regulations; provided, however, that Adjusted
Asset Values will not be adjusted pursuant to this paragraph to the extent that the Board reasonably determines that an adjustment
pursuant to paragraph (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an
adjustment pursuant to this paragraph (iii).

 

     

     

    

(iv)       The
Adjusted Asset Value of an asset will be adjusted by the Depreciation taken into account with respect to such asset for purposes
of computing Profits and Losses.

 

“Adjusted Capital Account”
means, with respect to any Member, such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving
effect to the following adjustments: (i) credit to such Capital Account any amounts that such Member is obligated or treated as
obligated to restore with respect to any deficit balance in such Capital Account pursuant to Section 1.704 1(b)(2)(ii)(c) of the
Treasury Regulations, or is deemed to be obligated to restore with respect to any deficit balance pursuant to the penultimate sentences
of Sections 1.704 2(g)(1) and 1.704 2(i)(5) of the Treasury Regulations; and (ii) debit to such Capital Account the items described
in Treasury Regulations Sections 1.704 1(b)(2)(ii)(d)(4), 1.704 1(b)(2)(ii)(d)(5) and 1.704 1(b)(2)(ii)(d)(6). The foregoing definition
of Adjusted Capital Account is intended to comply with the provisions of Section 1.704 1(b)(2)(ii)(d) of the Treasury Regulations
and will be interpreted consistently therewith.

 

“BBA Rules” means Sections
6221 through 6241 of the Code, as amended by the Bipartisan Budget Act of 2015, and all Treasury Regulations and guidance issued
thereunder.

 

“Capital Account” means the
capital account established on behalf of each Member on the books of the Company. In general, the Capital Account of each Member
initially shall be credited with the amount of such Member’s initial Capital Contribution to the Company, as set forth on
Exhibit B. Thereafter, each such Member’s Capital Account shall be: increased by (a) the amount of money contributed by such
Member to the Company, (b) the Adjusted Asset Value of any property contributed by such member to the Company (net of liabilities
securing such contributed property that the Company is considered to assume or take subject to) and (c) allocations to such Member
of Profits and other items of book income and gain; decreased by (d) the amount of money distributed to such Member by the Company,
(e) the Adjusted Asset Value of property distributed by the Company to such Member (net of liabilities securing such distributed
property that such Member is considered to assume or take subject to) and (f) allocations to such Member of Losses and other items
of book loss and deduction; and otherwise adjusted in accordance with the additional rules set forth in Treasury Regulations Section
1.704 1(b)(2)(iv). The Capital Accounts also shall be adjusted (x) as reasonably determined by the Board, to reflect any redemption,
forfeiture or transfer of Shares, and (y) in accordance with Treasury Regulations Section 1.704 1(b)(2)(iv)(m). It is the intent
of the Members that the Capital Accounts of all Members be determined and maintained, to the greatest extent possible, in accordance
with the principles of Treasury Regulations Section 1.704 1(b)(2)(iv) at all times throughout the full term of the Company. Accordingly,
the Board is authorized to make any other adjustments to the Capital Accounts so that the Capital Accounts and allocations thereto
comply with such Section.

 

“Company Minimum Gain” means
“partnership minimum gain” as set forth in Section 1.704-2(b)(2) of the Treasury Regulations.

 

“Depreciation” means, with
respect to any Company asset for any Fiscal Year or other period, the depreciation, depletion or amortization, as the case may
be, allowed or allowable for federal income tax purposes with respect to such asset for such Fiscal Year or other period; provided,
however, that if there is a difference between the Adjusted Asset Value and the adjusted tax basis of such asset, Depreciation
will mean “book depreciation, depletion or amortization” as determined under Section 1.704-1(b)(2)(iv)(g)(3) of the
Treasury Regulations; provided, further, that, if any property has a zero adjusted basis for federal income tax purposes,
Depreciation may be determined under any reasonable method selected by the Board.

 

     

     

    

“Member Nonrecourse Debt”
means “partner nonrecourse debt” as set forth in Treasury Regulations Section 1.704-2(b)(4).

 

“Member Nonrecourse Deductions”
means “partner nonrecourse deductions” as set forth in Treasury Regulations Section 1.704-2(i)(2).

 

“Minimum Gain Attributable to Member
Nonrecourse Debt” means “partner nonrecourse debt minimum gain” as determined in accordance with Treasury
Regulations Section 1.704-2(i)(2).

 

“Nonrecourse Deductions”
has the meaning set forth under Sections 1.704-2(b)(1) and (c) of the Treasury Regulations.

 

“Profits” and “Losses”
means, for each Fiscal Year or other period, an amount equal to the Company’s taxable income or loss for such year or other
period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required
to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:
(i) any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits
or Losses shall be added to such taxable income or loss; (ii) any expenditures of the Company described in Code Section 705(a)(2)(B)
or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i) shall be subtracted
from such taxable income or loss; (iii) gain or loss resulting from any disposition of a property with respect to which gain or
loss is recognized for federal income tax purposes shall be computed by reference to the Adjusted Asset Value of the property disposed
of, notwithstanding that the adjusted tax basis of such property differs from its Adjusted Asset Value; (iv) in lieu of the depreciation,
amortization and other cost recovery deductions taken into account in computing such taxable income or loss, the Company shall
compute such deductions based on Depreciation; (v) if the Adjusted Asset Value of an asset is adjusted pursuant to the definition
of Adjusted Asset Value, then the amount of such adjustment shall be treated as an item of gain or loss and included in the computation
of Profits and Losses; and (vi) items of Company gross income, gains, deductions and losses allocated pursuant to Section B
of Exhibit E shall not be included in the computation of Profits and Losses.

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