Document:

amtx_ex1075

  Exhibit 10.75

AMENDED AND RESTATED PROMISSORY NOTE

 

 

 

March
6, 2020

 

 

FOR
VALUE RECEIVED, the undersigned, AEMETIS ADVANCED FUELS KEYES,
INC., a Delaware corporation (“AAFK”),
AEMETIS FACILITY KEYES, INC., a Delaware corporation
(“Keyes
Facility”, and together with AAFK, “Borrowers”)
and AEMETIS, INC., a Nevada corporation (“Parent”, and
together with Borrowers, the “Obligors”)
jointly and severally promise to pay to the order of THIRD EYE
CAPITAL CORPORATION (the “Lender”) the
Aggregate Principal Amount as set forth below, at its offices or
such other place as the Lender may designate in
writing.

 

 

This
Amended and Restated Promissory Note (the “Note”) is an amendment and
restatement of that Amended and Restated Promissory Note dated
March 11, 2019, which was an amendment and restatement of the
original Promissory Note dated March 27, 2018 (the
“Original
Note”). All debts and other obligations under the
Original Note shall be continuing with the only terms thereof being
modified as provided in this Note, and this Note shall not be
deemed to evidence or result in a novation of such debt or other
obligations. This Note is being issued to the Lender in connection
with the Amended and Restated Note Purchase Agreement made as of
July 6, 2012 (as amended, restated, supplemented, revised, or
replaced from time to time, the “NPA”) by and among the Obligors,
Third Eye Capital Corporation, as agent for the Noteholders (the
“Agent”) and the
Noteholders. Capitalized terms used but not defined herein shall
have the meaning given to them in the NPA. Notwithstanding anything
indicated herein or in the NPA, this Note is deemed to be one of
the Notes under the NPA, is a Note Purchase Document and this Note
and the obligations hereunder are subject to the provisions of the
NPA.

 

 

1.

Availability. Subject to all of the
terms and conditions of this Note, the Lender agrees to make
available, for the Borrower’s use during the term and prior
to the Maturity Date, total credit of up to, but not exceeding, the
principal amount of Eighteen Million ($18,000,000) Dollars (the
“Principal
Amount”) plus the Capitalized Interest (collectively,
herein referred to as the “Aggregate Principal
Amount”).

 

 

2.

Use of Proceeds. The Principal Amount of
this Note advanced to the Obligors shall be used for working
capital purposes and to pay the Fee (as defined
below).

 

 

3.

Advances. The Obligors may receive
advances under this Note up to the Principal Amount at their
discretion (each, an “Advance”) by providing five (5)
Business Days’ prior written notice of their request for an
Advance hereunder and the proposed use of proceeds of such Advance,
provided that such Advances shall be in a minimum amount of
$100,000 and in increments of $50,000.

 

 

4.

Interest. From the date hereof until the
repayment of this Note in full, interest on the Aggregate Principal
Amount outstanding shall be calculated at the rate of 30% per
annum, and paid monthly in arrears on the last day of each month
(each, an “Interest
Calculation Date”); provided, however, that upon and
during the occurrence of an Event of Default under the NPA or this
Note or the non-payment of this Note by the Maturity Date, the
interest rate shall be increased to 40% per annum.  At the
election of the Obligors, on each Interest Calculation Date, all of
the interest accrued on the then Aggregate Principal Amount and not
previously capitalized as of such Interest Calculation Date (all
such interest being referred to in this Agreement as
“Capitalized
Interest”), will be added to the Aggregate Principal
Amount advanced to the Borrower hereunder as of such Interest
Calculation Date. The Aggregate Principal Amount (as so increased
by such Capitalized Interest) will bear interest at the interest
rate indicated herein from and after such Interest Calculation
Date.

 

 

5.

Maturity Date. The outstanding principal
balance of the indebtedness evidenced hereby, plus any accrued but
unpaid interest, obligations, fees and any other sums owing
hereunder, shall be due and payable in full at the earlier to occur
of: (a) the closing of any new debt or equity financing,
refinancing or other similar transaction between the Lender or any
fund or entity arranged by the Lender and any Obligor or any
Affiliate thereof; (b) the receipt by an Obligor or Affiliate
thereof of proceeds from any sale, merger, equity or debt financing
(including without limitation any EB-5 financing), refinancing or
other similar transaction from any third party; and (c) April 1,
2021 (the “Maturity
Date”).

 

 

6.

Advance Fee. Upon any Obligor making a
request for an Advance, the Obligor shall pay to the Lender a
one-time fee (the “Fee”) in the amount of $500,000
which shall be deemed earned and non-refundable on the date of such
initial Advance and shall be payable from the proceeds of such
initial Advance made pursuant to this Note. 

 

 

7.

Conditions to Advances. Administrative
Agent shall have received from Aemetis all other approvals,
opinions, documents, agreements, instruments, certificates,
schedules and materials as Administrative Agent may request with
respect to each proposed Advance.

 

 

8.

Acknowledgement of Security. The
Obligors hereby acknowledge, confirm and agree that this Note, and
the obligations hereunder, are secured by valid and enforceable
liens and security interests upon and in the property and assets of
the Obligors as described in the NPA and the other Note Purchase
Documents and reaffirm their obligations pursuant to all applicable
Note Purchase Documents to which they are a party.

 

 

 

 

9.

Additional Obligations of the Obligors.
As further consideration of the Lender providing the funds
contemplated under this Note, the Obligors hereby agree, upon the
request of the Lender, to take such action, and execute and deliver
such further documents as may be reasonably necessary or
appropriate to give effect to the provisions and intent of this
Note.

 

 

10.

Waivers. Each Obligor hereby waives
demand, presentment for payment, notice of dishonor, protest, and
notice of protest and diligence in collection or bringing suit.
Time is of the essence.

 

 

11.

Attorneys’ Fees. Each Obligor
agrees to pay the reasonable attorneys’ fees and costs
incurred by the Lender in collecting on or enforcing the terms of
this Note, whether by suit or otherwise.

 

 

12.

Paramountcy. In the event of any
conflicts between the provisions of this Note and any provisions of
the NPA, solely in connection with this Note, the provisions of
this Note shall prevail and be paramount.

 

 

13.

Severability. In the event any one or
more of the provisions of this Note shall for any reason be held to
be invalid, illegal, or unenforceable, in whole or in part or in
any respect, or in the event that any one or more of the provisions
of this Note operate or would prospectively operate to invalidate
this Note, then and in any such event, such provision(s) only shall
be deemed null and void and shall not affect any other provision of
this Note and the remaining provisions of this Note shall remain
operative and in full force and effect and in no way shall be
affected, prejudiced, or disturbed thereby.

 

 

14.

Miscellaneous. This Note and the
obligations hereunder may not be assigned by Obligors without the
prior written consent of the Lender. This Note and the rights
hereunder may be assigned by Lender without the consent of the
Obligors. As used herein, the terms “Obligors” and
“Lender” shall be deemed to include their respective
successors, legal representatives and assigns, whether by voluntary
action of the parties or by operation of law. Each Obligor hereby
submits to jurisdiction in the State of Delaware and this Note
shall be governed by and be construed in accordance with the laws
of the State of Delaware. This Note may not be modified except by
written agreement signed by the Obligors and the
Lender.

 

 

[Remainder of page left intentionally blank]

 

 

 

 

IN WITNESS WHEREOF, each Obligor has
caused this Note to be executed and delivered under seal as of the
date first set forth above.

 

 

 

BORROWERS:

 

 

	
AEMETIS
ADVANCED FUELS KEYES, INC.

 

By:
/s/
ERIC
A.
MCAFEE

Name:
Eric A. McAfee

Title:
Chief Executive Officer

 

	
AEMETIS
FACILITY KEYES, INC.

 

 

By:
/s/
ERIC
A.
MCAFEE

Name:
Eric A. McAfee

Title:
Chief Executive Officer

 

 

 

PARENT:

 

 

	
AEMETIS,
INC.

 

By:
/s/
ERIC
A.
MCAFEE

Name:
Eric A. McAfee

Title:
Chief Executive Officer

 

 

 

 

 

Signature Page to A&R Promissory Note dated March 6,
2020

 

 

	

Accepted
and Acknowledged by:

 

THIRD EYE CAPITAL CORPORATION

 

 

By: /s/ Arif N.
Bhalwani 

     Name:
Arif N. Bhalwani

     Title:
Managing Director

	
 

 

 

 

 

 

Signature Page to A&R Promissory Note dated March 6,
2020Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

General

 

The following description of our capital
stock is intended as a summary only and is qualified in its entirety by reference to our articles of organization and bylaws, the
Annual Report on Form 10-K to which this description is an exhibit, any and all of which may be amended from time to time, and
to the applicable provisions of the Massachusetts Business Corporation Act (“MBCA”).

 

Our authorized capital stock consists of
400,000,000 shares of our common stock and 100,000,000 shares of our preferred stock, all of which preferred stock is undesignated.
As of March 5, 2020, there were 27,754,894 shares of common stock outstanding and no shares of preferred stock outstanding.

 

Common Stock

 

Dividend Rights

 

Subject to preferences that may apply to
shares of preferred stock outstanding, holders of outstanding shares of common stock are entitled to receive dividends out of assets
legally available at the times and in the amounts as our board of directors may from time to time determine.

 

Voting Rights 

 

Each outstanding share of common stock is
entitled to one vote on all matters submitted to a vote of shareholders. Holders of shares of our common stock have no cumulative
voting rights.

 

Preemptive Rights.

 

Our common stock is not entitled to preemptive
or other similar subscription rights to purchase any of our securities.

 

Conversion or Redemption Rights 

 

Our common stock is neither convertible
nor redeemable.

 

Liquidation Rights

 

Upon our liquidation, the holders of our
common stock will be entitled to receive pro rata our assets which are legally available for distribution, after payment of all
debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding.

 

Listing 

 

Our common stock is listed on the Nasdaq
Global Select Market under the trading symbol "CYCN."

 

Anti-takeover Effects of Our Articles of Organization and
Our Bylaws

 

Our articles of organization and bylaws
contain certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of our board
of directors but which may have the effect of delaying, deferring or preventing a future takeover or change in control of us unless
such takeover or change in control is approved by our board of directors. These provisions include:

 

     

    2

    

 

Action by Written Consent and Special Meetings of Shareholders

 

Our articles of organization provide that
shareholder action can be taken only at an annual or special meeting of shareholders or by the unanimous written consent of all
shareholders in lieu of such a meeting. Our articles of organization and the bylaws also provide that, except as otherwise required
by law, special meetings of the shareholders can only be called pursuant to a resolution adopted by a majority of our board of
directors or holders of at least 40% of our then outstanding common stock. Except as described above, shareholders are not permitted
to call a special meeting or to require our board of directors to call a special meeting.

 

Advance Notice Procedures

 

Our bylaws contain an advance notice procedure
for shareholder proposals to be brought before an annual meeting of our shareholders, including proposed nominations of persons
for election to the board of directors. Shareholders at an annual meeting will only be able to consider proposals or nominations
specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a shareholder
who was a shareholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given our
Secretary timely written notice, in proper form, of the shareholder's intention to bring that business before the meeting. Although
our bylaws do not give our board of directors the power to approve or disapprove shareholder nominations of candidates or proposals
regarding other business to be conducted at a special or annual meeting, the bylaws may have the effect of precluding the conduct
of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from
conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us.

 

Proxy Access

 

Our bylaws provide that a shareholder or
a group of shareholders meeting certain conditions may nominate candidates for election as a director at an annual meeting of our
shareholders using "proxy access" provisions. These provisions allow one or more shareholders (up to 20, collectively),
owning at least 3% of our outstanding common stock continuously for at least three years, to nominate for election to our board
of directors and to be included in our proxy materials up to the greater of two individuals or 20% of our board of directors, subject
to the provisions included in our bylaws, including the provision of timely written notice to our Secretary.

 

Number of Directors and Filling Vacancies and Election of
Directors

 

Our articles of organization provide that
the number of directors is established by the board of directors. Furthermore, any vacancy on our board of directors, however occurring,
including a vacancy resulting from an increase in the size of our board, may only be filled by the affirmative vote of a majority
of our directors then in office. The ability of our board of directors to increase the number of directors and fill any vacancies
may make it more difficult for our shareholders to change the composition of our board of directors. Our bylaws provide that a
majority of the votes properly cast for the election of a director shall effect such election unless there are more nominees than
directorships, in which case a plurality standard shall apply.

 

Authorized and Unissued Shares

 

Our authorized but unissued shares of common
stock and preferred stock are available for future issuance without shareholder approval. These additional shares may be utilized
for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and
employee benefit plans. The existence of authorized but unissued shares of common stock and preferred stock could render more difficult
or discourage an attempt to obtain control of a majority of our common stock by means of a proxy contest, tender offer, merger
or otherwise.

 

Exclusive Forum.

 

Our articles of organization require, to
the fullest extent permitted by law, that derivative actions brought in the name of Cyclerion, actions against our directors, officers
and employees for breach of a fiduciary duty and other similar actions may be brought only in specified courts in the Commonwealth
of Massachusetts. Although we believe this provision benefits us by providing increased consistency in the application of Massachusetts
law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors
and officers.

 

     

    3

    

 

Anti-Takeover Provisions under Massachusetts Law

 

Provisions Regarding Business Combinations 

 

We are subject to the provisions of Chapter
110F of the MBCA. In general, Chapter 110F prohibits a publicly held Massachusetts corporation from engaging in a "business
combination" with an "interested stockholder" for a three-year period following the time that this stockholder becomes
an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination"
includes, among other things, a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested
stockholder. An "interested stockholder" is a person who, together with affiliates and associates, owns, or did own within
three years prior to the determination of interested stockholder status, five percent or more of the corporation's voting stock.

 

Under Chapter 110F, a business combination
between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions: before the
stockholder became interested, our board of directors approved either the business combination or the transaction which resulted
in the stockholder becoming an interested stockholder; upon consummation of the transaction which resulted in the stockholder becoming
an interested stockholder, the interested stockholder owned at least 90% of the voting stock of the corporation outstanding at
the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons
who are directors and also officers, and employee stock plans, in some instances; or at or after the time the stockholder became
interested, the business combination was approved by our board of directors of the corporation and authorized at an annual or special
meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by
the interested stockholder.

 

A Massachusetts corporation may "opt
out" of these provisions with an express provision in its original articles of organization or an express provision in its
articles of organization or bylaws resulting from a stockholders' amendment approved by at least a majority of the outstanding
voting shares. We have not opted out of these provisions. As a result, mergers or other takeover or change in control attempts
of us may be discouraged or prevented.

 

Provisions Regarding a Classified Board of Directors

 

Section 8.06(b) of the MBCA provides that,
unless a company opts out of such provision, the terms of directors of a public Massachusetts company shall be staggered by dividing
the directors into three groups, as nearly equal in number as possible, with only one group of directors being elected each year.
We plan to opt out of this default requirement for a classified board of directors, and expect that all of our directors serve
for one-year terms and will be elected annually.

 

Pursuant to Section 8.06(c)(2) of the MBCA,
however, our board of directors may unilaterally opt back into default requirements under Section 8.06(b) of the MBCA and become
a classified board of directors without the approval of our stockholders. Sections 8.06(d) and (e) of the MBCA provide that when
a board of directors is so classified, (i) stockholders may remove directors only for cause, (ii) the number of directors shall
be fixed only by the vote of the board of directors, (iii) vacancies and newly created directorships shall be filled solely by
the affirmative vote of a majority of the remaining directors and (iv) a decrease in the number of directors will not shorten the
term of any incumbent director. If our board of directors opts into this classified structure in the future, these provisions are
likely to increase the time required for stockholders to change the composition of our board of directors. For example, at least
two annual meetings would generally be necessary for stockholders to effect a change in a majority of the members of our board
of directors. As a result, the ability of our board of directors to adopt a classified structure in the future without the approval
of our stockholders could have the effect of discouraging a potential acquirer from making a tender offer for a majority of the
outstanding voting interest of our capital stock or otherwise attempting to obtain control of Cyclerion.

 

     

    4

    

 

Transfer Agent and Registrar 

 

The transfer agent and registrar for our
common stock is Computershare Trust Company, N.A.

 

Indemnification of Directors and Officers

 

Our articles of organization provide that
the liability of our directors for damages for any breach of fiduciary duty shall be limited to the fullest extent permitted by
law. Our bylaws also provide that we will indemnify, and advance funds to and reimburse expenses of, our directors and officers
that have been appointed by our board of directors to the fullest extent permitted by law, and that we may indemnify, and advance
funds to and reimburse expenses of, such other officers and employees as determined by our board of directors. The right of indemnification
provided under our bylaws is in addition to and not exclusive of any other rights to which any of our directors, officers or any
other persons may otherwise be lawfully entitled. We have also entered, or expect to enter, into indemnification agreements with
our directors and officers, and we carry insurance policies insuring our directors and officers against certain liabilities that
they may incur in their capacity as directors and officers.

 

Part 8 of the MBCA authorizes the
provisions, described above, that is contained in our articles of organization and bylaws. In addition, Sections 8.30 and
8.42 of the MBCA provide that if an officer or director discharges his or her duties in good faith and with the care that a
person in a like position would reasonably exercise under similar circumstances and in a manner the officer or director
reasonably believes to be in the best interests of the corporation, he or she will not be liable for such action.

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