Document:

Exhibit

FORM OF WAIVER AND FORBEARANCE AGREEMENT
This WAIVER AND FORBEARANCE AGREEMENT (this "Agreement"), dated as of February 18, 2020, is by and among AMYRIS, INC., a Delaware corporation ("Company") and [__________] (the "Lender").
R E C I T A L S:
WHEREAS, (i) Company and the Lender are parties to that certain (i) Senior Convertible Note due 2022 dated on or about January 14, 2020 (the “Note”) and (ii) Exchange Agreement, dated on or about December 30, 2019 (the “Exchange Agreement”);
WHEREAS, as of the date hereof, the Specified Existing Defaults (as defined below) has occurred and is expected to be continuing and the Specified Anticipated Default (as defined below) is expected to occur;
WHEREAS, Company has requested that, subject to the terms and conditions of this Agreement, Lender forbear from exercising its rights as a result of such Specified Defaults (as defined below); 
WHEREAS, Company has further requested that Lender grant certain waivers with respect to the Minimum Liquidity Covenant (as defined below); and
WHEREAS, Lender is willing to agree to forbear from exercising certain of their rights and remedies solely for the period and on the terms and conditions specified herein and has agreed to waive certain Events of Default as specified herein.
NOW, THEREFORE, in consideration of the foregoing, and the respective agreements, warranties, and covenants contained herein, the parties hereto agree as follows:
SECTION 1.DEFINITIONS
1.1.    Interpretation.  All capitalized terms used herein (including the recitals hereto) will have the respective meanings ascribed thereto in the Note unless otherwise defined herein. The foregoing recitals, together with all exhibits attached hereto, if any, are incorporated by this reference and made a part of this Agreement. Unless otherwise provided herein, all section and exhibit references herein are to the corresponding sections and exhibits of this Agreement.
1.2.    Additional Definitions.  As used herein, the following terms will have the respective meanings given to them below:
(a)    "Forbearance Period" means the period commencing on the date hereof and ending on the date which is the earliest of (i) the date sixty (60) days following the date of this Agreement; provided that, solely with respect to the Specified Anticipated Default and only if the Specified Existing Defaults shall have been cured on or prior to the date which is sixty (60) days following the date of this Agreement, the Forbearance Period shall end on May 31, 2020, (ii) the 

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occurrence or existence of any Event of Default, other than the Specified Defaults and any Event of Default giving rise to a Termination Event, or (iii) the occurrence of any Termination Event.
(b)    "Specified Anticipated Default" means the Company’s failure to obtain the Requisite Stockholder Approval on or before March 15, 2020.
(c)    "Specified Defaults" means the Specified Existing Defaults and the Specified Anticipated Default.
(d)    "Specified Existing Defaults" means each of: (1) Company's failure, on or before January 31, 2020, to receive aggregated net cash proceeds of not less than fifty million dollars ($50,000,000) from one or more issuances of Capital Stock or incurrences of Permitted Indebtedness (as defined in the Note) by the Company, or any combination thereof, and before giving effect to transaction expenses, (2) Company’s failure, on or before January 31, 2020, to (i) repay in full or convert into equity all Indebtedness outstanding under its Credit and Security Agreement, dated November 14, 2019 by and among the Company, certain of the Company’s subsidiaries, Schottenfeld Opportunities Fund II, L.P. (“SOP”) and Phase Five Partners, LP (“Phase Five”) (the “November Credit Agreement”), or (ii) amend all such Indebtedness to fit within clause (E) of the definition of Permitted Indebtedness so it does not have a final maturity date, amortization payment, sinking fund, mandatory redemption or other repurchase obligation or put right at the option of the lender or holder of such Indebtedness earlier than ninety one (91) days following the Maturity Date, or any combination of the foregoing with respect to all such Indebtedness, and (3) the occurrence of an Event of Default under clause 11(A)(xi) of the Note,  solely to the extent arising from defaults (I) in existence on the date hereof with respect to the notes issued under (A) those certain credit agreements dated September 10, 2019 by and among the Company, certain of the Company’s subsidiaries and each of SOP, Koyote Trading, LLC, and Phase Five (the “September Credit Agreements”) or (B)the November Credit Agreement and (II) for which the holder of such notes has not declared any portion of such indebtedness due and payable or taken any other steps to enforce such indebtedness.  
(e)    "Termination Event" means (i) the initiation of any action by the Company or any other Person to invalidate or limit the enforceability of any of the acknowledgments set forth in Section 3 hereof, the release set forth in Section 8.6 hereof or the covenant not to sue set forth in Section 8.7 hereof or (ii) the occurrence of an Event of Default.
(f)    “Minimum Liquidity Covenant” means Company’s obligation pursuant to Section 9(G) of the Note to have, as of the last day of each calendar month, on a consolidated basis, liquidity calculated as (i) unrestricted, unencumbered Cash and Cash Equivalents in one or more deposit accounts located in the United States in a minimum amount equal to the amount specified in the Letter Agreement, plus (ii) any additional amount of available credit, borrowings, or investments readily convertible to Cash to the extent necessary so that the sum of the amounts described in clause (i) and this clause (ii) is not less than the amount specified in the Letter Agreement.

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SECTION 2.    WAIVER
2.1.    Effective as of December 31, 2019, Lender hereby waives any Event of Default for violations of the Minimum Liquidity Covenant as of such date, including any failure to notify Lender of such Event of Default.
2.2.    Effective as of the date hereof Lender hereby waives any Event of Default for violations of the Minimum Liquidity Covenant during the period beginning on January 1, 2020 and ending on the last date of the Forbearance Period, including any failure to notify Lender of such Event of Default. 
SECTION 3.    ACKNOWLEDGMENTS
3.1.    Acknowledgment of Event of Default Acceleration Amount. The Company hereby acknowledges, confirms, and agrees that as of the date hereof, the Company is indebted to the Lender in the principal amount of $[   ], in addition to interest, expenses, fees and other Event of Default Acceleration Amount.  The Company hereby acknowledges, confirms, and agrees that (i) all Event of Default Acceleration Amount, including interest accrued and accruing thereon, and all fees, costs, expenses, and other charges now or hereafter payable to the Lender, in each case in accordance with the terms of the Note, are unconditionally owing by the Company, and (ii) that the Company has entered an Event of Default Conversion Period as a result of the existence of the Specified Existing Default, in each case without offset, defense, or counterclaim of any kind, nature, or description whatsoever.
3.2.    Ratification; Reaffirmation. The Company hereby reaffirms and ratify the Exchange Agreement and the Note, each as amended, restated, modified, and/or supplemented.  The Company hereby ratifies, affirms, reaffirms, acknowledges, confirms and agrees that (a) all of the Company’s obligations owing to Lender under the Exchange Agreement and the Note are hereby reaffirmed; and (b) the Exchange Agreement and the Note are the legal, valid and binding obligations of the Company and are enforceable against the Lender in accordance with their respective terms, except as enforceability may be limited by applicable equitable principles or by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally.
SECTION 4.    FORBEARANCE IN RESPECT OF SPECIFIED DEFAULTS
4.1.    Acknowledgment of Default.  The Company hereby acknowledges and agrees that each of the Specified Existing Defaults has occurred, is continuing, and is expected to be continuing, each of which independently constitutes an Event of Default and entitles the Lender to exercise its rights and remedies under the Note, applicable law, or otherwise.  The Company hereby acknowledges and agrees that if and when the Specified Anticipated Default occurs, the Lender shall become further entitled (to the extent not already entitled) to exercise its respective rights and remedies under the Note, applicable law, or otherwise.  The Company represents and warrants that as of the date hereof, it is not aware of (a) any existing Default or Event of Default other than the Specified Existing Defaults, and (b) any prospective Event of Default other than the Specified Anticipated Default or the continuance of the Specified Existing Defaults.   The Company hereby acknowledges and agrees that Lender has the exercisable right to declare the Event of Default 

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Acceleration Amount to be immediately due and payable under the terms of the Exchange Agreement and the Note based on any of the Specified Existing Defaults, and that the applicable portion of the Principal Amount under the Note shall in any event irrevocably become due no later than the applicable Amortization Date pursuant to the terms of the Note, without any need for any further notice, action, or demand and notwithstanding Section 4.2 of this Agreement or otherwise. The Company hereby acknowledges and agrees that Lender now holds the exercisable right to declare the Event of Default Acceleration Amount to be immediately due and payable under the terms of the Exchange Agreement and the Note based on the occurrence of the Specified Existing Defaults. The Company hereby further acknowledges and agrees that if a Conversion Date for the conversion of the Note occurs during the Event of Default Conversion Period resulting from the occurrence of the Specified Existing Default, subject to Section 8(J)(ii) of the Note, the Conversion Rate applicable to such conversion would be increased by a number of shares equal to the Event of Default/Equity Triggering Event Additional Shares; provided however, that for purposes of determining the number of Event of Default/Equity Triggering Event Additional Shares with respect to such Conversion Rate if such Conversion Date occurs during the Forbearance Period, the Event of Default/Equity Triggering Event Conversion Price shall be equal to Three Dollars ($3.00).  For the avoidance of doubt, the $3.00 Event of Default/Equity Triggering Event Conversion Price referred to in the prior sentence shall not apply to Stock Payment Dates and the Amortization Stock Payment Price for Stock Payment Dates, subject to Section 8.9 hereof, shall continue to be determined in accordance with the terms of the Note in existence as of the date hereof.
4.2.    Forbearance.
(a)    In reliance upon the representations, warranties, and covenants of the Company contained in this Agreement, and subject to the terms and conditions of this Agreement and any documents or instruments executed in connection herewith, Lender agrees to forbear during the Forbearance Period from exercising its rights and remedies under the Note and applicable law in respect of the Specified Defaults.
(b)    Upon the expiration or termination of the Forbearance Period, the agreement of Lender to forbear will automatically and without further action terminate and be of no force and effect, it being expressly agreed that the effect of such termination will be to permit Lender to exercise immediately all rights and remedies under the Exchange Agreement and the Note and applicable law, including, but not limited to, accelerating all of the then-unmatured Event of Default Acceleration Amount under the Exchange Agreement and the Note, in all events, without any further notice to the Company, passage of time, or forbearance of any kind.
4.3.    No Other Waivers; Reservation of Rights.
(a)    Other than the waiver set forth in Section 2 with respect to violations of the Minimum Liquidity Covenant, Lender has not and is not by this Agreement waiving, nor has any intention of waiving, any other Events of Default which may be continuing on the date hereof or any other Events of Default which may occur after the date hereof, and Lender has not agreed to forbear with respect to any of its rights or remedies concerning any Events of Default (other than Events of Defaults due to violations of the Minimum Liquidity Covenant as set forth in Section 2 

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and, during the Forbearance Period, the Specified Defaults to the extent expressly set forth herein) occurring at any time.
(b)    Subject to Section 2 (with respect to violations of the Minimum Liquidity Covenant) and Section 4.2 above (solely with respect to the Specified Defaults), the Lender reserves the right, in its discretion, to exercise any or all of its rights and remedies under the Exchange Agreement and the Note as a result of any other Events of Default occurring at any time.  No Lender has waived any of such rights or remedies, and nothing in this Agreement, and no delay on their part in exercising any such rights or remedies, may or will be construed as a waiver of any such rights or remedies.
4.4.    Additional Events of Default.  The parties hereto acknowledge, confirm, and agree that any misrepresentation by the Company or any failure of the Company to comply with the covenants, conditions and agreements contained in this Agreement will constitute an immediate default under this Agreement and an immediate Event of Default under the Exchange Agreement and the Note.  Notwithstanding the existence of the Forbearance Period, in the event that any Person, other than the Lender, at any time exercises for any reason (including, without limitation, by reason of any present or future Event of Default, or otherwise) any of its rights or remedies against the Company or any other obligor providing credit support for the Event of Default Acceleration Amount, or against the Company's or such other obligor's properties or assets, in each case, of the type that would constitute an Event of Default under the terms and provisions of the Exchange Agreement and the Note, then such occurrence shall also be deemed to constitute an immediate Event of Default hereunder and under the Exchange Agreement and the Note.
SECTION 5.    COVENANTS 
4.1    Notwithstanding anything in the Exchange Agreement or the Note to the contrary, during the Forbearance Period, the Company shall comply with all limitations, restrictions, or prohibitions that would otherwise be effective or applicable under the Exchange Agreement or the Note prior to or during the continuance of any Event of Default, and any right or action of the Company set forth in the Exchange Agreement or the Note that is conditioned on the absence of any Event of Default may not be exercised or taken as a result of the Specified Defaults.
SECTION 6.    REPRESENTATIONS AND WARRANTIES
6.1.    Representations in the Exchange Agreement and the Note.  The Company hereby reaffirms to Lender each of the representations, warranties, covenants and agreements set forth in the Exchange Agreement and the Note with the same force and effect as if each were separately stated herein and made as of the date hereof to Lender, except to the extent that any representation or warranty is (a) expressly stated to relate to a specific earlier date or period, in which case such representation and warranty shall be true and correct as of such earlier date or period, or (b) not true and correct due to the Specified Existing Defaults. The Company further represents and warrants that, as of the date hereof, there are no counterclaims, defenses or offsets of any nature whatsoever to the Event of Default Acceleration Amount or the Note and that, as of the date hereof no Default or Event of Default has occurred or exists under the Note other than the Specified Existing Defaults.  

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6.2.    Binding Effect of Documents.  The Company hereby represents, warrants, and covenants that this Agreement (a) has been duly authorized, executed, and delivered to Lender by the Company, is enforceable in accordance with its terms, and is in full force and effect and (b) constitutes a Transaction Document (as defined in the Exchange Agreement).
6.3.    No Conflict.  The Company hereby represents, warrants, and covenants that the execution, delivery, and performance of this Agreement by the Company will not violate any requirement of law or contractual obligation of the Company where any such violation could individually or in the aggregate reasonably be expected to have a Material Adverse Effect (as defined in the Exchange Agreement) and will not result in, or require, the creation or imposition of any Lien on any of their properties or revenues (other than Liens in favor of Lender).
SECTION 7.    CONDITIONS TO EFFECTIVENESS OF THIS AGREEMENT
Unless otherwise specified herein, the terms and provisions of this Agreement will be effective immediately upon satisfaction or existence of all of the following conditions:
(a)    Lender shall have received a fully executed copy of this Agreement;
(b)    Lender shall have received from the Company evidence of its corporate or company authority to execute, deliver, and perform its obligations under this Agreement and all other agreements and documents executed in connection therewith; 
(c)    Lender shall have received from the Company evidence, in form and substance satisfactory to Lender, that (i) SOP and Phase Five have agreed to forbear, for a period of time that is no less than the Forbearance Period, the exercise of their respective rights to payment under the November Credit Agreement or with respect to any event of default under the November Credit Agreement and (ii) SOP, Koyote Trading, LLC, and Phase Five have agreed to forbear, for a period of time that is no less than the Forbearance Period, the exercise of their respective rights to payment under the September Credit Agreements or with respect to any event of default under the September Credit Agreements;
(d)    payment by the Company to Latham & Watkins LLP (counsel to the Lender) of all documented costs and expenses incurred in connection with preparing and delivering the Exchange Agreement (including, without limitation, all reasonable, documented legal fees and disbursements in connection therewith, and due diligence in connection with the transactions contemplated thereby);
(e)    payment by the Company to Lender of all fees and expenses owed to Lender pursuant to the terms of this Agreement, in connection with this Agreement, provided that waiver of this or any other condition to effectiveness shall not operate as a waiver of Lender’s right to any fees and expenses owed to Lender or counsel to Lender pursuant to the terms of this Agreement; and

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(f)    no Event of Default and no event which, upon notice or lapse of time, or both, would constitute an Event of Default has occurred and is continuing, other than the Specified Existing Defaults and defaults due to violations of the Minimum Liquidity Covenant.
These conditions to effectiveness are for the sole benefit of the Lender and any one or more of such conditions may be waived by the Lender in its sole discretion through a written notice to the Company.
SECTION 8.    MISCELLANEOUS
8.1.    Continuing Effect of the Note.  The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of Lender under the Exchange Agreement or the Note, nor constitute a waiver of any provision of the Note. In the event of a conflict between or among the terms, covenants, conditions or provisions of this Agreement, the Exchange Agreement, or any other Transaction Document (as defined in the Exchange Agreement), as each may be amended, Lender may elect to enforce from time to time those provisions that would afford Lender the maximum financial benefits and security for the Event of Default Acceleration Amount and/or provide Lender the maximum assurance of payment of the Event of Default Acceleration Amount in full. The Exchange Agreement and this Agreement will be read and construed as one agreement.  
8.2.    Costs and Expenses.  The Company shall pay all reasonable and documented out-of-pocket expenses and costs of Lender (including, without limitation, the reasonable and documented attorney fees of counsel for Lender and expenses of counsel for Lender) in connection with the preparation, negotiation, execution and approval of this Agreement and any and all other documents, instruments and things contemplated hereby, whether or not such transactions are consummated, together with all other reasonable and documented expenses and costs incurred by Lender chargeable to the Company pursuant to the terms of the Exchange Agreement or the Note which are unpaid at such time.
8.3.    Further Assurances.  At the Company’s expense, the parties hereto will execute and deliver such additional documents and take such further action as may be necessary or reasonably requested by Lender to effectuate the provisions and purposes of this Agreement.
8.4.    Successors and Assigns; No Third-Party Beneficiaries.  This Agreement will be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.  No Person other than the parties hereto, and in the case of Section 8.6 and Section 8.7 hereof, the Released Parties (as defined below), shall have any rights hereunder or be entitled to rely on this Agreement and all third-party beneficiary rights (other than the rights of the Released Parties under Section 8.6 and Section 8.7 hereof) are hereby expressly disclaimed.
8.5.    Survival of Representations, Warranties and Covenants.  All representations, warranties, covenants, and releases by the Company made in this Agreement or any other document furnished in connection with this Agreement will survive the execution and delivery of this Agreement and the Forbearance Period, and no investigation by Lender, or any closing, will affect the representations and warranties or the right of Lender to rely upon them.

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8.6.    Release. 
(a)    The Company hereby releases, remises, acquits and forever discharges the Lender and the Lender's employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors and assigns, subsidiary corporations, parent corporation, and related corporate divisions (all of the foregoing hereinafter called the "Released Parties"), from any and all action and causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or unknown, direct and/or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the date of execution hereof, and in any way directly or indirectly arising out of or in any way connected to this Agreement, the Exchange Agreement or the Note (all of the foregoing hereinafter called the "Released Matters").  The Company acknowledges that the agreements in this section are intended to be in full satisfaction of all or any alleged injuries or damages arising in connection with the Released Matters.  The Company represents and warrants to Lender that it has not purported to transfer, assign or otherwise convey any right, title or interest in any Released Matter to any other Person and that the foregoing constitutes a full and complete release of all Released Matters.
(b)    The Company understands, acknowledges, and agrees that the release set forth above may be pleaded as a full and complete defense to any Released Matter and may be used as a basis for an injunction against any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the provisions of such release.
(c)    The Company agrees that no fact, event, circumstance, evidence, or transaction which could now be asserted or which may hereafter be discovered will affect in any manner the final, absolute, and unconditional nature of the release set forth above.
(d)    In furtherance hereof, the Company expressly acknowledges and waives any and all rights under Section 1542 of the California Civil Code, which provides as follows:
"A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party."
By entering into this Agreement, the Company recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of the Company hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if the Company should subsequently discover that any fact that it relied upon in entering into this Agreement was untrue, or that any understanding of the facts was incorrect, the Company shall not be entitled to set aside this Agreement or any release contained herein by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever.  The Company acknowledges that it is not relying upon and has not relied upon any 

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representation or statement made by Lender with respect to the facts underlying this Agreement or with regard to any of such party's rights or asserted rights.
The release set forth in this Agreement may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release.  The Company acknowledges that the release contained in this Agreement constitutes a material inducement to Lender to enter into this Agreement and that Lender would not have done so but for Lender's expectation that such release is valid and enforceable in all events.
8.7.    Covenant Not to Sue.  The Company hereby absolutely, unconditionally and irrevocably covenants and agrees with and in favor of each Released Party that it will not sue (at law, in equity, in any regulatory proceeding, or otherwise) any Released Party on the basis of any Released Matter released, remised, and discharged by the Company pursuant to Section 8.6 above.  If the Company violates the foregoing covenant, the Company, for itself and its successors and assigns, and its present and former members, managers, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives, and other representatives, agrees to pay, in addition to such other damages as any Released Party may sustain as a result of such violation, all attorneys' fees and costs incurred by any Released Party as a result of such violation.
8.8.    Disclosure of Transaction.  On or before 9:00 a.m., New York time, on the trading day after the date of the Agreement, the Company shall file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by the Agreement in the form required by the Exchange Act and attaching the Agreement (including all attachments, the “8-K Filing”).  From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided to the Lender by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Agreement.  In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Lender or any of its affiliates, on the other hand, relating to the transactions contemplated by the Agreement, shall terminate.
8.9.    Amortization Payments.  The Company and Lender agree that, notwithstanding anything in the Note to the contrary, (i) the notice delivered on February 13, 2020 by the Company to Lender to make the Amortization Payment and payment of Stated Interest in cash with respect to the March 1, 2020 Amortization Payment shall be null and void with respect to the election of the form of such Amortization Payment (ii) the Amortization Payment due on March 1, 2020 shall be in the amount of $[__] with respect to such Amortization Date and that the Company shall elect to pay such Amortization Payment in shares of Common Stock in accordance with the terms of Section 5(B) and 5(C) of the Note, provided however, that: (A) for purposes of determining the Amortization Share Amount with respect to such Amortization Payment, the Amortization Stock Payment Price shall be equal to Three Dollars ($3.00), (B) the Amortization Share Payment Period 

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with respect to such Amortization Payment will end on April 30, 2020 rather than March 31, 2020; and (C) in the event that Lender does not elect to receive the full Amortization Share Amount during such Amortization Share Payment Period, then the Amortization Payment that had been due on March 1, 2020 shall be automatically reduced by the portion of such Amortization Payment not received by Lender, (iii) that there shall be no Amortization Payment due on April 1, 2020 with respect to such Amortization Date and (iv) the Amortization Payment due on May 1, 2020 shall be in the amount of $[__] with respect to such Amortization Date.
8.10.    Severability.  Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable will not impair or invalidate the remainder of this Agreement.
8.11.    Reviewed by Attorneys.  The Company represents and warrants to Lender that it (a) understands fully the terms of this Agreement and the consequences of the execution and delivery of this Agreement; (b) has been afforded an opportunity to discuss this Agreement with, and have this Agreement reviewed by, such attorneys and other persons as the Company may wish; and (c) has entered into this Agreement and executed and delivered all documents in connection herewith of its own free will and accord and without threat, duress, or other coercion of any kind by any Person.  The parties hereto acknowledge and agree that no inference in favor of, or against, any party will be drawn from the fact that such party has drafted any portion of this Agreement, the Exchange Agreement, or any other Transaction Document (as defined in the Exchange Agreement), as each may be amended.
8.12.    Disgorgement.  If the Lender is, for any reason, compelled by a court or other tribunal of competent jurisdiction to surrender or disgorge any payment, interest, or other consideration described hereunder to any person because the same is determined to be void or voidable as a preference, fraudulent conveyance, impermissible set-off or for any other reason, such indebtedness or part thereof intended to be satisfied by virtue of such payment, interest, or other consideration will be revived and continue as if such payment, interest, or other consideration had not been received by Lender, and the Company will indemnify, defend, and hold Lender harmless for, the amount of such payment or interest surrendered or disgorged.  The provisions of this section will survive repayment of the Event of Default Acceleration Amount or any termination of the Exchange Agreement or any other Transaction Document (as defined in the Exchange Agreement).
8.13.    Tolling of Statute of Limitations.  Each and every statute of limitations or other applicable law, rule, or regulation governing the time by which the Lender must commence legal proceedings or otherwise take any action against the Company with respect to any breach or default that exists on or prior to the expiration or termination of the Forbearance Period and arises under or in respect of the Exchange Agreement or any other Transaction Document (as defined in the Exchange Agreement) shall be tolled during the Forbearance Period.  The Company agrees, to the fullest extent permitted by law, not to include such period of time as a defense (whether equitable or legal) to any legal proceeding or other action by the Lender in the exercise of its rights or remedies referred to in the immediately preceding sentence.
8.14.    Relationship.  The Company agrees that the relationship between it, on one hand, and the Lender, on the other hand, under the Note is that of creditor and debtor and not that of 

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partners or joint venturers.  This Agreement does not constitute a partnership agreement or any other association among the parties.  The Company acknowledges that the Lender has acted at all times in connection with the Note only as a creditor to it within the normal and usual scope of the activities normally undertaken by a creditor and in no event has the Lender attempted to exercise any control over it or its business or affairs.  
8.15.    GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS AND GUARANTEED OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAW PROVISIONS.
8.16.    WAIVER OF JURY TRIAL.  THE COMPANY AND THE LENDER HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THE TRANSACTION DOCUMENTS ANY ALLEGED TORTIOUS CONDUCT BY THE COMPANY OR LENDER OR WHICH, IN ANY WAY, DIRECTLY OR INDIRECTLY, ARISES OUT OF OR RELATES TO THE RELATIONSHIP BETWEEN THE COMPANY AND LENDER.  IN NO EVENT SHALL LENDER BE LIABLE FOR LOST PROFITS OR OTHER SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.
8.17.    Integration; Discussions.  Lender and the Company have engaged in and may seek to continue discussions and/or commence additional discussions and negotiations regarding the terms, covenants, conditions and provisions of the Exchange Agreement and the Note.  Whether before or after the date hereof, any participation by the Lender in any discussions of proposals to amend, modify, waive, or further forbear from exercising any rights or remedies and/or any failure by Lender to take immediate action as a result of the Specified Defaults or any other Events of Default or any other default shall not, nor shall be deemed to, constitute an agreement to forbear from the exercise, and/or any waiver, of Lender's rights and remedies at any time.  There has not been and shall be no agreement, commitment or other accommodation binding upon the Lender until and unless they have been reduced to a writing duly executed by the Lender.  This Agreement constitutes the complete agreement and understanding of each of the parties hereto, and supersedes all prior or contemporaneous oral and written negotiations, agreements and understandings, express or implied, with respect to the subject matter hereof.  Lender shall not be bound by any oral communications, exchanges of proposals, discussions, correspondence or any other communications that that do not constitute executed legal documents.
8.18.    Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original, but all of which counterparts together shall but one agreement. Delivery of an executed counterpart of this Agreement by facsimile transmission or by electronic mail in PDF form shall be as effective as delivery of a manually executed counterpart hereof.

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[Signature Page Follows]

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IN WITNESS WHEREOF, this Agreement is executed and delivered as of the day and year first above written.

The Company:
AMYRIS, INC., a Delaware corporation 

By:    
Name:    
Title:    

[Signature page – Forbearance Agreement]

Lender:

[___________]

By:    
Name:      
Title:  Authorized Signatory    

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US-DOCS\113928462.15Exhibit

Exhibit 4.1

DESCRIPTION OF CLASS B COMMON STOCK OF SCHNEIDER NATIONAL, INC.

The following descriptions are summaries of the material terms of our Amended and Restated Articles of Incorporation, Amended and Restated Bylaws, Amended and Restated 1995 Schneider National, Inc. Voting Trust Agreement and Voting Agreement, Amended and Restated Stock Restriction Agreement and the Schneider Family Board Nomination Process Agreement. Reference is made to the more detailed provisions of, and the descriptions are qualified in their entirety by reference to, these documents, which are exhibits to this Annual Report on Form 10-K, and applicable law including the Wisconsin Business Corporation Law (WBCL).

General

Our authorized capital stock consists of 250,000,000 shares of Class A common stock, no par value per share, 750,000,000 shares of Class B common stock, no par value per share and 50,000,000 shares of preferred stock, no par value per share.
Our shares of Class B common stock are registered under Section 12 of the Securities Exchange Act of 1934.

Class A Common Stock

Class A common stock outstanding. As of February 18, 2020, there were 83,029,500 shares of Class A common stock outstanding. All outstanding shares of Class A common stock are fully paid and non-assessable. The Schneider National, Inc. Voting Trust (the “Voting Trust”) holds all outstanding shares of Class A common stock for the benefit of certain Schneider family trusts.

Voting rights. The holder of Class A common stock is entitled to ten votes per share on all matters to be voted upon by our shareholders. See “Voting Trust Agreement.”

Conversion. The Voting Trust is the sole qualified Class A shareholder that is qualified to hold Class A common stock. Our shares of Class A common stock will automatically convert into shares of Class B common stock on a one-for-one basis upon any transfer of Class A common stock, whether or not for value and whether voluntary or involuntary, in exchange for a trust certificate of the Voting Trust representing such share. We shall at all times reserve and keep available out of our authorized but unissued shares of Class B common stock a number of shares of Class B common stock sufficient to effect the conversion of all then outstanding shares of Class A common stock. Our Class A common stock is not and will not be listed for trading on any national stock exchange. Therefore, no trading market is expected to develop in our Class A common stock.

Class B Common Stock

Class B common stock outstanding. As of February 18, 2020, there were 94,090,966 shares of Class B common stock outstanding. All outstanding shares of Class B common stock are fully paid and non-assessable. 

Voting rights. The holders of Class B common stock are entitled to one vote per share on all matters to be voted upon by our shareholders.
Our Class A shareholders and Class B shareholders will vote together as a single group on all matters (including the election of directors) submitted to a vote of shareholders, subject to voting with respect to distribution rights as explained below, except as otherwise expressly provided for in our Amended and Restated Articles of Incorporation or required by applicable law.

Conversion. Our Class B common stock is not convertible into any other shares of our capital stock.

Other Rights of Class A Common Stock and Class B Common Stock Generally

Except as otherwise provided in our Amended and Restated Articles of Incorporation or as required by applicable law, the rights of the holders of Class A common stock and Class B common stock are identical, except for the voting rights and conversion, as described above.

Distribution rights. Subject to preferences that may be applicable to any outstanding preferred stock and except as otherwise provided in the Amended and Restated Articles of Incorporation, the holders of Class A common stock and Class B common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Board of Directors out of funds legally available therefor. However, a different dividend per share of Class A common stock and Class B common stock may be made if such different dividend is approved in advance by the affirmative vote of the holders of a majority of the outstanding shares of both Class A common stock and Class B common stock, each voting as a separate group. 

Rights upon liquidation. In the event of any dissolution, liquidation or winding up of the company, the holders of Class A common stock and Class B common stock are entitled to share ratably in all assets and funds remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. However, a different distribution per share of Class A common stock and Class B common stock may be made if such different distribution is approved in advance by the affirmative vote of the holders of a majority of the outstanding shares of both Class A common stock and Class B common stock, each voting as a separate group.

Subdivision or combination. Shares of Class A common stock and Class B common stock may not be subdivided or combined unless the shares of the other class are concurrently therewith proportionately subdivided or combined in the manner that maintains the same proportionate equity ownership between the holders of the outstanding Class A common stock and Class B common stock on the record date of such subdivision or combination. However, the shares of one class may be subdivided or combined in a different or disproportionate manner if such subdivision or combination is approved in advance by the affirmative vote of the holders of a majority of the outstanding shares of both Class A common stock and Class B common stock, each voting as a separate group.

Merger or consolidation. In the case of any distribution or payment in respect of the shares of Class A common stock and Class B common stock upon the consolidation or merger of the company with or into any other entity, such distribution or payment shall be made ratably on a per share basis among the holders of Class A common stock and Class B common stock as a single class. However, shares of one such class may receive different or disproportionate distributions or payments in connection with such merger or consolidation if (i) the only difference in the per share distribution to the holders of the Class A common stock and Class B common stock is that any securities distributed to a holder of a share of Class A common stock have ten times the voting power of any securities distributed to the holder of Class B common stock or (ii) such merger or consolidation is approved by the affirmative vote of the holders of a majority of the outstanding shares of both Class A common stock and Class B common stock, each voting as a separate group.

Other rights. The holders of our Class A common stock and Class B common stock have no preemptive, subscription or conversion rights. There are no redemption or sinking fund provisions applicable to the Class A common stock and Class B common stock. The rights, preferences and privileges of holders of our Class A common stock and Class B common stock will be subject to those of the holders of any shares of our preferred stock we may issue in the future.

Preferred Stock

Our Board of Directors has the authority to issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the shareholders.

The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of the company without further action by the shareholders and may adversely affect the voting and other rights of the holders of Class B common stock. 

Election and Removal of Directors; Vacancies

Our Board of Directors will consist of up to fifteen directors, excluding any directors elected by holders of preferred stock voting separately as a series under our Amended and Restated Articles of Incorporation. The exact number of 

directors will be fixed from time to time by resolution of the Board of Directors. In accordance with our Amended and Restated Articles of Incorporation, our Amended and Restated Bylaws and the Schneider Family Board Nomination Process Agreement, each of our directors will serve for a one-year term or until his or her successor is elected. At each annual meeting of our shareholders, our shareholders will elect the members of our Board of Directors. There is no limit on the number of terms a director may serve on our Board of Directors.
No Cumulative Voting

The WBCL provides that shareholders are not entitled to the right to cumulate votes in the election of directors unless our Amended and Restated Articles of Incorporation provides otherwise. Our Amended and Restated Articles of Incorporation do not provide for cumulative voting for the election of directors.

Shareholder Action by Written Consent

The WBCL permits shareholder action by written consent if so provided by our Amended and Restated Articles of Incorporation. Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws permit shareholder action by written consent for any action that may be taken at a shareholders’ meeting if written consents are submitted and signed by shareholders entitled to vote at a meeting with voting power not less than the minimum number of votes entitled to vote on such action were a meeting to vote on such action to be held.

Shareholder Meetings

Our Amended and Restated Bylaws provide that special meetings of shareholders may be called only by our Board of Directors or our chief executive officer. Our Amended and Restated Bylaws also provide that a special meeting of shareholders may be held if written demand(s) are submitted by holders of at least ten percent of all votes entitled to be cast on any issue proposed to be considered at such meeting.

Shareholder Approval of Major Transactions

Our Amended and Restated Bylaws state that we shall not enter into any “Major Transaction” unless the consummation of the proposed Major Transaction is conditioned upon the approval of such Major Transaction by 60% of the voting power of our outstanding shares of stock.  Our Amended and Restated Bylaws define a Major Transaction as any one of the following: (i) any transaction to which we are party that results in, or would result in, more than 40% of the voting power of our outstanding shares of stock being held collectively by persons who are not members of the Schneider family, (ii) the sale of all or substantially all of our assets, (iii) our dissolution or liquidation, (iv) changing the location of our headquarters from Green Bay, Wisconsin to a different location, (v) the removal of the name “Schneider” from our legal and/or business name or (vi) changing our official color from orange. Our Amended and Restated Articles of Incorporation provide that we shall not enter into any proposed Major Transaction except in accordance with our Amended and Restated Bylaws.

Amendment of Amended and Restated Articles of Incorporation

The affirmative vote of holders of at least 50% of the voting power of our outstanding shares of stock will generally be required to amend provisions of our Amended and Restated Articles of Incorporation. The affirmative votes of at least 75% of our directors and of at least 80% of the outstanding shares of Class A common stock shall be required to amend certain provisions of our Amended and Restated Articles of Incorporation, including the provision related to a Major Transaction described above.

Amendment of Amended and Restated Bylaws

Our Amended and Restated Bylaws may generally be altered, amended or repealed, and new bylaws may be adopted, with:
		
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	the affirmative vote of a majority of our directors; or

		
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	the affirmative vote of holders of at least a majority of the voting power of our outstanding shares of voting stock.

The affirmative votes of at least 75% of our directors and of at least 80% of the outstanding shares of Class A common stock and Class B common stock shall be required to amend certain provisions of our Amended and Restated Bylaws, including the corporate governance bylaws, such as director nominations, voting for directors, director 

qualifications, tenure of directors, director vacancies, committees, indemnification, shareholder approval of Major Transactions and the power to amend certain bylaws related to the corporate governance bylaws. The aforementioned voting requirements are required until the first occurrence of: (i) any of the following Major Transactions: (a) any transaction to which we are party that results in, or would result in, more than 40% of the voting power of our outstanding shares of stock being held collectively by persons who are not members of the Schneider family, (b) the sale of all or substantially all of our assets, (c) our dissolution or liquidation or (ii) the termination of the Voting Trust (as described below).
Voting Trust Agreement

The Voting Trust holds all of the outstanding shares of Class A common stock and is governed by the Amended and Restated 1995 Schneider National, Inc. Voting Trust Agreement and Voting Agreement, which we refer to herein as the Voting Trust Agreement. The Voting Trustees are the members of the corporate governance committee of the Board of Directors who are not Schneider family members. In exchange for shares of Class A common stock transferred to the Voting Trust by Schneider family trusts, the Voting Trustees issued trust certificates evidencing shares of beneficial interest in the Voting Trust equal to the number of shares of Class A common stock transferred to the Voting Trust.

The Voting Trustees do not have any economic rights or investment power with respect to the shares of Class A common stock transferred to the Voting Trust; their rights consist of voting rights. Under the Voting Trust Agreement, the Voting Trust exercises all voting power with respect to shares of Class A common stock. Unless otherwise prescribed by the Voting Trust Agreement, the Voting Trustees must act by majority consent in exercising all voting power with respect to the shares of Class A common stock subject to the Voting Trust. However, if there is a vacancy, the Voting Trustees must act by unanimous consent. On votes with respect to Major Transactions, the Voting Trustees must take direction from the holders of trust certificates, voting in the same proportion as the vote of the holders of trust certificates. As a result, the vote on any Major Transactions will not be controlled by the Voting Trust, but instead will be controlled by certain trusts for the benefit of the Schneider family members holding the trust certificates issued by the Voting Trust.

The Voting Trust also requires the Voting Trustees to vote all shares of capital stock of the company held by the Voting Trust entitled to vote in the election of directors of the company to elect as director: (i) each eligible family member (as defined in the Voting Trust Agreement) who has been nominated in accordance with the Schneider Family Board Nomination Process Agreement (described below); (ii) the Chief Executive Officer; and (iii) each of up to fifteen individuals who are not eligible family members, less the number of individuals elected pursuant to (i) and (ii).
The Voting Trust Agreement will automatically terminate upon:
		
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	any of the following Major Transactions: (i) any transaction to which we are party that results in, or would result in, more than 40% of the voting power of our outstanding shares of stock being held collectively by persons who are not members of the Schneider family,

(ii) the sale of all or substantially all of our assets or (iii) our dissolution or liquidation;
		
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	the affirmative vote of holders of trust certificates then holding at least 80% of the shares of beneficial interest in the Voting Trust or the unanimous agreement of the trustees of the Voting Trust to terminate the Voting Trust within 180 days after the issuance of our financial statements for any fiscal year as of the end of which the book value of the company plus any distributions is less than two-thirds of the book value of the company as of the end of any of the five fiscal years of the company preceding such fiscal year; or

		
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	the time at which the outstanding shares of Class B common stock represent more than 40% of the voting power of the capital stock of the company entitled to vote generally in the election of directors.

Amended and Restated Stock Restriction Agreement

The Amended and Restated Stock Restriction Agreement, which we refer to herein as the SRA, limits the transfer of trust certificates (evidencing shares of beneficial interest in the Voting Trust equal to the number of shares of Class A common stock transferred to the Voting Trust) or any interests therein from the Voting Trust to another party. The SRA provides for two circumstances in which a member of the Schneider family (and holder of a trust certificate) may withdraw shares of Class A common stock from the Voting Trust for sale, and such withdrawn shares shall be converted to shares of Class B common stock effective upon transfer in accordance with the Amended and Restated Articles of Incorporation. The first circumstance is the funding of estate taxes attributable to shares of Class A common stock and the second circumstance is “emergency need” as defined in the SRA. The SRA provides that, prior to the termination of the Voting Trust, any shares of Class A common stock (represented by a trust certificate) that are transferred outside the Schneider family will be distributed from the Voting Trust and converted to shares of Class B common stock effective 

upon transfer and in accordance with the Amended and Restated Articles of Incorporation. However, if such transfer is to an irrevocable trust providing a surviving spouse with income rights only for the balance of his or her lifetime after which ownership will rest with a descendant of Donald J. Schneider, no conversion to Class B common stock will occur. The SRA will automatically terminate upon the termination of the Voting Trust.

Schneider Family Board Nomination Process Agreement

As described above, the Voting Trust Agreement requires that the trustees of the Voting Trust vote all shares of capital stock of the company held by the Voting Trust entitled to vote in the election of directors of the company to elect as a director of the company each of the eligible family members, as defined in the Voting Trust Agreement, who has been nominated in accordance with the Schneider Family Board Nomination Process Agreement, which we refer to herein as the Nomination Agreement. The Nomination Agreement provides that the five Schneider family members specified in the Nomination Agreement shall have the right to nominate, and the company shall include in the slate of nominees recommended to shareholders of the company for election as a director at any annual or special meeting of shareholders at which directors are to be elected, the two family members specified in the Nomination Agreement for each of the annual meetings held in 2017 through 2025. The directorships will rotate among the five Schneider family members, and each member is anticipated to serve for three consecutive years, plus the remainder of any current rotation at the time of the consummation of this offering. Each Schneider family member nominated in accordance with the Nomination Agreement must satisfy the qualifications for service as a director set forth in the Amended and Restated Bylaws or such qualifications must be waived in accordance with such Amended and Restated Bylaws. The rotation system described above may end earlier than 2025 in the event a Schneider family member is unable or declines to serve all or any portion of his or her term. Each Schneider family member may participate as an observer in all board meetings occurring during the calendar quarter immediately preceding his or her scheduled nomination to the board.

After the rotation system described above is complete, the five specified Schneider family members may, if they have at least 80% of such family members in agreement, propose an amendment to the Nomination Agreement to the corporate governance committee to cover subsequent periods. The amendment shall be consistent with the terms of the Nomination Agreement (including, but not limited to, satisfaction or waiver of the qualifications for service as a director set forth in Amended and Restated Bylaws and equal opportunity for representation among the family branches constituting the issue of Donald J. Schneider) and shall be subject to the approval of the corporate governance committee and the Board of Directors, which approval shall not be unreasonably withheld. During any subsequent period that is not covered by an amendment to the Nomination Agreement that has been so approved, the trustees of the Voting Trust shall not be required to vote for the election of any Schneider family member as a director of the company.

The Nomination Agreement may be amended from time to time with the consent of at least 80% of the five specified Schneider family members and at least 75% of the directors constituting the full Board of Directors, and, in the case of the amendment referred to above, the approval of the corporate governance committee.

Other Limitations on Shareholder Actions

Our Amended and Restated Bylaws also impose some procedural requirements on shareholders who wish to:
		
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	make nominations in the election of directors;

		
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	propose that a director be removed;

		
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	propose any repeal or change in our bylaws; or

		
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	propose any other business to be brought before an annual or special meeting of shareholders.

Under these procedural requirements, in order to bring a proposal before a meeting of shareholders, a shareholder must deliver timely notice of a proposal pertaining to a proper subject for presentment at such a meeting, and such notice must be accompanied with the following information:
		
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	a brief description of the business desired to be brought before the meeting of shareholders and the reasons for conducting such business at the meeting;

		
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	with respect to the shareholder proposing such business:

		
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	the name and address, as they appear on our books and records;

		
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	the class and number of shares owned (beneficially or of record) or any other type of ownership, including but not limited to, through any derivative instrument or a proxy, contract or other arrangement that gives the shareholder the right to vote any of our shares;

		
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	information of such shareholder that would be required to be disclosed in a proxy statement or other filings in accordance with applicable SEC regulations;

		
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	a representation that such shareholder is a holder of record of stock entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to present such proposed business; and

		
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	any interest of the shareholder in such business.

To be timely, a shareholder must generally deliver notice:
		
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	to the Secretary of the company at our principal office; and

		
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	not later than the close of business on the 90th day prior to, and not earlier than the close of business on the 120th day in advance of the anniversary of, the annual meeting of shareholders held in the prior year.

Limitation of Liability of Directors and Officers

Section 180.0828 of the WBCL provides that a director is not liable to a corporation, its shareholders or any person asserting rights on behalf of the corporation or its shareholders for damages, settlements, fees, fines, penalties or other monetary liabilities arising from the breach of, or failure to perform, any duty resulting solely from his or her status as director, unless the person asserting liability proves that the breach or failure to perform constitutes:
		
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	a willful failure to deal fairly with the corporation or its shareholders in connection with a matter in which the director or officer has a material conflict of interest;

		
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	a violation of criminal law, unless the person has reasonable cause to believe his conduct was lawful or had no reasonable cause to believe his conduct was unlawful;

		
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	a transaction from which the person derived an improper personal profit; or

		
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	willful misconduct.

As a result, our shareholders do not have the right, through shareholders’ derivative suits on our behalf, to recover monetary damages against a director for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior, except in the situations described above. A corporation may limit the immunity provided under Section 180.0828 by its articles of incorporation. We have not provided for such limitation in our Amended and Restated Articles of Incorporation.

Our Amended and Restated Bylaws contain indemnification provisions that are substantially similar to the statutory indemnification provisions.

Forum Selection

Our Amended and Restated Bylaws provide that the Circuit Court for Brown County, Wisconsin or the U.S. District Court for the Eastern District of Wisconsin—Green Bay Division will be the exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a breach of fiduciary duty, any action asserting a claim against us arising pursuant to the WBCL, our Amended and Restated Articles of Incorporation or our Amended and Restated Bylaws or any action asserting a claim against us that is governed by the internal affairs doctrine. The enforceability of similar choice of forum provisions in other companies’ articles of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable.

Anti-Takeover Effects of Certain Provisions of the Voting Trust, Our Amended and Restated Articles of Incorporation and Our Amended and Restated Bylaws

So long as the outstanding shares of our Class A common stock represent a majority of the combined voting power of common stock, the Voting Trust will effectively control all matters submitted to our shareholders for a vote, except for the vote in any Major Transactions, which will be controlled by certain trusts for the benefit of the Schneider family members or holders of the trust certificates issued by the Voting Trust, as well as the overall management and direction of the company, which may have the effect of delaying, deferring or discouraging another person from acquiring control of the company. After such time as the shares of our Class A common stock no longer represent a majority of the combined voting power of our common stock, the provisions of Wisconsin law, our Amended and Restated Articles of Incorporation and our Amended and Restated Bylaws may have the effect of delaying, deferring or discouraging another person from acquiring control of the company.

Some provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws could make the following more difficult:
		
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	acquisition of control of us by means of a proxy contest or otherwise; or

		
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	removal of our incumbent officers and directors.

In addition, as provided in “Shareholder Approval of Major Transactions” above, we shall not enter into any Major Transaction unless the consummation of the proposed Major Transaction is conditioned upon the approval of such Major Transaction by 60% of the combined voting power of our outstanding shares of stock, with all classes of such stock voting together as a single voting group.

These provisions, as well as our ability to issue preferred stock, are designed to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our Board of Directors. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us, and that the benefits of this increased protection outweigh the disadvantages of discouraging those proposals, because negotiation of those proposals could result in an improvement of their terms.

Anti-Takeover Provisions of the Wisconsin Business Corporation Law

Wisconsin Business Combination Statutes. We are subject to Sections 180.1140 to 180.1144 of the WBCL, which prohibit a Wisconsin corporation from engaging in a “business combination” with an interested stockholder for a period of three years following the interested stockholder’s stock acquisition date, unless before such date, the board of directors of the corporation approved either the business combination or the purchase of stock made by the interested stockholder on that stock acquisition date.

We may engage in a business combination with an interested stockholder after the expiration of the three-year period with respect to such stockholder only if one or more of the following is satisfied:
		
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	our Board of Directors approved the acquisition of stock before such stockholder’s acquisition date;

		
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	the business combination is approved by a majority of the outstanding voting stock not beneficially owned by such stockholder; or

		
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	the consideration to be received by stockholders meets certain fair price requirements of the statute with respect to form and amount.

Section 180.1140 defines a business combination between a “resident domestic corporation” and an “interested stockholder” to include the following:
		
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	a merger or share exchange with an interested stockholder or a corporation that is, or after the merger or share exchange would be, an affiliate or associate of an interested stockholder;

		
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	a sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets to or with an interested stockholder or affiliate or associate of an interested stockholder equal to 5% or more of the aggregate market value of the assets or outstanding stock of the resident domestic corporation or 10% of its earning power or income;

		
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	the issuance or transfer of stock or rights to purchase stock with an aggregate market value equal to 5% or more of the outstanding stock of the resident domestic corporation; and

		
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	certain other transactions involving an interested stockholder.

Section 180.1140(8)(a) of the WBCL defines an “interested stockholder” as a person who beneficially owns, directly or indirectly, at least 10% of the voting power of the outstanding voting stock of a resident domestic corporation or who is an affiliate or associate of the resident domestic corporation and beneficially owned at least 10% of the voting power of the then outstanding voting stock within the last three years.

Section 180.1140(9)(a) defines a “resident domestic corporation” as a Wisconsin corporation that, as of the relevant date, satisfies any of the following: (i) its principal offices are located in Wisconsin, (ii) it has significant business operations located in Wisconsin, (iii) more than 10% of the holders of record of its shares are residents of Wisconsin or (iv) more than 10% of its shares are held of record by residents in Wisconsin.
Following the closing of this offering we will be a resident domestic corporation for purposes of these statutory provisions.

Wisconsin Fair Price Statute. Sections 180.1130 to 180.1133 of the WBCL provide that certain mergers, share exchanges or sales, leases, exchanges or other dispositions of assets in a transaction involving a “significant shareholder” require a supermajority vote of shareholders in addition to any approval otherwise required, unless shareholders receive a fair price for their shares that satisfies a statutory formula. A “significant shareholder” for this purpose is defined as a person or group who beneficially owns, directly or indirectly, 10% or more of the voting stock of the corporation, or is an affiliate of the corporation and beneficially owned, directly or indirectly, 10% or more of the voting stock of the corporation within the last two years. Any business combination to which the statute applies must be approved by 80% of the voting power of the  corporation’s stock and at least two-thirds of the voting power of the corporation’s stock not beneficially owned by the significant shareholder who is a party to the relevant transaction or any of its affiliates or associates, in each case voting together as a single group, unless the following standards have been met:
		
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	the aggregate value of the per share consideration is at least equal to the highest of:

		
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	the highest per share price paid for any shares of the same class of common stock of the corporation by the significant shareholder either in the transaction in which it became a significant shareholder or within two years before the date of the business combination, whichever is higher;

		
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	the market value per share of the same class of the corporation’s common stock on the date of commencement of any tender offer by the significant shareholder, the date on which the person became a significant shareholder or the date of the first public announcement of the proposed business combination, whichever is higher; or

		
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	the highest preferential amount per share of the same class or series of common stock in a liquidation or dissolution to which holders of the shares would be entitled; and

		
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	either cash, or the form of consideration used by the significant shareholder to acquire the largest number of shares, is offered.

Wisconsin Defensive Action Restrictions. Section 180.1134 of the WBCL provides that, in addition to the vote otherwise required by law or the articles of incorporation of a resident domestic corporation, the approval of the holders of a majority of the shares entitled to vote on the proposal is required before such corporation can take certain actions while a takeover offer is being made or after a takeover offer has been publicly announced and before it is concluded. This statute requires shareholder approval for the corporation to do either of the following: (i) acquire more than 5% of its outstanding voting shares at a price above the market value from any individual or organization that owns more than 3% of the outstanding voting shares and has held such shares for less than two years, unless an equal offer is made to acquire all voting shares and all securities that may be converted into voting shares or (ii) sell or option assets of the resident domestic corporation that amount to 10% or more of the market value of the resident domestic corporation, unless the corporation has at least three independent directors (directors who are not officers or employees) and a majority of the independent directors vote not to have this provision apply to the resident domestic corporation.

We have elected not to be subject to Sections 180.1130 to 180.1134 of the WBCL.

Wisconsin Control Share Voting Restrictions Statute. Pursuant to Section 180.1150 of the WBCL, unless otherwise provided in the articles of incorporation or otherwise specified by the board of directors, the voting power of shares of a resident domestic corporation held by any person, including shares issuable upon conversion of convertible securities or upon exercise of options or warrants, in excess of 20% of the voting power in the election of directors is limited to 10% of the full voting power of those shares. Our Amended and Restated Articles of Incorporation provide this statute will not apply to the shares of common stock held by the Voting Trust.

Wisconsin Constituency or Stakeholder Provision. Pursuant to Section 180.0827 of the WBCL, in discharging his or her duties to us and in determining what he or she believes to be in our best interests, a director  or officer may, in addition to considering the effects of any action on shareholders, consider the effects of the action on employees, suppliers, customers, the communities in which we operate and any other factors that the director or officer considers pertinent.

Listing

Our Class B common stock is listed on the NYSE under the symbol “SNDR.”

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