Document:

Exhibit
10.25

 

CONSENT
AND MODIFICATION UNDER Loan and Security Agreement

 

This
Consent and Modification under Loan and Security Agreement (this “Agreement”), dated as of March 27,
2020 (the “Effective Date”), is among Danimer Scientific Holdings,
LLC, a Delaware limited liability company (“Danimer Holdings”), Meredian,
Inc., a Georgia corporation (“Meredian”), Meredian Bioplastics,
Inc., a Georgia corporation (“Meredian Bioplastics”), Danimer
Scientific, L.L.C., a Georgia limited liability company (“Danimer Scientific”), Danimer
Bioplastics, INC., a Georgia corporation (“Danimer Bioplastics”), Danimer
Scientific Kentucky, INC., a Delaware corporation (“Danimer Kentucky”; together with Danimer
Holdings, Meredian, Inc., Meredian Bioplastics, Danimer Scientific, Danimer Bioplastics and with any other Person that at any
time after the date hereof becomes a Borrower, each a “Borrower” and collectively, “Borrowers”),
the Subsidiaries of Meredian Holdings Group, Inc., a Georgia corporation (“Parent”)
and Borrowers from time to time party hereto as Guarantors; the several entities party hereto as Lenders and White
Oak Global Advisors, LLC, a Delaware limited liability company, as administrative agent (“Administrative
Agent”).

 

Recitals:

 

A. Borrowers,
the Affiliates of Borrowers from time to time party thereto as Guarantors, the entities from time to time party thereto as Lenders
and Administrative Agent are party to that certain Loan and Security Agreement, dated as of March 13, 2019, as amended by that
certain Consent and Modification under Loan and Security Agreement dated as of November 5, 2019 (the “First Modification
Agreement”), as amended by that certain Consent and Modification under Loan and Security Agreement dated as of December
18, 2019 (the “Second Modification Agreement”) as amended by that certain Consent and Modification under
Loan and Security Agreement dated as of January 23, 2020 (the “Third Modification Agreement”) (as so
amended, the “Existing Loan Agreement”, as the same is further amended pursuant to this Agreement and
as it may be further amended, supplemented and/or otherwise modified from time to time, the “Loan Agreement”).

 

B. Pursuant
to Section 7.13 of the Loan Agreement, Borrowers may not permit Parent to incur any liabilities, other than those specifically
provided for in such section. Borrowers have requested that Lenders consent to Parent’s entering into that certain Disbursement
Agreement dated on or about the date hereof (the “Disbursement Agreement”) by and between Parent and
Store Capital Acquisitions, LLC, whereby Parent will incur additional indebtedness for the purposes stated therein, in form and
substance satisfactory to Administrative Agent in its discretion.

 

C. Borrowers
have requested that Administrative Agent and the Lenders (a) consent to Parent entering into the Disbursement Agreement, and (b)
amend certain provisions of the Existing Loan Agreement as provided herein, on and subject to the terms and conditions set forth
herein. Administrative Agent, on behalf of and at the direction of Lenders, is willing to agree to the requests of Borrowers,
but only on the terms and conditions set forth herein.

 

Agreement:

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and conditions contained herein, and for good and valuable
consideration, the receipt and sufficiency of which are hereby specifically acknowledged, the parties hereby covenant and agree
as follows:

 

1. Definitions;
References; Interpretation.

 

(a) Unless
otherwise specifically defined herein, each capitalized term used herein (including in the Recitals hereof) that is defined in
the Loan Agreement shall have the meaning assigned to such term in the Loan Agreement.

 

(b) Each
reference to “this Agreement,” “hereof,” “hereunder,” “herein” and “hereby”
and each other similar reference contained in the Loan Agreement, and each reference to “the Loan Agreement” and each
other similar reference in the other Loan Documents, shall from and after the date of this Agreement, refer to the Loan Agreement,
as amended hereby. This Agreement is a Loan Document.

 

     

     

    

 

(c) The
rules of interpretation set forth in Section 1.02 of the Loan Agreement shall be applicable to this Agreement, mutatis mutandis.

 

2. Acknowledgments
of Obligations and Related Matters.

 

(a) Acknowledgment
of Obligations. Borrowers hereby acknowledge, confirm and agree that Borrowers are, jointly and severally, unconditionally
indebted to Administrative Agent and Lenders as of the close of business on March 24, 2020, in respect of the Loans and all other
Obligations in the aggregate principal amount of not less than $28,500,000, together with interest accrued and accruing thereon,
and all fees, costs, expenses and other sums and charges now or hereafter payable by Borrowers to Administrative Agent and Lenders
pursuant to the Loan Agreement and the other Loan Documents, all of which are unconditionally owing by Borrowers to Administrative
Agent and Lenders pursuant to the Loan Documents, in each case without offset, defense or counterclaim of any kind, nature or
description whatsoever.

 

(b) Acknowledgment
of Security Interests. Borrowers hereby acknowledge, confirm and agree that Administrative Agent and Lenders have, and shall
continue to have, valid, enforceable and perfected security interests in and liens upon the Collateral heretofore granted by Borrowers
to Administrative Agent, for the benefit of Lenders, pursuant to the Loan Documents or otherwise granted to or held by Administrative
Agent.

 

(c) Binding
Effect of Loan Documents. Borrowers hereby acknowledge, confirm and agree that: (i) each of the Loan Documents to which any
Borrower is a party has been duly executed and delivered to Administrative Agent and Lenders by such Borrower and each is in full
force and effect as of the date hereof, (ii) the agreements and obligations of Borrowers contained in such Loan Documents to which
any Borrower is a party and in this Agreement constitute the legal, valid and binding Obligations of Borrowers, enforceable against
Borrowers in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or limiting creditors’ rights generally or by equitable principles relating
to enforceability, and Borrowers have no valid defense to the enforcement of such Obligations, and (iii) Administrative Agent
and Lenders are and shall be entitled to the rights, remedies and benefits provided for in the Loan Documents and pursuant to
applicable law, but subject to the terms and conditions of this Agreement.

 

3. Modifications
to the Loan Agreement. Upon the effectiveness of this Agreement in accordance with the provisions hereof and notwithstanding
anything to the contrary contained in the Existing Loan Agreement or the Loan Documents:

 

(a) 
Modification to Section 1.01 of the Existing Loan Agreement to Add Certain New Defined Terms. Section 1.01 of the Existing
Loan Agreement is hereby modified as of the Effective Date of this Agreement to add the following new defined terms therein in
alphabetical order:

 

“Disbursement
Agreement” has the meaning ascribed thereto in the Fourth Modification Agreement.

 

“Fourth
Modification Agreement” means that certain Consent and Modification Agreement dated as of March 27, 2020, as amended,
restated, renewed, supplemented or otherwise modified from time to time.

 

(b) Modification
to Section 7.13 of the Existing Loan Agreement. Section 7.13 of the Existing Loan Agreement is hereby amended and restated
as of the Effective Date of this Agreement, in its entirety to read as follows:

 

    2

     

    

 

“Section
7.13.Parent as Holding Company.

 

Permit
Parent to (a) incur any liabilities, other than (i) liabilities under the Loan Documents, (ii) liabilities under the Subordinated
Advantage Loan Documents, (iii) tax liabilities in the ordinary course of business, (iv) Parent Subordinated Debt, (v) liabilities
under the Disbursement Agreement and (vi) corporate, administrative and operating expenses in the ordinary course of business,
including, but not limited to, such expenses inherent in providing the services to Loan Parties contemplated under the Management
Services Agreement, (b) own or acquire any assets, other than (i) the Equity Interests of Parent (by way of repurchase) or any
Loan Party, (ii) the Equity Interests of QALICB, (iii) cash and Cash Equivalents, (iv) hold a leasehold interest in any Facility,
including as lessee or sublessor, or (c) engage in any trade or business, other than (i) owning the Equity Interests of Loan Parties
and activities incidental thereto, (ii) owning the Equity Interests of QALICB and activities incidental thereto, (iii) acting
as a Guarantor and granting to Administrative Agent, a Lien on certain Collateral, (iv) being the employer of executive officers
of Parent and/or Loan Parties under executive officer employment agreements and (v) providing services under the Management Services
Agreement.”

 

4. 
Consents.

 

(a) Subject
to the satisfaction of the conditions precedent set forth in Section 7 hereof and pursuant to Section 7.13 of the Loan Agreement,
Administrative Agent consents, on behalf of itself and the Lenders, to Parent entering into the Disbursement Agreement on or after
the date hereof and consummating the transactions contemplated thereby.

 

(b) Except
as expressly set forth in this Agreement, the foregoing consent shall not constitute (a) a modification or alteration of the terms,
conditions or covenants of the Loan Agreement or any other Loan Document, or (b) a waiver, release or limitation upon the exercise
by Administrative Agent or any Lender of any of its rights, legal or equitable, thereunder.

 

5. Reserved.

 

6. Representations
and Warranties. Each Borrower hereby represents and warrants to Administrative Agent and Lenders as follows:

 

(a) No
Default or Event of Default has occurred and is continuing (or would result from the amendment of the Existing Loan Agreement
contemplated hereby).

 

(b) The
execution, delivery and performance by each Loan Party of this Agreement has been duly authorized by all necessary corporate and
other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person
other than such as have been obtained or made and are in full force and effect.

 

(c) On
and as of the date of this Agreement, all representations and warranties of each Loan Party contained in the Loan Agreement and
in each other Loan Document are true and correct in all material respects (except to the extent such representations and warranties
expressly refer to an earlier or specified date, in which case they are true and correct in all material respects as of such earlier
or specified date).

 

7. Conditions
of Effectiveness.

 

(a) The
Agreement shall become effective as of the Effective Date of this Agreement upon the satisfaction of all of the following conditions:

 

(i) Borrowers
shall have delivered to Administrative Agent an original (or executed faxed or electronic copy) of this Agreement, duly executed
by each of the Loan Parties;

 

    3

     

    

 

(ii) Borrowers
shall have delivered to Administrative Agent a fully executed copy of the Disbursement Agreement and any other documents or instruments
executed in connection therewith and the same shall be in full force and effect, and shall be satisfactory in all respects to
Administrative Agent;

 

(iii) each
of the representations and warranties contained in Section 6 of this Agreement shall be true, correct and accurate as of the date
of this Agreement; and

 

(iv) the
receipt by Administrative Agent of the payment, in immediately available funds, of all reasonable out-of-pocket fees, costs, charges
and expenses incurred by Administrative Agent in connection with the preparation, execution and delivery of this Agreement or
any of the transactions arising hereunder or otherwise related hereto or referred to herein, including any actual out-of-pocket
costs, expenses, charges or expenses of Administrative Agent and the reasonable fees, charges and disbursements of counsel for
Administrative Agent.

 

(b) The
parties hereto specifically acknowledge and agree that: (i) the execution and delivery of this Agreement shall not be deemed to
create a course of dealing or otherwise obligate Administrative Agent or Lenders to execute similar agreements under the same,
similar or different circumstances in the future; and (ii) neither Administrative Agent nor any Lender has any obligation to further
amend provisions of, or waive compliance with or consent to a departure from the requirements of, the Existing Loan Agreement
or any of the other Loan Documents. Except as expressly amended pursuant hereto, the Existing Loan Agreement and each of the other
Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects, and
the Collateral described in the Loan Documents shall continue to secure the Obligations. Each of the Guarantors party hereto:
(i) specifically consents to the terms of this Agreement; (ii) reaffirms its obligations under its Guaranty and under all other
Loan Documents to which it is a party; (iii) reaffirms the waivers of each and every one of the defenses to such obligations as
set forth in such Guaranty and each such other Loan Document; and (iv) reaffirms that its obligations under such Guaranty and
each such other Loan Document are separate and distinct from the obligations of any other party under the Loan Documents.

 

8. General
Release. On and as of the Effective Date of this Agreement and in consideration of the agreements set forth herein, each Loan
Party which is a party hereto, on behalf of itself and its successors and assigns, does hereby: (a) release, acquit and forever
discharge Administrative Agent and each Lender, all of Administrative Agent’s and each Lender’s predecessors-in-interest,
and all of Administrative Agent’s and each Lender’s past and present officers, directors, managers, members, attorneys,
affiliates, employees and agents, of and from any and all claims, demands, obligations, liabilities, indebtedness, breaches of
contract, breaches of duty or of any relationship, acts, omissions, misfeasance, malfeasance, causes of action, defenses, offsets,
debts, sums of money, accounts, compensation, contracts, controversies, promises, damages, costs, losses and expenses, of every
type, kind, nature, description or character, whether known or unknown, suspected or unsuspected, liquidated or unliquidated (each
of the foregoing, a “Claim”), each as though fully set forth herein at length, that any Borrower, any Loan
Party or any of their respective successors or assigns now has or may have as of the Effective Date of this Agreement in any way
arising out of, connected with or related to any or all of the transactions contemplated by the Loan Documents (including this
Agreement) or any of them or any provision or failure to provide credit or other accommodations to any Borrower or any other Person
under the Loan Documents (including this Agreement) or any of them or any other agreement, document or instrument referred to,
or otherwise related to, any or all of the Loan Documents (including this Agreement) or any of them (each, a “Released
Claim”); and (b) specifically acknowledge and agree that: (i) none of the provisions of the release contained in Section
6(a) above (the “General Release”) shall be construed as or constitute an admission of any liability on the
part of Administrative Agent or Lenders (or any of them); (ii) the provisions of the General Release shall constitute an absolute
bar to any Released Claim of any kind, whether any such Released Claim is based on contract, tort, warranty, mistake or any other
theory, whether legal, statutory or equitable; and (iii) any attempt to assert a Released Claim barred by the provisions of the
General Release shall subject it to the provisions of applicable law setting forth the remedies for the bringing of groundless,
frivolous or baseless claims or causes of action.

 

    4

     

    

 

9. General
Provisions.

 

(a) This
Agreement shall be binding upon and inure to the benefit of the parties to the Loan Agreement and their respective successors
and assigns.

 

(b) This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. Each of the parties hereto understands and agrees that this document
(and any other document required herein) may be delivered by the other party thereto either in the form of an executed original
or an executed original sent by facsimile or electronic transmission to be followed promptly by mailing of a hard copy original,
and that receipt by Administrative Agent of an electronically or telecopier facsimile document purportedly bearing the signature
of Borrowers and shall bind Borrowers with the same force and effect as the delivery of a hard copy original.

 

(c) This
Agreement contains the entire and exclusive agreement of the parties to the Loan Agreement with reference to the matters discussed
herein. This Agreement supersedes all prior drafts and communications with respect hereto. This Agreement may not be amended except
in accordance with the provisions of the Loan Agreement.

 

(d) Article
X of the Existing Loan Agreement (except Section 10.14 thereof) is incorporated herein by this reference and made applicable as
if set forth herein in full, mutatis mutandis.

 

[Remainder
of page intentionally left blank.]

 

    5

     

    

 

In
Witness Whereof, the parties hereto have duly
executed and delivered this Agreement as of the date first written above.

 

	BORROWERS:	 	 	 
	 	 	 	 	 
	DANIMER SCIENTIFIC HOLDINGS, LLC	 	MEREDIAN, INC.
	 	 	 	 	 
	By: 	/s/ John A. Dowdy, III	 	By:	/s/ John A. Dowdy, III
	Name:	John A. Dowdy, III	 	Name: 	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	MEREDIAN BIOPLASTICS, INC.	 	DANIMER SCIENTIFIC, L.L.C.
	 	 	 	 	 
	By: 	/s/ John A. Dowdy, III	 	By:	/s/ John A. Dowdy, III
	Name:	John A. Dowdy, III	 	Name:	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	DANIMER BIOPLASTICS, INC.	 	DANIMER SCIENTIFIC KENTUCKY, INC.
	 	 	 	 	 
	By: 	/s/ John A. Dowdy, III	 	By:	/s/ John A. Dowdy, III
	Name:	John A. Dowdy, III	 	Name:	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	GUARANTOR:	 	 	 
	 	 	 	 	 
	Acknowledged and Agreed to, including, without 	 	 	 
	limitation, the provisions of Section 7(b) herein:	 	 	 
	 	 	 	 
	MEREDIAN HOLDINGS GROUP, INC.	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ John A. Dowdy, III	 	 	 
	Name:	John A. Dowdy, III	 	 	 
	Title:	CFO	 	 	 

 

    6

     

    

 

	Administrative Agent:
	WHITE OAK GLOBAL ADVISORS, LLC,
 a Delaware limited liability company	 
	 	 	 
	By:	/s/ David Hackett	 
	Name: 	David Hackett	 
	Title:	Head of Underwriting	 
	 	 	 
	Lenders:	 
	 	 	 
	White Oak Global Advisors, LLC, 	 
	a Delaware limited liability company, as	 
	investment manager for the Lender identified on Schedule 2.01 to Loan Agreement as BESPOKE	 
	 	 	 
	By:	/s/ David Hackett	 
	Name:	David Hackett	 
	Title:	Head of Underwriting	 
	 

                    White
                    Oak Global Advisors, LLC,

a Delaware limited liability company, as

investment manager for the Lender identified on Schedule 2.01 to Loan Agreement as BRPD2

 

	 
	By: 	/s/ David Hackett	 
	Name: 	David Hackett	 
	Title: 	Head of Underwriting	 

 

 

7Exhibit 10.26

 

FIFTH
CONSENT AND MODIFICATION UNDER Loan and Security Agreement

 

This Fifth Consent
and Modification under Loan and Security Agreement (this “Agreement”), dated as of May 14, 2020 (the
“Effective Date”), is among Danimer Scientific Holdings, LLC,
a Delaware limited liability company (“Danimer Holdings”), Meredian,
Inc., a Georgia corporation (“Meredian”), Meredian Bioplastics,
Inc., a Georgia corporation (“Meredian Bioplastics”), Danimer
Scientific, L.L.C., a Georgia limited liability company (“Danimer Scientific”), Danimer
Bioplastics, INC., a Georgia corporation (“Danimer Bioplastics”), Danimer
Scientific Kentucky, INC., a Delaware corporation (“Danimer Kentucky”; together with Danimer Holdings,
Meredian, Inc., Meredian Bioplastics, Danimer Scientific, Danimer Bioplastics and with any other Person that at any time after
the date hereof becomes a Borrower, each a “Borrower” and collectively, “Borrowers”),
the Subsidiaries of Meredian Holdings Group, Inc., a Georgia corporation (“Parent”)
and Borrowers from time to time party hereto as Guarantors; the several entities party hereto as Lenders and White
Oak Global Advisors, LLC, a Delaware limited liability company, as administrative agent (“Administrative
Agent”).

 

Recitals:

 

A. Borrowers,
the Affiliates of Borrowers from time to time party thereto as Guarantors, the entities from time to time party thereto as Lenders
and Administrative Agent are party to that certain Loan and Security Agreement, dated as of March 13, 2019, as amended by that
certain Consent and Modification under Loan and Security Agreement dated as of November 5, 2019, as amended by that certain Consent
and Modification under Loan and Security Agreement dated as of December 18, 2019, as amended by that certain Consent and Modification
under Loan and Security Agreement dated as of January 23, 2020, as amended by that certain Consent and Modification under Loan
and Security Agreement dated as of March 27, 2020 (the “Fourth Modification Agreement”) (as so amended,
the “Existing Loan Agreement”, as the same is further amended pursuant to this Agreement and as it may
be further amended, supplemented and/or otherwise modified from time to time, the “Loan Agreement”).

 

B. Pursuant
to Section 7.13 of the Loan Agreement, Borrowers may not permit Parent to incur any liabilities, other than those specifically
provided for in such section. Borrowers have requested that Lenders consent to Parent’s entering into that certain Paycheck
Protection Program Promissory Note dated as of April 18, 2020 (the “Parent PPP Loan Note”) by and between
Parent and Truist Bank in the maximum principal amount of $1,776,000, whereby Parent will incur indebtedness for the purposes stated
therein (the “Parent PPP Loan”), in form and substance satisfactory to Administrative Agent in its discretion.

 

C. Borrowers
have requested that Administrative Agent and the Lenders (a) consent to the Parent PPP Loan, (b) consent to the Intercompany Forgivable
PPP Loan (as defined herein), and (c) amend certain provisions of the Existing Loan Agreement as provided herein, on and subject
to the terms and conditions set forth herein. Administrative Agent, on behalf of and at the direction of Lenders, is willing to
agree to the requests of Borrowers, but only on the terms and conditions set forth herein.

 

Agreement:

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and conditions contained herein, and for good and valuable consideration,
the receipt and sufficiency of which are hereby specifically acknowledged, the parties hereby covenant and agree as follows:

 

1. Definitions;
References; Interpretation.

 

(a) Unless
otherwise specifically defined herein, each capitalized term used herein (including in the Recitals hereof) that is defined in
the Loan Agreement shall have the meaning assigned to such term in the Loan Agreement.

 

(b) Each
reference to “this Agreement,” “hereof,” “hereunder,” “herein” and “hereby”
and each other similar reference contained in the Loan Agreement, and each reference to “the Loan Agreement” and each
other similar reference in the other Loan Documents, shall from and after the date of this Agreement, refer to the Loan Agreement,
as amended hereby. This Agreement is a Loan Document.

 

(c) The
rules of interpretation set forth in Section 1.02 of the Loan Agreement shall be applicable to this Agreement, mutatis mutandis.

 

     

     

    

 

2. Acknowledgments
of Obligations and Related Matters.

 

(a) Acknowledgment
of Obligations. Borrowers hereby acknowledge, confirm and agree that Borrowers are, jointly and severally, unconditionally
indebted to Administrative Agent and Lenders as of the close of business on May 6, 2020, in respect of the Loans and all other
Obligations in the aggregate principal amount of not less than $28,125,000, together with interest accrued and accruing thereon,
and all fees, costs, expenses and other sums and charges now or hereafter payable by Borrowers to Administrative Agent and Lenders
pursuant to the Loan Agreement and the other Loan Documents, all of which are unconditionally owing by Borrowers to Administrative
Agent and Lenders pursuant to the Loan Documents, in each case without offset, defense or counterclaim of any kind, nature or description
whatsoever.

 

(b) Acknowledgment
of Security Interests. Borrowers hereby acknowledge, confirm and agree that Administrative Agent and Lenders have, and shall
continue to have, valid, enforceable and perfected security interests in and liens upon the Collateral heretofore granted by Borrowers
to Administrative Agent, for the benefit of Lenders, pursuant to the Loan Documents or otherwise granted to or held by Administrative
Agent.

 

(c) Binding
Effect of Loan Documents. Borrowers hereby acknowledge, confirm and agree that: (i) each of the Loan Documents to which any
Borrower is a party has been duly executed and delivered to Administrative Agent and Lenders by such Borrower and each is in full
force and effect as of the date hereof, (ii) the agreements and obligations of Borrowers contained in such Loan Documents to which
any Borrower is a party and in this Agreement constitute the legal, valid and binding Obligations of Borrowers, enforceable against
Borrowers in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or limiting creditors’ rights generally or by equitable principles relating
to enforceability, and Borrowers have no valid defense to the enforcement of such Obligations, and (iii) Administrative Agent and
Lenders are and shall be entitled to the rights, remedies and benefits provided for in the Loan Documents and pursuant to applicable
law, but subject to the terms and conditions of this Agreement.

 

3. Modifications
to the Loan Agreement. Upon the effectiveness of this Agreement in accordance with the provisions hereof and notwithstanding
anything to the contrary contained in the Existing Loan Agreement or the Loan Documents:

 

(a) 
Modification to Section 1.01 of the Existing Loan Agreement to Add Certain New Defined Terms. Section 1.01 of the Existing
Loan Agreement is hereby modified as of the Effective Date of this Agreement to add the following new defined terms therein in
alphabetical order:

 

“Fifth
Modification Agreement” means that certain Fifth Consent and Modification Agreement dated as of May 14, 2020, as
amended, restated, renewed, supplemented or otherwise modified from time to time.

 

“Intercompany
Forgivable PPP Loan” means the loan dated on or about the date of the Fifth Modification Agreement from Parent to
Danimer Holdings, to be funded in one or more draws upon the request of Danimer Holdings and which will be reflected by updating
the outstanding principal amount under the note evidencing the Intercompany Forgivable PPP Loan at the time of each such funding,
but which in the aggregate shall not exceed the original amount of the Parent PPP Loan, on substantially the same terms and conditions
of the Parent PPP Loan, including, without limitation, a fixed interest rate of 1.00% per annum and forgiveness of the principal
balance in accordance with the PPP Program (but having different loan parties and a potentially different aggregate principal amount
than the Parent PPP Loan); provided, however, that the outstanding principal amount on the Intercompany Forgivable PPP Loan shall
be forgiven in an amount equal to the percentage of the outstanding principal amount forgiven by the lender under the Parent PPP
Loan immediately upon such forgiveness of principal under the Parent PPP Loan.

 

    2

     

    

 

“PPP
Loan Expense Certificate” means a certificate substantially in the form of Exhibit B-1.

 

“PPP
Program” means the Paycheck Protection Program under Division A, Title I of the Coronavirus Aid, Relief, and Economic
Security Act, as amended.

 

“Parent
PPP Loan” has the meaning ascribed thereto in the Fifth Modification Agreement.

 

“Parent
PPP Loan Account” has the meaning ascribed thereto in Section 6.22.

 

“Parent
PPP Loan Forgiveness Date” means the earliest date upon which the principal balance of the Parent PPP Loan, or any
portion thereof, is forgiven in accordance with the PPP Program.

 

“Parent
PPP Loan Note” has the meaning ascribed thereto in the Fifth Modification Agreement.

 

(b) Modification
of Certain Defined Terms Under Section 1.01 of the Existing Loan Agreement. Section 1.01 of the Existing Loan Agreement is
hereby modified as of the Effective Date of this Agreement to amend and restate in their entirety the following defined terms contained
therein to read as follows:

 

“Consolidated
Adjusted EBITDA” means, as of any date of determination, for any period, for Loan Parties and their Subsidiaries
on a consolidated basis, the sum for such period of (without duplication): (a) Consolidated Net Income; plus (b) Consolidated
Interest Expense (net of interest income) to the extent included in the determination of such Consolidated Net Income; plus
(c) all amounts treated as expenses for depreciation and the amortization of intangibles of any kind, but in each case only
to the extent included in the determination of such Consolidated Net Income; plus (d) all accrued taxes on or measured by
income, but in each case only to the extent included in the determination of such Consolidated Net Income. For the avoidance of
doubt, any effect on Consolidated Adjusted EBITDA resulting from the Intercompany Forgivable PPP Loan shall not be included in
any calculation of Consolidated Adjusted EBITDA.

 

“Consolidated
Senior Leverage Ratio” means, as of any date of determination, subject to Section 1.02(f), the ratio of: (a)
the sum of (i) Consolidated Senior Debt as of such date and (ii) after the Parent PPP Loan Forgiveness Date, the outstanding principal
balance of the Intercompany Forgivable PPP Loan as of such date; to (b) Consolidated Adjusted EBITDA for the period consisting
of the four consecutive Fiscal Quarters ending on such date, except that with respect to the determination of Consolidated Senior
Leverage Ratio, Consolidated Adjusted EBITDA for the individual Fiscal Quarters ended June 30, 2018, September 30, 2018, and December
31, 2018, will be deemed to be $1,986,302.28, $838,447.65, and $3,190,123.07, respectively.

 

(c) Modification
to Article VI of the Existing Loan Agreement. Article VI of the Existing Loan Agreement is hereby amended by adding the following
new section to such Article:

 

    3

     

    

 

“Section
6.22. Parent PPP Loan.

 

(a) Parent
shall (i) establish a deposit account with Truist Bank, a North Carolina banking corporation for the sole purpose of administering
the Parent PPP Loan (the “Parent PPP Loan Account”), (ii) ensure that at all times the funds on deposit
in the Parent PPP Loan Account are limited solely to the proceeds of the Parent PPP Loan, (iii) promptly following the final disbursement
of the Parent PPP Loan proceeds from the Parent PPP Loan Account, provide evidence satisfactory to Administrative Agent that the
Parent PPP Loan Account has been closed and (iv) reduce any amounts owed by the Loan Parties with respect to the Management Services
Agreement dollar-for-dollar by the amount of the Parent PPP Loan not otherwise funded to Danimer Holdings pursuant to the Intercompany
Forgivable PPP Loan.

 

(b) Until
the payment in full whether by forgiveness or otherwise of the Parent PPP Loan, commencing May 20, 2020 and continuing every other
week on Wednesdays thereafter, Loan Parties shall provide Administrative Agent with the PPP Loan Expense Certificate for the immediately
preceding two-week period.

 

(c) Until
the payment in full whether by forgiveness or otherwise of the Parent PPP Loan, as soon as available, but in any event within thirty
(30) days after the end of each Fiscal Month, Loan Parties shall provide Administrative Agent with (i) account statements for the
Parent PPP Loan Account, and (ii) such other information as Administrative Agent may reasonably require from time to time, including
without limitation, all certificates, instruments and other documents provided to Truist Bank.

 

(d) Promptly
upon the filing thereof, Loan Parties shall provide Administrative Agent with copies of any applications or other documents submitted
in connection with the forgiveness of the Parent PPP Loan.

 

(e) Promptly
upon receipt thereof by Parent, Loan Parties shall provide Administrative Agent with copies of all notices received in connection
with the Parent PPP Loan.”

 

(d) Modification
to Section 7.03 of the Existing Loan Agreement. Section 7.03 of the Existing Loan Agreement is hereby amended as of the Effective
Date of this Agreement by adding the following new subsection (m):

 

“(m) The
Intercompany Forgivable PPP Loan to Danimer Holdings, with fundings thereunder from time to time for the purpose of funding payroll
costs of Danimer Holdings and the other Borrowers.”

 

(e) 
Modification to Section 7.04(c) of the Existing Loan Agreement. Section 7.04(c) of the Existing Loan Agreement is hereby
amended and restated as of the Effective Date of this Agreement, in its entirety to read as follows:

 

“(c) Make
any voluntary, optional payment or prepayment on account of, or optional redemption or acquisition for value of any portion of,
any Debt for borrowed money (other than that arising under: (i) the Loan Documents in accordance with the provisions thereof, (ii)
prepayments under the Intercompany Forgivable PPP Loan by virtue of the forgiveness of any principal balance owed thereunder, and
(iii) corporate credit cards to the extent such Debt is otherwise permitted under Section 7.03).”

 

(f) Modification
to Section 7.06 of the Existing Loan Agreement. Section 7.06 of the Existing Loan Agreement is hereby amended and restated
as of the Effective Date of this Agreement, in its entirety to read as follows:

 

    4

     

    

 

“Section
7.06. Restricted Payments.

 

Declare or
make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:
(a) each Subsidiary may make Restricted Payments to Loan Parties and to wholly-owned Subsidiaries (and, in the case of a Restricted
Payment by a non-wholly-owned Subsidiary, to Loan Parties and to any Subsidiary and to each other owner of Equity Interests of
such Subsidiary on a pro rata basis based on their relative ownership interests); (b) Loan Parties and each Subsidiary may declare
and make dividend payments or other distributions payable solely in common Equity Interests of such Person; (c) Loan Parties
and each Subsidiary may purchase, redeem or otherwise acquire its common Equity Interests or warrants or options to acquire any
such common Equity Interests (i) with the proceeds received from the substantially concurrent issue of new common Equity Interests
or (ii) from service providers at cost upon termination of employment or service; (d) as a one-time accommodation to Loan Parties,
on the Effective Date, Danimer Holdings may declare and make a cash dividend payment to Parent in order to payoff Parent’s
existing Debt owing to the specific parties and in the amounts set forth on Schedule 5.08; (e) so long as no Default exists
or would result therefrom and Loan Parties have reasonably sufficient working capital to pay their debts as they come due, Loan
Parties and each Subsidiary may make regularly scheduled principal and interest payments under the Intercompany Forgivable PPP
Loan; and (f) so long as a Loan Party is a “pass-through” tax entity for United States federal income tax purposes
and so long as no Default exists and Loan Parties have sufficient working capital to pay their debts as they come due, cash distributions
paid by Loan Parties to the holders of Equity Interests in Loan Parties in an aggregate amount equal to such holders’ of
Equity Interests actual federal and state income tax liability for such taxable year (or portion thereof) attributable to such
Loan Parties taxable income, provided that (i) as a condition precedent to any such payment, Administrative Loan Party shall deliver
to Administrative Agent a letter from its tax accountants, in form and substance satisfactory to Administrative Agent, detailing
the amount necessary to be applied to such holders of Equity Interests tax liabilities, which letter may relate to the estimated
tax payments for the next succeeding four quarters, (ii) such payment or distribution shall be limited to the amounts specified
in said letter, and (iii) after any redetermination of such Loan Party’s taxable income for such period, such Loan Party
shall receive from each of its holders of Equity Interests a repayment of the aggregate amount (if any) by which any such distribution
exceeded the allocable amount of such holders of Equity Interests actual tax liability. Notwithstanding the foregoing, subject
to any Change of Control that might occur by virtue thereof, nothing else contained herein shall restrict holders of securities
convertible into Equity Interests of Loan Parties from converting such convertible securities into Equity Interests of Loan Parties
pursuant to the terms applicable to such convertible securities.”

 

(g) Modification
to Section 7.13 of the Existing Loan Agreement. Section 7.13 of the Existing Loan Agreement is hereby amended and restated
as of the Effective Date of this Agreement, in its entirety to read as follows:

 

“Section
7.13. Parent as Holding Company.

 

Permit Parent
to (a) incur any liabilities, other than (i) liabilities under the Loan Documents, (ii) liabilities under the Subordinated Advantage
Loan Documents, (iii) tax liabilities in the ordinary course of business, (iv) Parent Subordinated Debt, (v) liabilities under
the Disbursement Agreement, (vi) the Parent PPP Loan, and (vii) corporate, administrative and operating expenses in the ordinary
course of business, including, but not limited to, such expenses inherent in providing the services to Loan Parties contemplated
under the Management Services Agreement, (b) own or acquire any assets, other than (i) the Equity Interests of Parent (by way of
repurchase) or any Loan Party, (ii) the Equity Interests of QALICB, (iii) cash and Cash Equivalents, (iv) hold a leasehold interest
in any Facility, including as lessee or sublessor, or (c) engage in any trade or business, other than (i) owning the Equity Interests
of Loan Parties and activities incidental thereto, (ii) owning the Equity Interests of QALICB and activities incidental thereto,
(iii) acting as a Guarantor and granting to Administrative Agent, a Lien on certain Collateral, (iv) being the employer of executive
officers of Parent and/or Loan Parties under executive officer employment agreements and (v) providing services under the Management
Services Agreement.”

 

    5

     

    

 

(h) Modification
to Article VII of the Existing Loan Agreement. Article VII of the Existing Loan Agreement is hereby amended by adding the following
new section to such Article:

 

“Section
7.14. Parent PPP Loan.

 

Suffer Parent
to (a) amend or modify the Parent PPP Loan Note, application or documents in connection with the Parent PPP Loan which expand the
obligations of Parent or are otherwise adverse to the Lenders, or (b) fail to comply with any obligation or other agreement under
the Parent PPP Loan.”

 

(i) Addition
of Exhibit B-1. The Existing Loan Agreement is hereby amended by adding Exhibit B-1 attached hereto as the new Exhibit B-1
under the Loan Agreement.

 

4. 
Consents.

 

(a) Subject
to the satisfaction of the conditions precedent set forth in Section 7 hereof and pursuant to Section 7.13 of the Loan Agreement,
Administrative Agent consents, on behalf of itself and the Lenders, to Parent entering into (i) the Parent PPP Loan and (ii) the
Intercompany Forgivable PPP Loan.

 

(b) Except
as expressly set forth in this Agreement, the foregoing consent shall not constitute (a) a modification or alteration of the terms,
conditions or covenants of the Loan Agreement or any other Loan Document, or (b) a waiver, release or limitation upon the exercise
by Administrative Agent or any Lender of any of its rights, legal or equitable, thereunder.

 

5. Reserved.

 

6. Representations
and Warranties. Each Borrower hereby represents and warrants to Administrative Agent and Lenders as follows:

 

(a) No
Default or Event of Default has occurred and is continuing (or would result from the amendment of the Existing Loan Agreement contemplated
hereby).

 

(b) The
execution, delivery and performance by each Loan Party of this Agreement has been duly authorized by all necessary corporate and
other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person
other than such as have been obtained or made and are in full force and effect.

 

(c) On
and as of the date of this Agreement, all representations and warranties of each Loan Party contained in the Loan Agreement and
in each other Loan Document are true and correct in all material respects (except to the extent such representations and warranties
expressly refer to an earlier or specified date, in which case they are true and correct in all material respects as of such earlier
or specified date).

 

(d) The
representations and warranties in Parent’s application for the Parent PPP Loan, the Parent PPP Loan Note and any other documents
or agreements executed or delivered in connection therewith are true and correct in all material respects.

 

    6

     

    

 

7. Conditions
of Effectiveness.

 

(a) The
Agreement shall become effective as of the Effective Date of this Agreement upon the satisfaction of all of the following conditions:

 

(i) Borrowers
shall have delivered to Administrative Agent an original (or executed faxed or electronic copy) of this Agreement, duly executed
by each of the Loan Parties;

 

(ii) Borrowers
shall have delivered to Administrative Agent a fully executed copy of the Parent PPP Loan Note, the application submitted in connection
with the Parent PPP Loan and any other documents or instruments executed or delivered in connection therewith and the same shall
be in full force and effect, and shall be satisfactory in all respects to Administrative Agent;

 

(iii) Administrative
Agent shall have received evidence of the first Intercompany Forgivable PPP Loan, in form and substance satisfactory to Administrative
Agent, provided that Borrowers shall deliver to the Administrative Agent evidence of each subsequent Intercompany Forgivable PPP
Loan promptly following the execution and delivery of such loan;

 

(iv) Administrative
Agent shall have received a PPP Loan Expense Certificate for the period prior to the date hereof;

 

(v) each
of the representations and warranties contained in Section 6 of this Agreement shall be true, correct and accurate as of the date
of this Agreement; and

 

(vi) the
receipt by Administrative Agent of the payment, in immediately available funds, of all reasonable out-of-pocket fees, costs, charges
and expenses incurred by Administrative Agent in connection with the preparation, execution and delivery of this Agreement or any
of the transactions arising hereunder or otherwise related hereto or referred to herein, including any actual out-of-pocket costs,
expenses, charges or expenses of Administrative Agent and the reasonable fees, charges and disbursements of counsel for Administrative
Agent.

 

(b) The
parties hereto specifically acknowledge and agree that: (i) the execution and delivery of this Agreement shall not be deemed to
create a course of dealing or otherwise obligate Administrative Agent or Lenders to execute similar agreements under the same,
similar or different circumstances in the future; and (ii) neither Administrative Agent nor any Lender has any obligation to further
amend provisions of, or waive compliance with or consent to a departure from the requirements of, the Existing Loan Agreement or
any of the other Loan Documents. Except as expressly amended pursuant hereto, the Existing Loan Agreement and each of the other
Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects, and the
Collateral described in the Loan Documents shall continue to secure the Obligations. Each of the Guarantors party hereto: (i) specifically
consents to the terms of this Agreement; (ii) reaffirms its obligations under its Guaranty and under all other Loan Documents to
which it is a party; (iii) reaffirms the waivers of each and every one of the defenses to such obligations as set forth in such
Guaranty and each such other Loan Document; and (iv) reaffirms that its obligations under such Guaranty and each such other Loan
Document are separate and distinct from the obligations of any other party under the Loan Documents.

 

8. General
Release. On and as of the Effective Date of this Agreement and in consideration of the agreements set forth herein, Parent
and each Loan Party which is a party hereto, on behalf of itself and its successors and assigns, does hereby: (a) release, acquit
and forever discharge Administrative Agent and each Lender, all of Administrative Agent’s and each Lender’s predecessors-in-interest,
and all of Administrative Agent’s and each Lender’s past and present officers, directors, managers, members, attorneys,
affiliates, employees and agents, of and from any and all claims, demands, obligations, liabilities, indebtedness, breaches of
contract, breaches of duty or of any relationship, acts, omissions, misfeasance, malfeasance, causes of action, defenses, offsets,
debts, sums of money, accounts, compensation, contracts, controversies, promises, damages, costs, losses and expenses, of every
type, kind, nature, description or character, whether known or unknown, suspected or unsuspected, liquidated or unliquidated (each
of the foregoing, a “Claim”), each as though fully set forth herein at length, that any Borrower, any Loan Party
or any of their respective successors or assigns now has or may have as of the Effective Date of this Agreement in any way arising
out of, connected with or related to any or all of the transactions contemplated by the Loan Documents (including this Agreement)
or any of them or any provision or failure to provide credit or other accommodations to any Borrower or any other Person under
the Loan Documents (including this Agreement) or any of them or any other agreement, document or instrument referred to, or otherwise
related to, any or all of the Loan Documents (including this Agreement) or any of them (each, a “Released Claim”);
and (b) specifically acknowledge and agree that: (i) none of the provisions of the release contained in Section 6(a) above (the
“General Release”) shall be construed as or constitute an admission of any liability on the part of Administrative
Agent or Lenders (or any of them); (ii) the provisions of the General Release shall constitute an absolute bar to any Released
Claim of any kind, whether any such Released Claim is based on contract, tort, warranty, mistake or any other theory, whether legal,
statutory or equitable; and (iii) any attempt to assert a Released Claim barred by the provisions of the General Release shall
subject it to the provisions of applicable law setting forth the remedies for the bringing of groundless, frivolous or baseless
claims or causes of action.

 

    7

     

    

 

9. General
Provisions.

 

(a) Parent
and the Loan Parties hereby acknowledge that they did not rely on any opinion, representation, advice, guidance or otherwise from
Administrative Agent, the Lenders or their respective partners, managers, officers, directors, agents, representatives or affiliates
in connection with eligibility matters relating to the Parent PPP Loan or other matters pertaining to the Coronavirus Aid, Relief,
and Economic Security Act, as amended.

 

(b) This
Agreement shall be binding upon and inure to the benefit of the parties to the Loan Agreement and their respective successors and
assigns.

 

(c) This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together
shall constitute but one and the same instrument. Each of the parties hereto understands and agrees that this document (and any
other document required herein) may be delivered by the other party thereto either in the form of an executed original or an executed
original sent by facsimile or electronic transmission to be followed promptly by mailing of a hard copy original, and that receipt
by Administrative Agent of an electronically or telecopier facsimile document purportedly bearing the signature of Borrowers and
shall bind Borrowers with the same force and effect as the delivery of a hard copy original.

 

(d) This
Agreement contains the entire and exclusive agreement of the parties to the Loan Agreement with reference to the matters discussed
herein. This Agreement supersedes all prior drafts and communications with respect hereto. This Agreement may not be amended except
in accordance with the provisions of the Loan Agreement.

 

(e) Article
X of the Existing Loan Agreement (except Section 10.14 thereof) is incorporated herein by this reference and made applicable as
if set forth herein in full, mutatis mutandis.

 

[Remainder
of page intentionally left blank.]

 

    8

     

    

 

In
Witness Whereof, the parties hereto have duly
executed and delivered this Agreement as of the date first written above.

 

BORROWERS:

 

	DANIMER SCIENTIFIC HOLDINGS,
    LLC	 	MEREDIAN, INC.
	 	 	 	 	 
	By:	/s/
    John A. Dowdy, III	 	By:	/s/
    John A. Dowdy, III
	Name:	 John A. Dowdy, III	 	Name: 	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	MEREDIAN BIOPLASTICS, INC.	 	DANIMER SCIENTIFIC, L.L.C.
	 	 	 	 	 
	By:	/s/
    John A. Dowdy, III	 	By:	/s/
    John A. Dowdy, III
	Name:	John A. Dowdy, III	 	Name:	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO
	 	 	 	 	 
	DANIMER BIOPLASTICS, INC.	 	DANIMER SCIENTIFIC KENTUCKY,
    INC.
	 	 	 	 	 
	By:	/s/
    John A. Dowdy, III	 	By:	/s/
    John A. Dowdy, III
	Name:	John A. Dowdy, III	 	Name:	John A. Dowdy, III
	Title:	CFO	 	Title:	CFO

 

GUARANTOR:

 

Acknowledged
and Agreed to, including, without 

limitation,
the provisions of Sections 7, 8 and 9 herein:

 

MEREDIAN
HOLDINGS GROUP, INC.

 

	By:	/s/
    John A. Dowdy, III	 
	Name: 	John A. Dowdy, III	 
	Title:	CFO	 

 

     

     

    

 

	Administrative
    Agent:	 
	 	 
	WHITE OAK GLOBAL ADVISORS, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By: 	/s/
    David Hackett	 
	Name:  	David Hackett	 
	Title: 	Head of Underwriting	 
	 	 	 
	Lenders:	 
	 	 
	White
    Oak Global Advisors, LLC,	 
	a Delaware limited liability company,
    as	 
	investment manager for the Lender
    identified on Schedule 2.01 to Loan Agreement as BESPOKE	 
	 	 	 
	By: 	/s/
    David Hackett	 
	Name: 	David Hackett	 
	Title: 	Head of Underwriting	 
	 	 	 
	White
    Oak Global Advisors, LLC,	 
	a Delaware limited liability company,
    as	 
	investment manager for the Lender
    identified on Schedule 2.01 to Loan Agreement as BRPD2	 
	 	 	 
	By: 	/s/
    David Hackett	 
	Name: 	David Hackett	 
	Title: 	Head of Underwriting	 

 

     

     

    

 

EXHIBIT B-1

 

[FORM OF] PPP LOAN EXPENSE CERTIFICATE

 

The undersigned hereby
certifies to Administrative Agent, as of the date hereof, on behalf of Loan Parties as an officer of Company and not in his or
her individual capacity, that:  (a) s/he holds the office of _____________________of Company and is a Responsible Officer
of Administrative Loan Party; (b) as a Responsible Officer of Administrative Loan Party, s/he is authorized to execute and deliver
this PPP Loan Expense Certificate to Administrative Agent on behalf of Loan Parties; (c) as of [____ __, 20__], the outstanding
principal balance of the Intercompany Forgivable PPP Loan is $______________ and (d) set forth below is a report as of the end
of the seven day period ending [____ __, 20__] reflecting the amount and type of expense from the proceeds of the PPP Loan for
such period and on a cumulative basis from the date the proceeds of the PPP Loan were first received by the Borrowers:

 

	Use of Proceeds	 	During the seven day

period ending

[____ __, 20__]	 	On a cumulative basis	 	Percentage of 

Cumulative Total	 
	1.   Payroll costs of Parent	 	$_________________	 	$_________________	 	___ 	%
	2.   Payroll costs of Borrowers	 	$_________________	 	$_________________	 	___ 	%
	3.   Mortgage interest payments of Parent	 	$_________________	 	$_________________	 	___ 	%
	4.   Mortgage interest payments of Parent	 	$_________________	 	$_________________	 	___ 	%
	5.   Rent of Parent	 	$_________________	 	$_________________	 	___ 	%
	6.   Rent of Borrowers	 	 	 	 	 	 	 
	7.   Utilities of Parent	 	$_________________	 	$_________________	 	___ 	%
	8.   Utilities of Borrower	 	 	 	 	 	 	 
	9.   Other	 	$_________________	 	$_________________	 	___ 	%
	TOTAL	 	$_________________	 	$_________________	 	___ 	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]