Document:

Amended and Restated Warrant Purchase Agreement dated July 1, 2009

 Exhibit 10.49 
 AMENDED AND RESTATED WARRANT PURCHASE AGREEMENT 
 This Amended and
Restated Warrant Purchase Agreement (this “Agreement”) is made and entered into as of July 1, 2009 by and between Mascoma Corporation, a Delaware corporation (the “Company”), and
Pinnacle Ventures II Equity Holdings, L.L.C., a Delaware limited liability company (“Purchaser”). 
 WHEREAS, on December 30, 2008 the Company and the Purchaser entered into that certain Warrant Purchase Agreement (the “Prior Agreement”); 

WHEREAS, the Company and the Purchaser desire to amend and restate the Prior Agreement in its entirety 

WHEREAS, the Company desires to sell and the Purchaser desires to purchase an amended and restated warrant substantially in the form
attached hereto as Exhibit A (the “Warrant”), to purchase shares of the Company’s preferred stock (the “Warrant Shares”), on the terms and conditions set forth herein; and 

WHEREAS, the Prior Agreement may be amended in writing signed by the Company and the Purchaser. 

NOW THEREFORE, the Company and the Purchaser hereby agree that the Prior Agreement shall be amended and superseded in its entirety, and,
in consideration of the foregoing and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, accepted and agreed to, the Company and the Purchaser hereby
agree as follows: 
 1. Purchase of Warrant. Subject to the terms and conditions of this Agreement, the Purchaser agrees
to purchase the Warrant from the Company and the Company agrees to sell and issue the Warrant to the Purchaser. 
 2.
Representations of Purchaser. In connection with the purchase of the Warrant and the Warrant Shares, the Purchaser specifically represents to the Company as follows: 
 (a) The Purchaser is aware of the Company’s business affairs and financial condition, and has acquired information about the Company sufficient to reach an informed and knowledgeable decision to
acquire the Warrant and the Warrant Shares. The Purchaser is acquiring the Warrant and the Warrant Shares for its own account for investment purposes only and not with a view to, or for the resale in connection with, any “distribution”
thereof in violation of the Securities Act of 1933, as amended (the “Act”). 
 (b) The Purchaser
understands that neither the Warrant nor the Warrant Shares have been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Purchaser’s investment
intent as expressed herein. 
 (c) The Purchaser further understands that the Warrant and the Warrant Shares must be held
indefinitely unless subsequently registered under the Act and qualified under any applicable state securities laws, or unless exemptions from registration and qualification are otherwise available. The Purchaser is aware of the provisions of Rule
144, promulgated under the Act. 
 (d) The Purchaser is an “accredited investor” as such term is defined in Rule 501
of Regulation D promulgated under the Act. 

  
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 3. Legends. The Purchaser acknowledges and understands that the instruments
evidencing the Warrant and any certificates evidencing the Warrant Shares shall bear the legends as specified in the Warrant (and any other legends required under state or federal securities laws in the opinion of legal counsel for the Company).

 4. General Provisions. 
 (a) This Agreement represents the entire agreement between the Company and Purchaser regarding the subject matter hereof, supersedes all prior agreements and understandings (other than, for the avoidance
of doubt, the Warrant Purchase Agreement by and among the Company and the Purchasers dated as of February 5, 2008), and may only be amended in writing signed by the Company and the Purchaser. 

(b) This Agreement shall bind and benefit the successors, assigns, heirs, executors and administrators of the parties. 

(c) This Agreement shall be governed in all respects by the laws of the State of California. 

(d) The Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute an
instrument. 
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first set forth above. 
  

									
	COMPANY	 		 	PURCHASER
			
	 MASCOMA CORPORATION
 a Delaware corporation
	 		 	PINNACLE VENTURES II EQUITY HOLDINGS, L.L.C., a Delaware limited liability company
					
	By:	 	 /s/ Bruce A. Jamerson
	 		 	By:	 	 /s/ Robert N. Savoie

					
	Name:	 	Bruce A. Jamerson	 		 	Name:	 	Robert N. Savoie
					
	Title:	 	Chief Executive Officer	 		 	Title:	 	Chief Financial Officer

  
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 EXHIBIT A 
 FORM OF WARRANT 

 THIS AMENDED AND RESTATED WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR
ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS
ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 8 OF THIS AMENDED AND RESTATED WARRANT. 

MASCOMA CORPORATION 
 AMENDED AND RESTATED WARRANT TO PURCHASE PREFERRED STOCK 
 WHEREAS, on
December 30, 2008 MASCOMA CORPORATION, a Delaware corporation (the “Company”) issued a warrant (the “Initial Warrant”) to PINNACLE VENTURES II EQUITY HOLDINGS, L.L.C. (the
“Purchaser”) to purchase shares of the Company’s preferred stock on the terms and conditions set forth therein; 
 WHEREAS, the Company and the Purchaser desire to amend and restate the Initial Warrant in its entirety pursuant to this amended and restated warrant (the “Warrant”); and

 WHEREAS, the Initial Warrant may be changed, waived, discharged or terminated by an instrument in writing signed by the party
against which enforcement of the same is sought. 
 NOW THEREFORE, the Company and the Purchaser hereby agree that the Initial
Warrant shall be amended and superseded in its entirety, and for value received and subject to the provisions set forth in this Warrant, the Purchaser and its assigns are entitled to purchase from the Company: 

 

			
	Shares of Preferred Stock:	  	The number of Shares for which this Warrant is exercisable shall equal $650,000 divided by the Exercise Price (as adjusted pursuant to Section 7 hereof)
		
	Exercise Price:	  	See Section 1 (c)
		
	Term of Warrant:	  	See Section 2 below.
		
	Warrant Date:	  	                    , 2009

 The number of Shares for which this Warrant is exercisable and the Exercise Price may be adjusted as specified in
Section 5. 
 1. Definitions. As used herein, capitalized terms not otherwise defined herein shall have the
meanings set forth in the introductory paragraph of this Warrant or the following meanings: 
 (a) “Applicable
Stock” means (i) the series of convertible preferred stock sold in the Company’s next Qualified Financing, or, if such Qualified Financing has not occurred within 1 year from the Warrant Date, the Company’s presently
authorized Series C Preferred Stock, (ii) after the conversion of all of the outstanding shares of such series of preferred stock into Common Stock, either automatically or by vote of

 
the requisite holders thereof, the Company’s Common Stock, and (iii) upon any conversion, exchange, reclassification or change, any security into which the securities described in
clauses (i) or (ii) of this definition may be converted, exchanged, reclassified or otherwise changed. 
 (b)
“Common Stock” means the common stock of the Company. 
 (c) “Exercise Price”
means the exercise price per share of Applicable Stock and shall equal the Next Round Price of a Qualified Financing occurring after the Warrant Date, or, in the event the Applicable Stock is Series C Preferred Stock, $6.40. 

(d) “Holder” means the initial holder of this Warrant set forth in the first paragraph of this Warrant and any
other person or entity which becomes a holder of this Warrant pursuant to the terms of this Warrant. 
 (e) “Loan
Agreement” means that certain Loan and Security Agreement, dated as of the date hereof, by and among the Company, Pinnacle Ventures, L.L.C., as Agent, and the Lenders party thereto. 

(f) “Next Round Price” means the price per share of the equity securities sold in the Company’s next
Qualified Financing occurring after the Warrant Date. 
 (g) “Qualified Financing” means the sale after
the date hereof and prior to the Company’s initial public offering, of a series of convertible preferred stock of the Company to purchasers resulting in gross proceeds to the Company of not less than $10,000,000 (excluding any bridge debt
financing except to the extent actually converted to equity in the Company). 
 (h) “Shares” means the
shares of Applicable Stock of Company issuable upon exercise of this Warrant. 
 (i) “Warrant Date”
means the date of this Warrant specified in the introductory paragraph of this Warrant. 
 2. Term. The right to
purchase Applicable Stock upon exercise hereof is exercisable at any time and from time to time from the Warrant Date until the earliest to occur of: (a) the tenth anniversary of the Warrant Date, or (b) the completion of (i) a
consolidation or merger of the Company into or with any other entity or entities that results in the exchange of outstanding shares of the Company for securities or other consideration issued or paid or caused to be issued or paid by any such entity
or affiliate thereof (except a consolidation or merger into a wholly owned subsidiary or merger in which the Company is the surviving corporation and, in either case, the holders of the Company’s voting stock outstanding immediately prior to
the transaction constitute a majority of the holders of voting stock outstanding immediately following the transaction) or (ii) the sale or transfer by the Company of all or substantially all its assets. 

3. Payment and Exercise. 
 (a) Methods of Exercise. The purchase right represented by this Warrant may be exercised by the Holder, in whole or in part and from time to time, at the election of the Holder, by (i) the
surrender of this Warrant (with the notice of exercise substantially in the form attached hereto as Exhibit A duly completed and executed) at the principal office of the Company and by the payment to the Company, by check, or by wire transfer to an
account designated by the Company of an amount equal to the then applicable Exercise Price multiplied by the number of Shares then being purchased (the “Aggregate Purchase Price”); (ii) if in connection with a registered
public offering of the Company’s securities, the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit B duly completed and executed) at the principal office of the Company together with notice of arrangements
reasonably satisfactory to the Company for payment to the Company from the proceeds of the sale of shares to be sold by the Holder in such public offering of the Aggregate Purchase Price; or (iii) exercise of the “net issuance” right
provided 

  
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for in Section 3(b) hereof. The person or persons in whose name(s) any certificate(s) representing shares of Applicable Stock issuable upon exercise of this Warrant shall be deemed to have
become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates
upon which this Warrant is exercised. In the event of any exercise of the rights represented by this Warrant, certificates for the Shares so purchased shall be delivered to the Holder as soon as possible and in any event within thirty (30) days
after such exercise and, unless this Warrant has been fully exercised or expired, a new Warrant representing the portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the Holder
as soon as possible and in any event within such thirty-day period; provided, however, that at such time as the Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, if requested by the Holder, the
Company shall cause its transfer agent to deliver the certificate representing Shares issued upon exercise of this Warrant to a broker or other person (as directed by the Holder exercising this Warrant) within the time period required to settle any
trade made by the Holder after exercise of this Warrant. 
 (b) Right to Convert Warrant into Stock: Net Issuance.

 (i) Net Issuance Right. In addition to and without limiting the rights of the Holder under the terms of this Warrant,
the Holder shall have the right to convert this Warrant or any portion thereof (the “Net Issuance Right”) into shares of Applicable Stock as provided in this Section 3(b) at any time or from time to time during the term
of this Warrant. Upon exercise of the Net Issuance Right with respect to a particular number of shares subject to this Warrant (the “Converted Warrant Shares”), the Company shall deliver to the Holder (without payment by the
Holder of any exercise price or any cash or other consideration) that number of shares of fully paid and nonassessable Applicable Stock as is determined according to the following formula: 

 

					
	 X =
	 	A - B	  	
		 	Y	  	

  

					
	Where: X	  	=	  	the number of shares of Applicable Stock that shall be issued to Holder
			
	 Y
	  	=	  	the fair market value of one share of Applicable Stock
			
	 A
	  	=	  	the aggregate fair market value of the specified number of Converted Warrant Shares (i.e., the number of Converted Warrant Shares multiplied by the fair market value
of one Converted Warrant Share)
			
	 B
	  	=	  	the aggregate Exercise Price of the specified number of Converted Warrant Shares immediately prior to the exercise of the Net Issuance Right (i.e., the number of Converted
Warrant Shares multiplied by the Exercise Price)

 No fractional shares shall be issuable upon exercise of the Net Issuance Right, and, if the number of shares to be issued
determined in accordance with the foregoing formula is other than a whole number, the Company shall pay to the Holder an amount in cash equal to the fair market value of the resulting fractional share on the Conversion Date (as hereinafter defined).
For purposes of Section 10 of this Warrant, shares issued pursuant to the Net Issuance Right shall be treated as if they were issued upon the exercise of this Warrant. 
 (ii) Exercise of Net Issuance Right. The Net Issuance Right may be exercised by the Holder by the surrender of this Warrant at the principal office of the Company together with a written statement
(which may be in the form of Exhibit A or Exhibit B hereto) specifying that the Holder thereby intends to exercise the Net Issuance Right and indicating the number of shares subject to this Warrant which are being surrendered (referred to in
Section 3(b)(i) hereof as the Converted Warrant Shares) in exercise of the Net Issuance Right. Such conversion shall be effective upon receipt by the Company of this Warrant 

  
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together with the aforesaid written statement, or on such later date as is specified therein (the “Conversion Date”), and, at the election of the Holder, may be made
contingent upon the closing of the sale of the Company’s Common Stock to the public in a public offering (a “Public Offering”) pursuant to a Registration Statement under the Securities Act of 1933, as amended (the
“Act”). Certificates for the shares issuable upon exercise of the Net Issuance Right and, if applicable, a new warrant evidencing the balance of the shares remaining subject to this Warrant, shall be issued as of the
Conversion Date and shall be delivered to the Holder within thirty (30) days following the Conversion Date. 
 (iii)
Determination of Fair Market Value. For purposes of this Section 3(b), “fair market value” of a share of Applicable Stock (which shall be Common Stock if the Applicable Stock has been converted into Common Stock) as of a
particular date (the “Determination Date”) shall mean: 
 (1) If the Net Issuance Right is exercised in
connection with and contingent upon a Public Offering, and if the Company’s Registration Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange
Commission, then the initial “price to the public” specified in the final prospectus with respect to such offering. 

(2) If the Net Issuance Right is not exercised in connection with and contingent upon a Public Offering, then as follows: 

(A) If traded on a securities exchange, then the fair market value shall be the average of the closing prices of the
Common Stock on such exchange over the five trading days immediately prior to the Determination Date; 
 (B) If
traded on an over-the-counter system, then the fair market value shall be the average of the closing bid prices of the Common Stock over the five trading days immediately prior to the Determination Date; and 

(C) If there is no public market, then fair market value shall be determined in good faith by the Company’s Board of
Directors. 
 In making a determination under clauses (A) or (B) above, if on the Determination Date, five trading days have not
passed since the Company’s initial Public Offering then the fair market value of the Common Stock shall be the average closing prices or closing bid prices, as applicable, for the shorter period beginning on and including the date of the
initial Public Offering and ending on the trading day prior to the Determination Date (or if such period includes only one trading day the closing price or closing bid price, as applicable, for such trading day). If closing prices or closing bid
prices are no longer reported by a securities exchange or other trading system, the closing price or closing bid price shall be that which is reported by such securities exchange or other trading system at 4:00 p.m. New York City time on the
applicable trading day. 
 (c) Exercise Prior to Expiration. To the extent this Warrant is not previously exercised as to
all of the Shares subject hereto, and if the fair market value of one share of the Applicable Stock is greater than the Exercise Price then in effect, this Warrant shall be deemed automatically exercised pursuant to Section 3(b) (even if not
surrendered) immediately before its expiration, including but not limited to expiration pursuant to Section 2. For purposes of such automatic exercise, the fair market value of one share of the Applicable Stock upon such expiration shall be
determined pursuant to Section 3(b)(iii). To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 3(c), the Company agrees to promptly notify the Holder of the number of Shares, if any,
the Holder is to receive by reason of such automatic exercise. 
 4. Stock Fully Paid; Reservation of Shares. All Shares
that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance pursuant to the terms and conditions herein, be fully paid and nonassessable, and free from all preemptive rights and taxes, liens and charges with
respect to the issuance thereof. During the period within which the rights represented by this Warrant may be exercised, the 

  
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Company will at all times have authorized, and reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of its
Applicable Stock to provide for the exercise of the rights represented by this Warrant and, while the Applicable Stock is convertible preferred stock, a sufficient number of shares of its Common Stock to provide for the conversion of the Applicable
Stock into Common Stock. 
 5. Adjustment of Exercise Price and Number of Shares. The number and kind of securities
purchasable upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 
 (a) Reclassification or Merger. In case of any reclassification or change of securities of the class issuable upon exercise of this Warrant (other than a change in par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision or combination), the Company shall duly execute and deliver to the Holder a new Warrant (in form and substance satisfactory to the Holder), or the Company shall make
appropriate provision without the issuance of a new Warrant, so that the Holder shall have the right to receive upon exercise of this Warrant, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of this
Warrant, and in lieu of the shares of Applicable Stock theretofore issuable upon exercise of this Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification or change by a holder of
the number of shares of Applicable Stock then purchasable under this Warrant. The provisions of this Section 5(a) shall similarly apply to successive reclassifications and changes. 

(b) Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its outstanding shares of Applicable Stock, the Exercise Price shall be proportionately decreased and the number of Shares issuable hereunder shall be proportionately increased in the case of a subdivision and the Exercise Price
shall be proportionately increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination. 
 (c) Stock Dividends and Other Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall (i) pay a dividend with respect to Applicable Stock payable in
Applicable Stock, then the Exercise Price shall be adjusted, from and after the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately
prior to such date of determination by a fraction (A) the numerator of which shall be the total number of shares of Applicable Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be
the total number of shares of Applicable Stock outstanding immediately after such dividend or distribution; or (ii) make any other distribution with respect to Applicable Stock (except any distribution specifically provided for in Sections 5(a)
and 5(b)), then, in each such case, provision shall be made by the Company such that the Holder shall receive upon exercise of this Warrant a proportionate share of any such dividend or distribution as though it were the holder of the Applicable
Stock as of the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend or distribution. 
 (d) Adjustment of Number of Shares. Upon each adjustment in the Exercise Price, the number of Shares of Applicable Stock purchasable hereunder shall be adjusted, to the nearest whole share, to the
product obtained by multiplying the number of Shares purchasable immediately prior to such adjustment in the Exercise Price by a fraction, the numerator of which shall be the Exercise Price immediately prior to such adjustment and the denominator of
which shall be the Exercise Price immediately thereafter. 
 (e) Antidilution Rights. The other antidilution rights
applicable to the Shares of Applicable Stock purchasable hereunder are set forth in the Company’s Certificate of Incorporation, as amended through the Warrant Date, a true and complete copy of which is attached hereto as Exhibit C (the
“Charter”). The Company shall promptly provide the Holder with any restatement, amendment, modification or waiver of the Charter promptly after the same has been made. 

  
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 6. Notice of Adjustments. Whenever the Exercise Price or the number of Shares
purchasable hereunder shall be adjusted pursuant to Section 5 hereof, the Company shall make a certificate signed by its chief financial officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated, and the Exercise Price and the number of Shares purchasable hereunder after giving effect to such adjustment, and shall cause copies of such certificate to be delivered to the Holder.
In addition, whenever the conversion price or conversion ratio of the Applicable Stock shall be adjusted, the Company shall make a certificate signed by its chief financial officer setting forth, in reasonable detail, the event requiring the
adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the conversion price or ratio of the Applicable Stock after giving effect to such adjustment, and shall cause copies of such certificate to be
delivered to the Holder. 
 7. Fractional Shares. No fractional shares of Applicable Stock will be issued in connection
with any exercise hereunder, but in lieu of such fractional shares the Company shall make a cash payment therefor based on the fair market value of the Applicable Stock on the date of exercise as reasonably determined in good faith by the
Company’s Board of Directors. 
 8. Compliance with Act: Disposition of Warrant or Shares of Applicable Stock.

 (a) Compliance with Act. The Holder, by acceptance hereof, agrees that this Warrant, and the shares of Applicable
Stock to be issued upon exercise hereof and any Common Stock issued upon conversion thereof are being acquired for investment and that the Holder will not offer, sell or otherwise dispose of this Warrant, or any shares of Applicable Stock to be
issued upon exercise hereof or any Common Stock issued upon conversion thereof except under circumstances which will not result in a violation of the Act or any applicable state securities laws. Upon exercise of this Warrant, unless the Shares being
acquired are registered under the Act and any applicable state securities laws or an exemption from such registration is available, the Holder shall confirm in writing that the shares of Applicable Stock so purchased (and any shares of Common Stock
issued upon conversion thereof) are being acquired for investment and not with a view toward distribution or resale in violation of the Act and shall confirm such other matters related thereto as may be reasonably requested by the Company. This
Warrant and all shares of Applicable Stock issued upon exercise of this Warrant (unless registered under the Act and any applicable state securities laws) shall be stamped or imprinted with a legend in substantially the following form: 

“THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR
DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT
OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 8 OF THE WARRANT UNDER WHICH THESE SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY.” 

Said legend shall be removed by the Company, upon the request of the Holder, at such time as the restrictions on the transfer of the applicable security
shall have terminated. 
 (b) Disposition of Warrant or Shares. With respect to any offer, sale or other disposition of
this Warrant or any shares of Applicable Stock acquired pursuant to the exercise of this Warrant prior to registration of such Warrant or shares, the Holder agrees to give written notice to the Company prior thereto, describing briefly the manner
thereof, together with a written opinion of counsel, if requested by the Company, or other evidence, if reasonably satisfactory to the Company, to the effect that such offer, sale or other disposition may be effected without registration or
qualification (under the Act as then in effect or any federal or state securities law then in effect) of this Warrant or such shares of Applicable Stock and indicating whether or not under the Act certificates for this Warrant or such shares of
Applicable Stock to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to ensure compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion
or 

  
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other evidence, the Company shall have the right to consent to such transfer, which shall not be unreasonably withheld (except with respect to any transfer to any affiliate of the Holder, in
which case no consent shall be required) (any such transfer as to which no consent is required or consent has been granted, a “Permitted Transfer”), and shall, as promptly as practicable but no later than fifteen
(15) days after receipt of the written notice, shall notify the Holder whether the Holder may sell or otherwise dispose of this Warrant or such shares of Applicable Stock, all in accordance with the terms of the notice delivered to the Company.
If a determination has been made pursuant to this Section 8(b) that the opinion of counsel or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the Holder promptly with details thereof after such
determination has been made. Notwithstanding the foregoing, but subject to the right of the Company to consent, if applicable, this Warrant or such shares of Applicable Stock may, as to such federal laws, be offered, sold or otherwise disposed of in
accordance with Rule 144 or 144A under the Act, provided that the Company shall have been furnished with such information as the Company may reasonably request to provide a reasonable assurance that the provisions of Rule 144 or 144A have been
satisfied. Each certificate representing this Warrant or the shares of Applicable Stock thus transferred (except a transfer pursuant to Rule 144 or 144A) shall bear a legend as to the applicable restrictions on transferability in order to ensure
compliance with such laws, unless in the aforesaid opinion of counsel for the Holder, such legend is not required in order to ensure compliance with such laws. The Company may issue stop transfer instructions to its transfer agent in connection with
such restrictions. 
 (c) Applicability of Restrictions. Neither any restrictions of any legend described in this Warrant
nor the requirements of Section 8(b) above shall apply to any transfer of, or grant of a security interest in, this Warrant (or the Applicable Stock or Common Stock obtainable upon exercise thereof) or any part hereof (i) to a partner of
the Holder if the Holder is a partnership or to a member of or other holder of an interest in the Holder if the Holder is a limited liability company, (ii) to a partnership of which the Holder is a partner or to a limited liability company of
which the Holder is a member or other holder of an interest, or (iii) to any affiliate of the Holder if the Holder is a corporation; provided, however, in any such transfer, if applicable, the transferee shall on the
Company’s request agree in writing to be bound by the terms of this Warrant as if an original holder hereof. 
 9.
Rights as Shareholders; Information. No Holder, as a holder of this Warrant, shall be entitled to vote or receive dividends or be deemed the holder of Applicable Stock or any other securities of the Company which may at any time be issuable
upon the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter
submitted to shareholders at any meeting thereof, or to receive dividends or subscription rights or otherwise until this Warrant shall have been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided
herein. Notwithstanding the foregoing, the Company will transmit to the Holder such information, documents and reports as are generally distributed to the holders of any class or series of the securities of the Company concurrently with the
distribution thereof to the shareholders. 
 10. Registration Rights. In connection with the closing of its next round of
equity financing, the Company shall amend that certain Second Amended and Restated Registration Rights Agreement by and among the Company, the Investors (as defined therein), Pinnacle Ventures, L.L.C. and Key Stockholders (as defined therein) dated
as of February 5, 2008 (the “Investor Rights Agreement”) to grant registration rights to the Holder for any Applicable Stock of the Company (after its conversion to Common Stock) obtained upon exercise of this Warrant,
comparable to the registration rights granted to the investors in the Investor Rights Agreement, with the following exceptions and clarifications: 
 (1) The Holder will have not have the right to demand registration (other than a registration on Form S-3 or any successor form), but can otherwise participate in any registration demanded by others.

 (2) The Holder will be subject to the same provisions regarding indemnification as contained in the Investor Rights
Agreement. 

  
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 (3) The registration rights are freely assignable by the Holder in connection with a
Permitted Transfer of this Warrant or the Shares. 
 (4) Any underwriter’s “cut back” shall first apply to the
rights of the Holder with respect to shares issued upon the exercise of this Warrant and then to the rights of other holders of the Company’s preferred stock (including the Holder with respect to any shares of preferred stock held other than as
a result of the exercise of this Warrant). 
 11. Notice Rights. 

(a) Acquisition Transactions. The Company shall provide the Holder with at least ten (10) days’ written notice prior to
closing thereof of the terms and conditions of any of the following transactions (to the extent the Company has notice thereof): (i) the sale, lease, exchange, conveyance or other disposition of all or substantially all of the Company’s
property or business, or (ii) its merger into or consolidation with any other corporation (other than a wholly-owned subsidiary of the Company), or any transaction (including a merger or other reorganization) or series of related transactions,
in which more than 50% of the voting power of the Company is disposed of. 
 (b) Dividends and Repurchases. The Company
shall provide the Holder with at least ten (10) days notice prior to the record date of any cash dividend with respect to or offer to repurchase the Applicable Stock. 
 (c) Liquidation. The Company shall provide the Holder with at least ten (10) days notice prior to any voluntary or involuntary dissolutions, liquidation or winding-up of the Company.

 12. Representations and Warranties. The Company represents and warrants to the Holder as follows: 

(a) This Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company enforceable in
accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and the rules of law or principles at equity governing specific performance, injunctive relief and other equitable
remedies. 
 (b) The Shares have been duly authorized and reserved for issuance by the Company and, when issued in accordance
with the terms hereof, will be validly issued, fully paid and nonassessable and free from preemptive rights. 
 (c) The rights,
preferences, privileges and restrictions granted to or imposed upon the Applicable Stock and the holders thereof are as set forth in the Charter, and on the Warrant Date, each share of the Applicable Stock represented by this Warrant is convertible
into one share of Common Stock. 
 (d) The shares of Common Stock issuable upon conversion of the Shares have been duly
authorized and reserved for issuance by the Company and, when issued in accordance with the terms of the Charter will be validly issued, fully paid and nonassessable. 
 (e) The execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance with the terms hereof will not be, inconsistent with the Company’s
Charter or by-laws, do not and will not contravene any law, governmental rule or regulation, judgment or order applicable to the Company, and do not and will not conflict with or contravene any provision of, or constitute a default under, any
indenture, mortgage, contract or other instrument of which the Company is a party or by which it is bound or require the consent or approval of, the giving of notice to, the registration or filing with or the taking of any action in respect of or
by, any Federal, state or local government authority or agency or other person, except for the filing of notices pursuant to federal and state securities laws, which filings will be effected by the time required thereby. 

  
 -8-

 (f) There are no actions, suits, audits, investigations or proceedings pending or, to the
knowledge of the Company, threatened against the Company in any court or before any governmental commission, board or authority which, if adversely determined, could have a material adverse effect on the ability of the Company to perform its
obligations under this Warrant. 
 (g) The number of shares of Common Stock of the Company outstanding on the date
hereof, on a fully diluted basis (assuming the conversion of all outstanding convertible securities and the exercise of all outstanding options and warrants), does not exceed [44,390,967] shares. [Note: Mascoma to provide] 

13. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of the same is sought. 
 14. Notices. Any notice,
request, communication or other document required or permitted to be given or delivered to the Holder or the Company shall be delivered, or shall be sent by certified or registered mail, postage prepaid, or overnight courier or delivered personally
to the Holder at its address as shown on the books of the Company or to the Company at the address indicated therefor on the signature page of this Warrant. 
 15. Binding Effect on Successors. This Warrant shall be binding upon any corporation succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s
assets, and all of the obligations of the Company relating to the Applicable Stock issuable upon the exercise or conversion of this Warrant shall survive the exercise, conversion and termination of this Warrant and all of the covenants and
agreements of the Company shall inure to the benefit of the successors and assigns of the Holder. 
 16. Lost Warrants or
Stock Certificates. The Company covenants to the Holder that, upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant or any stock certificate and, in the case of any such
loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new
Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate. 

17. Descriptive Headings. The descriptive headings of the various Sections of this Warrant are inserted for convenience only and
do not constitute a part of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard to which party drafted this Warrant. 
 18. Governing Law. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of California. 

19. Survival of Representations, Warranties and Agreements. All representations and warranties of the Company and the Holder
contained herein shall survive the Warrant Date, the exercise or conversion of this Warrant (or any part hereof) or the termination or expiration of rights hereunder. All agreements of the Company and the Holder contained herein shall survive
indefinitely until, by their respective terms, they are no longer operative. 
 20. Remedies. In case any one or more of
the covenants and agreements contained in this Warrant shall have been breached, the Holder (in the case of a breach by the Company), or the Company (in the case of a breach by the Holder), may proceed to protect and enforce their or its rights
either by suit in equity and/or by action at law, including, but not limited to, an action for damages as a result of any such breach and/or an action for specific performance of any such covenant or agreement contained in this Warrant. 

21. No Impairment of Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but 

  
 -9-

 
will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder
against impairment. 
 22. Severability. The invalidity or unenforceability of any provision of this Warrant in any
jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and effect. 

23. Recovery of Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Warrant, or
because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Warrant, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other costs
incurred in that action or proceeding, in addition to any other relief to which it or they may be entitled. 
 24. Entire
Agreement; Modification. This Warrant constitutes the entire agreement between the parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the
parties, whether oral or written, with respect to such subject matter (other than, for the avoidance of doubt, the Warrant to purchase Series B Preferred Stock of the Company and the Warrant to purchase Series C Preferred Stock of the Company, each
dated as of February 5, 2008). 

  
 -10-

 The Company has caused this Warrant to be duly executed and delivered as of the Warrant Date
specified above. 
  

			
	MASCOMA CORPORATION
		
	By	 	  

		
	Name:	 	Bruce A. Jamerson
	Title:	 	Chief Executive Officer

 
			
		
	Address:	 	Mascoma Corporation
		 	1380 Soldiers Field Road, Second Floor
		 	Boston, MA 02135

  
 -11-

 EXHIBIT A 
 NOTICE OF EXERCISE 
  

	To:	MASCOMA CORPORATION (the “Company”) 

 1. The undersigned hereby: 
  

	 	 ̈	elects to purchase                shares of [Applicable Stock] [Common Stock] of the
Company pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price of such shares in full, or 

  

	 	 ̈	elects to exercise its net issuance rights pursuant to Section 3(b) of the attached Warrant with respect
to                Shares of [Applicable Stock] [Common Stock]. 

 2. Please issue a certificate or certificates representing                shares in the name of the undersigned or in such
other name or names as are specified below: 
  

					
		  	  
	  	
		  	(Name)	  	
			
		  	  
	  	
			
		  	  
	  	
		  	(Address)	  	

 3. The undersigned represents that the aforesaid shares are being acquired for the account of the
undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares, all except as in compliance with applicable
securities laws. 
  

	
	  

	(Signature)

  

							
	
                  
   
	 		 		 	
	(Date)	 		 		 	

 EXHIBIT B 
 NOTICE OF EXERCISE 
  

	To:	MASCOMA CORPORATION (the “Company”) 

 1. Contingent upon and effective immediately prior to the closing (the “Closing”) of the Company’s public offering contemplated by the Registration Statement on Form
S        , filed                    , 200  , the undersigned hereby: 

 ̈ elects to
purchase                    shares of [Applicable Stock] [Common Stock] of the Company (or such lesser number of shares as may be sold on behalf of
the undersigned at the Closing) pursuant to the terms of the attached Warrant, or 

 ̈ elects to exercise its net issuance rights pursuant to Section 3(b) of the attached
Warrant with respect to                      Shares of [Applicable Stock] [Common Stock]. 

2. Please deliver to the custodian for the selling shareholders a stock certificate representing
such                    shares. 
 3. The undersigned has instructed the custodian for the selling shareholders to deliver to the Company $        or, if less, the net proceeds due the undersigned
from the sale of shares in the aforesaid public offering. If such net proceeds are less than the purchase price for such shares, the undersigned agrees to deliver the difference to the Company prior to the Closing. 

 

	
	  

	(Signature)

  

							
	
                  
   
	 		 		 	
	(Date)	 		 		 	

 EXHIBIT C 
 CHARTERAmended and Restated Loan and Security Agreement dated June 1, 2011

 Exhibit 10.50 
 EXECUTION COPY 
 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 This AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT, dated as of June 1, 2011 (this “Loan
Agreement”), is entered by and between MASCOMA CORPORATION, a Delaware corporation (“Company”), the subsidiaries of Company listed on Schedule 1A hereto (together with each subsidiary which
hereafter executes and delivers a Borrower Joinder, collectively, the “Subsidiary Borrowers” and, together with Company, the “Borrowers” and each a “Borrower”), PINNACLE
VENTURES, L.L.C. as agent (“Agent”) for the lenders identified on Schedule 1B hereto (such lenders, together with their respective successors and assigns are referred to hereinafter each individually as a
“Lender” and collectively as the “Lenders”), and the Lenders. Capitalized terms used and not otherwise defined in this Loan Agreement shall have the respective meanings given to such terms in Article
10. 
 Borrowers, Agent and Lenders entered into that certain Loan and Security Agreement, dated as of February 5, 2008 and
Amendment No.1 to Loan and Security Agreement, dated as of December 30, 2008 (collectively, the “Original Loan Agreement”), and desire to amend and restate such Original Loan Agreement in its entirety and convert all
amounts outstanding under the Original Loan Agreement into loans hereunder pursuant to the terms and conditions set forth herein. 
 In consideration of the covenants, conditions and agreements set forth herein and intending to be legally bound, the parties agree as follows: 
 Article 1. THE LOANS. 
 Section 1.01 Commitment. 

 

	 	(a)	Tranche A Commitment. Pursuant to the Original Loan Agreement, Lenders agreed to make available one or more term loans in an aggregate principal amount of up to
Ten Million Dollars ($10,000,000) (the “Tranche A Commitment”). The Tranche A Commitment expired and no advances were made pursuant thereto. 

 

	 	(b)	Tranche B Commitment. Pursuant to the Original Loan Agreement, Lenders advanced to Borrowers (the “Tranche B Advance” on October 31,
2008, a term loan in an aggregate principal amount of Ten Million Dollars ($10,000,000). At the Closing, the Tranche B Advance will be converted into part of the Tranche D Advance hereunder in accordance with Section 1.01(d).

  

	 	(c)	Tranche C Commitment. Pursuant to the Original Loan Agreement, Lenders agreed to make available one or more term loans in an aggregate principal amount of up to
Ten Million Dollars ($10,000,000) (the “Tranche C Commitment”). The Tranche C Commitment expired and no advances were made pursuant thereto. 

 

	 	(d)	Tranche D Commitment. Subject to the terms and conditions of this Loan Agreement, Lenders agree to advance to Borrowers (the “Tranche D
Advance”) at Closing a term loan in an aggregate principal amount of up to Ten Million Dollars ($10,000,000). The Tranche B Advance shall be converted into part of the Tranche D Advance by applying against the Tranche D Advance all
outstanding principal and interest under the Tranche B Advance plus the Tranche B Final Payment. No prepayment penalty under the Original Loan Agreement shall apply in connection with such conversion. 

 

	 	(e)	 Tranche E Commitment. Subject to the terms and conditions of this Loan Agreement, Lenders agree to advance to Borrowers (the “Tranche
E Advances”) from time to time on or prior to December 31, 2011, one or more term loans in an aggregate principal amount of up to the lesser of (i) (A) the

	 	
difference between the total proceeds to Borrowers from the Series E Financing less Twenty Million Dollars ($20,000,000) divided by (B) Two (2) or (ii) Ten Million Dollars
($10,000,000). Borrowers may prepay the Tranche E Advances in accordance with Section 1.02(e). 

  

	 	(f)	Tranche E Advances shall be made not more often than monthly in amounts of no less than Five Hundred Thousand Dollars ($500,000) provided that if there is less than
Five Hundred Thousand Dollars ($500,000) available to be borrowed under this Section 1.01, then such Advance shall not be less than the available principal amount to be borrowed. 

Section 1.02 Interest and Payments. 
  

	 	(a)	Interest. 

  

	 	(i)	Borrowers shall pay interest in advance on the unpaid principal amount of each Tranche D Advance and Tranche E Advance from the date of such Advance until such Advance
is paid in full, at a per annum rate of interest equal to the greater of (a) Prime Rate determined as of the date of such Advance plus seven and three-fourth percent (7.75%), based upon a year of 360 days and actual days elapsed and
(b) eleven percent (11.0%). 

  

	 	(ii)	If Borrowers pay interest on any Advance which is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an
amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of the Advances. 

  

	 	(b)	Payments of Principal and Interest. Borrowers shall make equal payments of interest only (payable in advance) on the first Business Day of each month (each a
“Payment Date”) beginning on the first Payment Date occurring after the Funding Date through December 31, 2011. Thereafter, Borrowers shall make thirty (30) equal payments of principal and interest (payable in
advance) on each Payment Date until the Advance is paid in full. The amount of each such payment shall be sufficient to fully amortize the principal and interest due on the applicable Advance over such thirty (30) month period.

  

	 	(c)	Interim Interest Payment. For each Advance, unless the Funding Date is a Payment Date, Borrowers shall make an advance payment of interest at the otherwise
applicable rate referred to in Section 1.02(a) on the Funding Date for the period from the Funding Date to the first Payment Date. 

  

	 	(d)	Final Payment. On the date on which the last payment is due under Section 1.02(b) with respect to any Advances, Borrowers shall pay to Agent, in addition to
any remaining unpaid principal and accrued interest and all other amounts previously due with respect to such Advance, an amount equal to four percent (4.0%) of the original principal amount of such Advance (each, a “Final
Payment”). 

  

	 	(e)	Prepayment. Upon five (5) Business Days’ prior written notice to Agent, Borrowers may, at their option, at any time, prepay the Advances, in whole or
in part in an amount of at least $500,000 of principal, in an amount equal to the principal amount of the Advances being prepaid, plus accrued and unpaid interest thereon through and including the date of such prepayment, plus the Final Payment with
respect to the Advance being prepaid (prorated, if applicable) plus any other amounts then due to Lenders provided, that if any Tranche D Advance or Tranche E Advances is prepaid (i) on or before the date that is 18 months from the Funding Date
of such Advance, there will be a 6% premium on the outstanding principal amount payable in conjunction with the prepayment and (ii) after the date that is 18 months from the Funding Date of such Advance, there will be a 3% premium on the
outstanding principal amount payable in conjunction with the prepayment. 

  
 -2-

 Section 1.03 Use of Proceeds; the Advances and the Notes; Disbursement. 

 

	 	(a)	Use of Proceeds. The proceeds of the Advances shall be used for general corporate purposes and with respect to the Tranche D Advance, to convert the Tranche B
Advance in accordance with Section 1.01(d). 

  

	 	(b)	The Advances and the Notes. The obligation of Borrowers to repay the aggregate unpaid principal amount of, interest and Final Payment on each Advance shall be
evidenced by a Note setting forth the principal amount of such Advance and the payments due. Agent shall keep a record of the payments made under each Note on its books which records shall be prima facie evidence of the amounts paid under the Notes
absent manifest error. Any failure by Agent to obtain or retain such a Note shall not limit or otherwise affect the obligations of Borrowers to pay amounts due hereunder with respect to an Advance. 

 

	 	(c)	Notice and Disbursement. Whenever Borrowers desire Lenders to make an Advance, Borrowers shall notify Agent in writing at least ten (10) Business Days in
advance of the desired Funding Date, which notice shall be irrevocable. Lenders’ obligation to make Advances shall be subject to the satisfaction of the conditions set forth in Section 3.01(b). Subject to the satisfaction of the conditions
set forth in this Loan Agreement, each Lender shall disburse its pro rata portion of each Advance to the account of Company as specified in Section 10.06. 

 Section 1.04 Other Payment Terms. 
  

	 	(a)	Place and Manner. All regularly scheduled payments due to the Lenders shall be effected by automatic debit of the appropriate funds from Borrower’s Primary
Operating Account. Borrowers shall make all other payments due to the Lenders in lawful money of the United States, in immediately available funds, at the address for payments specified in Section 10.06. 

 

	 	(b)	Date. Whenever any payment due hereunder shall fall due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and
such extension of time shall be included in the computation of interest or fees, as the case may be. 

  

	 	(c)	Default Rate. If any amounts required to be paid by any Borrower under this Loan Agreement or the other Transaction Documents (including principal, interest or
Final Payment payable on the Advance, any fees or other amounts) remain unpaid after such amounts are due, such Borrower shall pay interest on the aggregate, outstanding principal balance hereunder from the date due until such past due amounts are
paid in full, at a per annum rate equal to the Default Rate. All computations of such interest shall be based on a year of 360 days and actual days elapsed. 

 

	 	(d)	Commitment Fee. Agent has received a commitment fee from Borrowers in the amount of $200,000 (the “Commitment Fee”). The Commitment Fee
is fully earned and will be retained by Agent. 

  

	 	(e)	Legal Fees and Expenses. Borrowers shall reimburse Lender for Lender’s reasonable legal costs and expenses, incurred in preparing and negotiating the
Transaction Documents. 

 Article 2. CREATION OF SECURITY INTEREST. 

Section 2.01 Grant of Security Interest. 
  

	 	(a)	 Each Borrower grants and pledges to Agent on behalf of all Lenders a continuing security interest in all presently existing and hereafter acquired or
arising Collateral in order to secure prompt payment of any and all Obligations (other than any inchoate indemnity obligations or any Obligations arising under the Warrant or Section 10.20 hereof) and in order to secure prompt performance by
each Borrower of each of its covenants and duties under the Transaction Documents. Subject only to 

  
 -3-

	 	
Permitted Liens, such security interest constitutes a valid, first priority security interest in the presently existing Collateral, and will constitute a valid, first priority security interest
in Collateral acquired after the date hereof. Notwithstanding termination of this Loan Agreement, Agent’s Lien on the Collateral shall remain in effect for so long as any Obligations (other than any inchoate indemnity obligations or any
Obligations arising under the Warrant or Section 10.20 hereof) are outstanding. 

  

	 	(b)	Upon the occurrence of the IP Release Date, the IP Security Agreements shall be deemed automatically terminated and Agent shall terminate the IP Security Agreements,
file UCC-3 releases and deliver any other documents and make any other filings that any Borrower may reasonably request, at such Borrower’s expense, to evidence Agent’s release of its security interest in the Intellectual Property.

  

	 	(c)	Notwithstanding the foregoing, for the period beginning as of Closing through the Frontier Consent Date, the Collateral shall not be deemed to include the
Company’s equity securities interest in Frontier Renewable Resources, LLC, a Delaware limited liability company. 

Section 2.02 Liabilities Unconditional. Borrowers are and shall remain absolutely and unconditionally liable for the performance of
their obligations under the Transaction Documents, including without limitation any deficiency by reason of the failure of the Collateral to satisfy all amounts due to Agent or the Lenders under any Transaction Document. 

Article 3. CLOSING. 

Section 3.01 Conditions Precedent. The obligation of Lenders to fund an Advance shall be subject to the following conditions precedent:

  

	 	(a)	Conditions to Closing. Agent shall have received in connection with the Closing in form and substance satisfactory to Agent: 

 

	 	(i)	This Loan Agreement, duly executed by each Borrower; 

  

	 	(ii)	Copies, certified by the Secretary or Assistant Secretary of each Borrower, of: (A) the Certificate of Incorporation and Bylaws of such Borrower (as amended to the
date of this Loan Agreement), (B) the resolutions adopted by such Borrower’s board of directors authorizing the transaction and the documents being executed in connection therewith, and (C) the incumbency of the officers executing
this Loan Agreement and the other Transaction Documents on behalf of such Borrower. 

  

	 	(iii)	Good Standing Certificate(s) with respect to each Borrower from such Borrower’s state of incorporation and principal place of business, if different, (each) as of
a date acceptable to Agent. 

  

	 	(iv)	Evidence of the insurance coverage required by Section 5.06 of this Loan Agreement. 

 

	 	(v)	All necessary consents of shareholders and other third parties with respect to the subject matter of the Loan Agreement and the other documents being executed in
connection therewith. 

  

	 	(vi)	A Warrant Purchase Agreement in the form provided by Agent and agreed to by Company, duly executed by Company. 

 

	 	(vii)	The Warrants to be issued to the designees of the Lenders in forms provided by Agent and agreed to by Company, duly executed by Company. 

 

	 	(viii)	The IP Security Agreements in the form provided by Agent and agreed to by each Borrower, duly executed by each Borrower. 

  
 -4-

	 	(ix)	A Management Rights Agreement in the form provided by Agent and agreed to by each Borrower, duly executed by each Borrower. 

 

	 	(x)	A Letter Agreement in the form provided by Agent and agreed to by Company, duly executed by Company. 

 

	 	(xi)	Agreements sufficient to perfect a security interest in each Borrower’s deposit accounts and securities accounts executed by each applicable bank or other
financial institution, in forms reasonably acceptable to Agent. 

  

	 	(xii)	All other documents as Agent shall have reasonably requested. 

  

	 	(xiii)	A legal opinion of counsel to Borrowers in form and substance reasonably satisfactory to Agent. 

 

	 	(b)	Conditions to Funding of Each Advance. Prior to the funding of each Advance, the following conditions with respect to such Advance shall have been satisfied by
Borrowers or waived by Agent: 

  

	 	(i)	Borrowers shall have executed and delivered a Note in the form of Exhibit A prepared by Agent setting forth the terms of the Advance. 

 

	 	(ii)	No Event of Default or Default shall have occurred and be continuing. 

  

	 	(iii)	In Agent’s reasonable discretion, no event or condition shall exist that has had or could be reasonably expected to have a Material Adverse Effect.

  

	 	(iv)	The representations and warranties contained in this Loan Agreement and the other Transaction Documents to which a Borrower is a party shall be true and correct in all
material respects as if made on the date of funding of the Advance and the items listed on any schedule shall be reasonably acceptable to Agent, except to the extent such representations and warranties expressly refer to an earlier date, in which
case they shall be true and correct in all material respects as of such earlier date. 

  

	 	(v)	Each of the Transaction Documents shall be in full force and effect. 

  

	 	(vi)	With respect to Tranche E Advances, Company shall have provided Agent with evidence of receipt of proceeds from the Series E Financing, in form satisfactory to Agent.

  

	 	(vii)	Borrowers shall have provided to Agent such documents, instruments and agreements, including financing statements or amendments to financing statements, as Agent shall
reasonably request to evidence the perfection and priority of the security interests granted to Agent. 

 Article 4.
REPRESENTATIONS AND WARRANTIES OF EACH BORROWER. 
 Each Borrower represents and warrants to Agent that: 

Section 4.01 Due Incorporation, Qualification, etc. Such Borrower and its Subsidiaries (i) is a corporation duly organized,
validly existing and in good standing under the laws of its state of incorporation; (ii) has the power and authority to own, lease and operate its properties and carry on its business as now conducted; and (iii) is duly qualified, licensed
to do business and in good standing as a foreign corporation in each jurisdiction where the failure to be so qualified or licensed could reasonably be expected to have a Material Adverse Effect. 

Section 4.02 Authority. The execution, delivery and performance by such Borrower of each Transaction Document to be executed by such
Borrower and the consummation of the transactions contemplated thereby 

  
 -5-

 (i) are within the power of such Borrower and (ii) have been duly authorized by all necessary actions
on the part of such Borrower. 
 Section 4.03 Enforceability. Each Transaction Document executed, or to be executed, by such
Borrower has been, or will be, duly executed and delivered by such Borrower and constitutes, or will constitute, a legal, valid and binding obligation of such Borrower, enforceable against such Borrower in accordance with its terms, except as
limited by bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity. 
 Section 4.04 Non-Contravention. The execution and delivery by such Borrower of the Transaction Documents executed by such Borrower and the performance and consummation of the
transactions contemplated thereby do not and will not (i) violate any Requirement of Law applicable to such Borrower; (ii) violate any provision of, or result in the breach or the acceleration of, or entitle any other Person to accelerate
(whether after the giving of notice or lapse of time or both), any material Contractual Obligation of such Borrower; or (iii) result in the creation or imposition of any Lien upon any property, asset or revenue of such Borrower (except such
Liens as may be created in favor of Agent pursuant to this Loan Agreement or the other Transaction Documents). 
 Section 4.05
Approvals. No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Authority or other Person (including, without limitation, the shareholders of any Person) is required in connection
with the execution and delivery of the Transaction Documents executed by such Borrower and the performance and consummation of the transactions contemplated thereby. 
 Section 4.06 No Violation or Default. None of such Borrower or such Borrower’s Subsidiaries is in violation of or in default with respect to (i) any Requirement of Law; or
(ii) any Contractual Obligation (nor is there any waiver in effect which, if not in effect, would result in such a violation or default), where, in each case, such violation or default, individually, or together with all such violations or
defaults, could reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, neither such Borrower nor such Borrower’s Subsidiaries (A) has violated any Environmental Laws, (B) has any
liability under any Environmental Laws or (C) has received notice or other communication of an investigation or is under investigation by any Governmental Authority having authority to enforce Environmental Laws, where such violation, liability
or investigation could reasonably be expected to have a Material Adverse Effect. No Event of Default or Default has occurred and is continuing. 

Section 4.07 Litigation. No actions (including, without limitation, derivative actions), suits, proceedings or investigations are
pending or, to the knowledge of such Borrower, threatened against such Borrower or such Borrower’s Subsidiaries at law or in equity in any court or before any other Governmental Authority which if adversely determined (i) could reasonably
be expected (alone or in the aggregate) to have a Material Adverse Effect or (ii) seeks to enjoin, either directly or indirectly, the execution, delivery or performance by such Borrower of the Transaction Documents or the transactions
contemplated thereby. 
 Section 4.08 Title. Such Borrower has good and marketable title to all Collateral, free and clear of
all Liens, other than Permitted Liens. Such Borrower has no other deposit accounts or securities accounts, other than the deposit accounts and securities accounts described in Schedule 2. Except as described in Schedule 2, the
Collateral is not in the possession of any third party bailee (such as at a warehouse). All Inventory is in all material respects of good and marketable quality, free from material defects. 
 Section 4.09 Financial Statements. The Financial Statements of such Borrower which have been delivered to Agent (i) are in accordance with the books and records of such Borrower
and its Subsidiaries; (ii) have been prepared in conformity with generally accepted accounting principles; and (iii) fairly present in all material respects the consolidated financial position of such Borrower as of the dates presented
therein and the results of operations, changes in financial positions or cash flows, as the case may be, for the periods presented therein in accordance with generally accepted accounting principles. As of the date hereof, none of such Borrower or
any of such Borrower’s Subsidiaries has any contingent obligations that are required to 

  
 -6-

 
be included in financial statements in accordance with generally accepted accounting principles, liability for taxes or other outstanding obligations which are material in the aggregate, except
as disclosed in the most recent audited Financial Statements (including the notes thereto) furnished by such Borrower to Agent prior to the date hereof. 
 Section 4.10 Taxes. Such Borrower and its Subsidiaries has filed or caused to be filed all tax returns that are required to be filed by it except where the failure to do so could not
reasonably be expected to have a Material Adverse Effect. Such Borrower and such Borrower’s Subsidiaries have paid, or made provision for the payment of, all Taxes which have or may have become due pursuant to said returns or otherwise, except
such Taxes, if any, which are being contested in good faith and as to which adequate reserves (determined in accordance with generally accepted accounting principles) have been provided or which could not reasonably be expected to have a Material
Adverse Effect if unpaid. 
 Section 4.11 Catastrophic Events; Labor Disputes. Neither such Borrower nor such Borrower’s
Subsidiaries and none of their properties is or has been affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or other casualty that could reasonably be expected to
have a Material Adverse Effect. There are no disputes presently subject to grievance procedure, arbitration or litigation under any of the collective bargaining agreements, employment contracts or employee welfare or incentive plans to which such
Borrower or such Borrower’s Subsidiaries is a party which could reasonably be expected to have a Material Adverse Effect, and there are no strikes, lockouts, work stoppages or slowdowns, or, to the best knowledge of such Borrower,
jurisdictional disputes or organizing activity occurring or threatened which could reasonably be expected to have a Material Adverse Effect. 

Section 4.12 No Material Adverse Effect. No event has occurred and no condition exists (excluding general economic conditions) which
could reasonably be expected to have a Material Adverse Effect. 
 Section 4.13 First Priority. Assuming the timely filing of
financing statements covering the Collateral, the security interest granted hereby constitutes a first priority security interest in and Lien on all of the Collateral, subject only to Permitted Liens. 

Section 4.14 Principal Place of Business. Company is incorporated in the jurisdiction stated in the first sentence of this Loan
Agreement, the office where Company will keep all records and files regarding the Collateral is set forth in Section 10.07, and each other Borrower in incorporated in the jurisdiction, and will keep all records and files regarding the
Collateral in the office, stated next to its name on Schedule 1A hereto. Except as disclosed on Schedule 2, such Borrower has not done business under any name other than that specified on the signature page hereof. All Borrower’s
Inventory and Equipment is located only at the locations set forth in Section 10.07 or on Schedule 1A, on Schedule 2 or at such other locations as are permitted under Section 5.12. 

Section 4.15 Intellectual Property. Such Borrower is the sole owner of the Intellectual Property such Borrower purports to own (the
“Borrower IP”) and there are no Liens on such Intellectual Property, except for non-exclusive licenses, or exclusive licenses limited to certain geographical territories or fields of use, granted by such Borrower to its
customers in the ordinary course of business. To such Borrower’s knowledge, no part of the Borrower IP has been judged invalid or unenforceable, in whole or in part, and no claim has been received by such Borrower that any part of the Borrower
IP violates the rights of any third party. Such Borrower does not own any Patents, Trademarks, Copyrights or Mask Works registered in, or the subject of pending applications in, the Patent and Trademark Office or the Copyright Office or any similar
offices or agencies in any other country or any political subdivision thereof, other than those described on Schedule 3 hereto. 

Section 4.16 Investments. Such Borrower does not own any Investments in any Person, except for Permitted Investments. 

  
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 Article 5. COVENANTS OF EACH BORROWER. 
 While any Obligations (other than any inchoate indemnity obligations or any obligations arising under the Warrant or Section 5.04 hereof) or unfunded Commitments remain outstanding: 

Section 5.01 Financial Statements. Company shall provide to Agent the financial statements specified in this Section 5.01,
prepared in accordance with generally accepted accounting principles, consistently applied (except, in the case of unaudited financial statements, for the absence of footnotes and normal year-end adjustments); provided, however, that
after the effective date of the initial registration statement covering a public offering of Company’s securities, Company shall only be required to deliver those financial statements required to be filed by the Securities and Exchange
Commission, to be provided as soon as practicable and no less frequently than quarterly. 
  

	 	(a)	As soon as practicable (and in any event within thirty (30) days after the end of each month), an unaudited consolidated and consolidating balance sheet as of the
end of such month and unaudited consolidated and consolidating statements of income or loss, retained earnings or deficit, cash flows and capital structure of Company for such month, certified by Company’s Chief Executive Officer or Chief
Financial Officer to fairly present in all material respects the data reflected therein. 

  

	 	(b)	As soon as practicable (and in any event within one hundred twenty (120) days after the end of each fiscal year), an audited balance sheet as of the end of such
year (consolidated if applicable), and related statements of income or loss, retained earnings or deficit, cash flows and capital structure of Company for such year, setting forth in comparative form the corresponding figures for the preceding
fiscal year, and accompanied by an audit report and unqualified opinion of the independent certified public accountants of recognized national standing selected by Company. 

 Section 5.02 Other Information. Each Borrower shall promptly provide to Agent: (a) copies of all board packages delivered to its board of directors in connection with board
meetings or otherwise, (b) notice of all actions, suits and proceedings before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which suits or proceedings if decided adversely to
such Borrower could reasonably be expected to result in costs or damages to such Borrower of Fifty Thousand Dollars ($50,000) or more, (c) notice of any Default, Event of Default, Event of Loss, or any matter which has resulted or is likely to
result in a Material Adverse Effect, (d) copies of all board approved operating budgets described in clause (viii) of the defined term “Permitted Investments” and (e) any additional information (including but not limited to
tax returns, income statements, balance sheets, and names of principal creditors) as Agent shall reasonably request which is necessary to evaluate such Borrower’s continuing financial obligations. 

Section 5.03 Corporate Identity. Each Borrower shall notify Agent in writing thirty (30) days prior to any change in such
Borrower’s principal place of business or chief executive office and any change of such Borrower’s name, identity or corporate structure. 
 Section 5.04 Reserved. 
 Section 5.05 Authorization for Automated
Clearinghouse Funds Transfer. Company shall (i) authorize Agent to initiate debit entries to Company’s account specified in Section 10.06 (“Borrower’s Primary Operating Account”) through Automated
Clearinghouse (“ACH”) transfers, in order to satisfy regularly scheduled payments of principal, interest and fees; (ii) provide Agent at least thirty (30) days notice of any change in Borrower’s Primary
Operating Account; and (iii) grant Agent any additional authorizations necessary to begin ACH debits from a new account which becomes Borrower’s Primary Operating Account. 
 Section 5.06 Insurance. Borrowers shall, at their own expense, maintain the following types of insurance, with companies with an A-5 Best rating or better, in amounts acceptable to
Agent: 

  
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	 	(a)	All Risk. “All risk” insurance against loss or damage to the Collateral. The deductible shall not exceed $25,000. The policy shall name Agent as sole
loss payee with respect to the Collateral, shall not be invalidated by any action of or breach of warranty by Borrowers of any provision thereof and shall waive subrogation against Agent. 

 

	 	(b)	General Liability Insurance. Commercial general liability insurance (including contractual liability, products liability and completed operations coverages)
reasonably satisfactory to Agent. The limit of liability shall be at least $2,000,000 per occurrence. The policy shall be without deductible, except for products liability coverage which may have a deductible up to $25,000. The policy(ies) shall
name Agent as additional insured in the full amount of Borrowers’ liability coverage limits (or the coverage limits of any successor to Borrowers or such successor’s parent which is providing coverage), be primary and without contribution
as respects any insurance carried by Agent and contain cross liability and severability of interest clauses. 

  

	 	(c)	Other Insurance. Such other insurance against risks of loss and with terms as shall be reasonably required by Agent. 

All policies of insurance shall provide that Agent shall be given thirty (30) days notice of cancellation of coverage. On or prior to the first
Funding Date and prior to each policy renewal, Borrowers shall furnish to Agent, certificates of insurance or other evidence satisfactory to Agent that insurance complying with all of the above requirements is in effect. 

Section 5.07 Taxes and Other Liabilities. Borrowers shall pay all Indebtedness when due; pay all Taxes and other governmental or
regulator assessments before delinquency or before any penalty attaches thereto, except as may be contested in good faith by the appropriate procedures and for which Borrowers shall maintain appropriate reserves; and timely file all required tax
returns. 
 Section 5.08 Title. Borrowers shall promptly notify Agent in writing of any event which materially affects the
value of the Collateral, the ability of Borrowers or Agent to dispose of the Collateral, or the rights or remedies of Agent in relation thereto, including, but not limited to, the levy of any legal process against the Collateral. Upon request by
Agent, Borrowers shall deliver to Agent any and all evidence of ownership of, and certificates of title to, any and all of the Equipment. 

Section 5.09 Further Identification of Collateral. Borrowers shall promptly advise Agent of any material change in the composition of
the Collateral and shall furnish to Agent from time to time such statements and schedules further identifying and describing the Collateral, including but not limited to listing any applications, registrations or other ownership rights that any
Borrower has made, filed or acquired in respect of any Patents, Copyrights, Trademarks or Mask Works. Each Borrower shall provide Agent with ten (10) days prior written notice of any filing by such Borrower of an application for registration of
any Copyrights. Each Borrower shall also furnish to Agent from time to time such statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Agent may reasonably request, all
in reasonable detail. 
 Section 5.10 Good Repair. Borrowers shall keep and maintain all Collateral that is Equipment in good
operating condition and repair, subject to ordinary wear and tear, make all necessary repairs thereto and replacement of parts thereof so that the value and operating efficiency thereof shall at all times be maintained and preserved in all material
respects; and Borrowers shall keep books and records with respect to such Collateral, including maintenance records, which are complete and accurate in all material respects. 
 Section 5.11 Loss; Damage; Destruction and Seizure. 
  

	 	(a)	 If while payment Obligations are outstanding any item of Collateral is lost, stolen, destroyed, damaged beyond repair or seized by a Governmental
Authority (an “Event of Loss”), then, at the applicable Borrower’s option, either (i) Agent shall receive from the proceeds of insurance maintained

  
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pursuant to Section 5.06, from any award paid by the seizing Governmental Authority or, to the extent not received from the proceeds of insurance or award or both, from such Borrower, on or
before the next scheduled Payment Date succeeding such Event of Loss, an amount equal to the replacement value of the item of Collateral subject to the Event of Loss which shall be held as additional Collateral for the Advance, or (ii) if no
Event of Default has occurred and is continuing, such Borrower may use any such proceeds to purchase an item of Collateral to replace the item of Collateral which was subject to the Event of Loss and such replacement Collateral shall become part of
the Collateral. On the date of receipt by Agent of the amount specified hereinabove with respect to each such item of Collateral subject to an Event of Loss, the provisions of this Loan Agreement shall terminate as to such Collateral. Pending such
Borrower’s election of the options set forth above, any proceeds of insurance maintained by such Borrower with respect to the Collateral pursuant to Section 5.06 and received by such Borrower shall be paid to Agent promptly upon their
receipt by such Borrower. If any proceeds of insurance or awards received from Governmental Authorities are in excess of the amount owed under this Section 5.11(a), Agent shall promptly remit to such Borrower the amount in excess of the amount
to be held by Agent. 

  

	 	(b)	So long as no Event of Default has occurred and is continuing, any proceeds of insurance maintained pursuant to Section 5.06 received by Agent or a Borrower with
respect to an item of Collateral the repair of which is practicable shall, at the election of such Borrower, be applied either to the repair or replacement of such Collateral or, upon Agent’s receipt of evidence of the repair or replacement of
the Collateral reasonably satisfactory to Agent, to the reimbursement of such Borrower for the cost of such repair or replacement. All replacement parts and equipment acquired by a Borrower in replacement of Collateral pursuant to this
Section 5.11 shall immediately become part of the Collateral upon acquisition by such Borrower. Borrowers shall take such actions and provide such documentation as may be reasonably requested by Agent to protect and preserve Agent’s first
priority security interest and otherwise to avoid any impairment of Agent’s rights under the Transaction Documents, in connection with such repair or replacement. 

 Section 5.12 Collateral Control. Borrowers shall not (i) terminate, waive or release any material right with respect to any Collateral, or (ii) remove any items of Collateral
from Borrowers’ facilities located at the address specified in Section 10.07 or on Schedule 1A, the locations specified on Schedule 2, or such other address agreed to in writing by Lender except as permitted by Section 5.13.

 Section 5.13 Liens; No Disposition of Collateral. No Borrower shall (i) in any way hypothecate or create or permit to
exist any Lien with respect to any of its or its Subsidiaries’ property, except for Permitted Liens, or (ii) sell, transfer, assign, pledge, collaterally assign, exchange, or otherwise dispose of (collectively, a “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, other than Transfers: (A) of Inventory in the ordinary course of business, (B) of non-exclusive licenses, or exclusive licenses limited to certain
geographical territories or fields of use, and similar arrangements for the use of the property of a Borrower or its Subsidiaries in connection with a bona fide business strategy, (C) of worn-out, obsolete or surplus Equipment, or (D) by
Borrowers to their respective Subsidiaries in an aggregate amount not to exceed $1,000,000 on an annual basis. 
 Section 5.14
Mergers and Acquisitions. Without the prior written consent of Agent, (i) Company shall not be acquired by any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934), whether
by merger or consolidation, or through a transaction or series of transactions pursuant to which the holders of Company’s voting Equity Securities do not hold at least 50% of the voting power of Company or any resulting Person after such
transaction or transactions, or through the sale of all or substantially all of its assets, unless (A) the Obligations are assumed or guaranteed by a Person which is the ultimate parent entity (the “Acquirer”) of the
acquiring Person and (B) the Acquirer is a creditworthy entity (as determined by Agent in its sole discretion) and (ii) no other Borrower shall cease to be wholly-owned, directly or indirectly, by another Borrower, provided that any
Subsidiary may merge into a Subsidiary Borrower or Company so long as the Subsidiary Borrower or Company is the surviving entity, or may be dissolved so long as all assets are transferred to a Subsidiary Borrower or Company. 

  
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 Section 5.15 Distributions. (i) Except as disclosed on Schedule 2, prior to
the effective date of the initial registration statement covering a public offering of Company’s securities, without the prior written consent of Agent, no Borrower shall (A) pay any dividends or make any distributions on its Equity
Securities; (B) purchase, redeem, retire, defease or otherwise acquire for value any of its Equity Securities (other than repurchases by Company pursuant to the terms of employee stock purchase plans, employee restricted stock agreements or
similar arrangements in an aggregate amount not to exceed $250,000 in any fiscal year); (C) return any capital to any holder of its Equity Securities as such; (D) make any distribution of assets, Equity Securities, obligations or
securities to any holder of its Equity Securities as such; or (E) set apart any sum for any such purpose; provided, however, Company may declare dividends payable solely in common stock and any Borrower may pay dividends or make
distributions to another Borrower; and (ii) the Company will cause its wholly-owned Subsidiaries to make, and will use commercially reasonable efforts to cause its other Subsidiaries to make, distributions to the Company to the extent necessary
to permit Borrowers to make payments under this Loan Agreement as those payments become due. 
 Section 5.16 Indebtedness. No
Borrower shall, nor shall it permit its Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness, other than Permitted Indebtedness. 
 Section 5.17 Investments. No Borrower shall, nor shall it permit its Subsidiaries to, directly or indirectly acquire or own, or make any Investment in or to any Person other than
Permitted Investments; or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise distributing property to such Borrower other than agreements with respect to
Permitted Indebtedness entered into by Project Entities; provided that any such Project Entity shall be permitted to pay dividends or other distributions to a Borrower to the extent necessary to allow such Borrower to make payments
under this Loan Agreement as they come due. 
 Section 5.18 Transactions with Affiliates. No Borrower shall, nor shall it
permit its Subsidiaries to, directly or indirectly enter into or permit to exist any material transaction with any Affiliate, except for transactions that are in the ordinary course of such Person’s business, upon fair and reasonable terms that
are no less favorable to such Borrower, or such Subsidiary, than would be obtained in an arms’ length transaction with a non-affiliated Person; provided that the foregoing restriction shall not apply to (i) any transaction between a
Borrower and any of its Subsidiaries or between any Subsidiaries that is not otherwise prohibited by this Loan Agreement, (ii) reasonable and customary fees paid to members of the board of directors of a Borrower and its Subsidiaries, and
(iii) compensation arrangements and benefit plans for officers and other employees of a Borrower and its Subsidiaries entered into or maintained in the ordinary course of business. 
 Section 5.19 Indebtedness Payments. No Borrower shall (i) prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the scheduled repayment thereof any
Indebtedness for borrowed money (other than amounts due or permitted to be prepaid under this Loan Agreement) or any lease obligations, (ii) amend, modify or otherwise change the terms of any Indebtedness (other than the Advances) or lease
obligations so as to accelerate the scheduled repayment thereof or (iii) repay any Indebtedness to officers, directors or shareholders. 

Section 5.20 Accounts. No Borrower shall, nor shall it permit its Subsidiaries (other than Project Entities) to, maintain any deposit
accounts or securities accounts except accounts with respect to which Agent has obtained an agreement with the bank or other financial institution sufficient to perfect a security interest in such deposit accounts or securities accounts, provided
that Borrower may maintain (i) an account at Citibank, N.A. account number 1050486808 to secure the Letter of Credit dated July 25, 2007 issued by Citibank N.A. for the benefit of Andritz, Inc. so long as the balance does not exceed
$841,393, (ii) an account at Mascoma Savings Bank account number 5850342 to secure the Company’s Lebanon, NH lease obligation so long as the balance does not exceed $890,460 (which maximum balance shall be deemed to be reduced to $263,839
if Company extends the term of the lease), and (iii) an account at Silicon Valley Bank account number 8800060706 to secure corporate credit cards so long as the balance does not exceed $25,000. 

  
 -11-

 Section 5.21 New Subsidiaries. The Borrowers will cause each of their domestic
Subsidiaries hereafter formed or acquired to promptly, and in any event within 30 days of such formation or acquisition, execute and deliver to Agent a Borrower Joinder in the form of Exhibit C attached hereto, to cause such Subsidiary to
become a Borrower under this Loan Agreement and the Notes; provided, however, that a Subsidiary that is a special purpose entity that constructs, owns or operates a project or that is created in furtherance of project financing shall
not be required to become a Borrower hereunder so long as (a) such Subsidiary is not wholly-owned, directly or indirectly, by one or more Borrowers, or (b) adding such entity as a Borrower hereunder or the granting of a security interest
in all or substantially all of such Subsidiary’s personal property will result in, at the time of such addition or grant, as applicable, of a violation of, or default under, a contractual obligation (other than with an Affiliate or a
contractual obligation entered into with the intent to avoid the requirements of this Section) or other legal obligation of such Subsidiary or of any Borrower. The Borrowers and such Subsidiary shall fully cooperate with Lender and perform all
additional acts requested by Lender to effect the purposes of this Section 5.21, including, without limitation, execution and delivery of agreements, instruments, UCC-1 financing statements, documents, certificates and opinions all in
form and substance satisfactory to Agent. 
 Article 6. PRESERVATION OF COLLATERAL BY AGENT. 

Should any Borrower fail or refuse to make any payment, perform or observe any other covenant, condition or obligation, or take any other
action which any Borrower is obligated under any Transaction Document to make, perform, observe, take or do at the time or in the manner provided in any Transaction Document, then at Agent’s sole and absolute discretion, without notice to or
demand upon any Borrower and without releasing any Borrower from any obligation, covenant or condition in any Transaction Document, Agent may make, perform, observe, take or do the same in such manner and to such extent as Agent may deem necessary
to protect its security interest in or the value of the Collateral. In furtherance of the foregoing rights, each Borrower does hereby irrevocably appoint Agent (which appointment is coupled with an interest), the true and lawful attorney-in-fact of
such Borrower with full power of substitution, for it and in its name (i) to perform (but Agent shall not be obligated to and shall incur no liability to such Borrower or any third party for failure to perform) any act which such Borrower is
obligated by this Loan Agreement to perform, (ii) to ask, demand, collect, receive, receipt for, sue for, compound and give acquittance for any and all rents, issues, profits, avails, distributions, income, payment draws and other sums in which
a security interest is granted under Section 2.01 with full power to settle, adjust or compromise any claim thereunder as fully as if Agent were such Borrower itself, (iii) to receive payment of and to endorse the name of such Borrower to
any items of Collateral (including checks, drafts and other orders for the payment of money) that come into Agent’s possession or under Agent’s control, (iv) to make all demands, consents and waivers, or take any other action with
respect to, the Collateral, (v) in Agent’s discretion, to file any claim or take any other action or institute proceedings, either in its own name or in the name of such Borrower or otherwise, which Agent may reasonably deem necessary or
appropriate to protect and preserve the right, title and interest of Agent in and to the Collateral, and (vi) to otherwise act with respect thereto as though Agent were the outright owner of the Collateral; provided, however, that
the power of attorney herein granted shall be exercisable only upon the occurrence and during the continuation of an Event of Default unless in Agent’s reasonable opinion immediate action is necessary to preserve or protect the Collateral.
Borrowers agree to reimburse Agent upon demand for all reasonable costs and expenses, including attorneys’ fees and expenses, which Agent may incur while acting as any Borrower’s attorney in fact or otherwise under this Article 6, all of
which costs and expenses are included within the Obligations. 
 Article 7. EVENTS OF DEFAULT. 

Section 7.01 Events of Default. The occurrence of any of the following shall constitute an “Event of
Default” under the Transaction Documents: 
  

	 	(a)	 Failure to Pay. Any Borrower shall fail to pay when due any principal, interest, Final Payment or other payment required under the terms of this
Loan Agreement or any other Transaction Document on the 

  
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date due and such payment shall not have been made within three (3) Business Days of the due date; or 

 

	 	(b)	Insurance. Any Borrower or any of its Subsidiaries shall fail to observe or perform any covenant set forth in Section 5.06 and such failure shall continue
for a period of five (5) Business Days after notice thereof is given to such Borrower by Agent; or 

  

	 	(c)	Breaches of Other Covenants. Any Borrower or any of its Subsidiaries shall fail to perform or observe (i) any of the terms, covenants or agreements
contained in Sections 5.03, 5.05, or 5.11 through 5.21 hereof or (ii) any other term, covenant, or agreement contained in any Transaction Document (other than the other Events of Default specified in this Article 7) and such failure remains
unremedied for the earlier of twenty (20) days from (x) the date on which the Agent has given any Borrower written notice of such failure and (y) the date on which the Borrowers knew or should have known of such failure; or

  

	 	(d)	Representations and Warranties. Any representation, warranty, certificate, or other statement (financial or otherwise) made or furnished by or on behalf of any
Borrower to Agent in writing in connection with this Loan Agreement or any of the other Transaction Documents, or as an inducement to Agent or Lenders to enter into the Transaction Documents, shall be false, incorrect, incomplete or misleading in
any material respect when made or furnished; or 

  

	 	(e)	Other Payment Obligations. Any Borrower or any of its Subsidiaries that is not a Project Entity shall fail to make any payment when due under the terms of any
Indebtedness to be paid by such Person (excluding this Loan Agreement and the other Transaction Documents but including any other Indebtedness of any Borrower or any of its Subsidiaries to Agent or any Lender) and such failure shall continue beyond
any period of grace provided with respect thereto, or shall default in the observance or performance of any other agreement, term or condition contained in any such Indebtedness, and the effect of such failure or default is to cause, or permit the
holder or holders thereof to cause Indebtedness in an aggregate amount of Two Hundred Fifty Thousand Dollars ($250,000) or more to become due prior to its stated date of maturity; or 

 

	 	(f)	Voluntary Bankruptcy or Insolvency Proceedings. Any Borrower or any of its Subsidiaries that is not a Project Entity shall (i) apply for or consent to the
appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they mature, (iii) make a general
assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated in full or in part, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or
its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding
commenced against it, or (vi) take any action for the purpose of affecting any of the foregoing; or 

  

	 	(g)	Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of any Borrower or any of its
Subsidiaries that is not a Project Entity or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to any Borrower or any of its
Subsidiaries that is not a Project Entity or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or
discharged within thirty (30) days of commencement; or 

  

	 	(h)	 Judgments. A final judgment or order for the payment of money in excess of Two Hundred Fifty Thousand Dollars ($250,000) shall be rendered
against any Borrower or any of its Subsidiaries that is not a Project Entity and the same shall remain undischarged for a period of thirty (30) days during which execution shall not be effectively stayed, or any judgment, writ, assessment,
warrant of 

  
 -13-

	 	
attachment, or execution or similar process shall be issued or levied against a substantial part of the property of any Borrower or any of its Subsidiaries and such judgment, writ, or similar
process shall not be released, stayed, vacated or otherwise dismissed within thirty (30) days after issue or levy; or 

  

	 	(i)	Transaction Documents. Any Transaction Document or any material term thereof shall cease to be, or be asserted by any Borrower not to be, a legal, valid and
binding obligation of such Borrower enforceable in accordance with its terms or if the Liens of Agent in the Collateral shall cease to be or shall not be valid, first priority perfected Liens or any Borrower shall assert that such Liens are not
valid, first priority and perfected Liens. 

  

	 	(j)	Project Entities. The occurrence of any of the events specified in clauses (e), (f), (g) or (h) with respect to any Project Entity and such event or events,
either individually or in the aggregate, result in a material adverse effect on (i) the business, assets, operations or financial or other condition of any Borrower and its Subsidiaries, taken as a whole; or (ii) the ability of any
Borrower and its Subsidiaries to pay or perform the Obligations in accordance with the terms of this Loan Agreement and the other Transaction Documents. 

 Article 8. AGENT’S RIGHTS AND REMEDIES 
 Section 8.01 Rights of Agent upon
Default. Upon the occurrence and during the existence of any Event of Default (other than an Event of Default referred to in Sections 7.01(f) and 7.01(g)) and at any time thereafter during the continuance of such Event of Default, Agent may,
by written notice to Borrowers, declare all outstanding Obligations, including, without limitation, the non-cancelable obligation to make each payment scheduled to be made under Sections 1.02 payable by Borrowers hereunder to be immediately due and
payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Notes to the contrary notwithstanding. Upon the occurrence or existence of any Event of
Default described in Sections 7.01(f) and 7.01(g), immediately and without notice, all outstanding Obligations, including, without limitation, the non-cancelable obligation to make each payment scheduled to be made under Sections 1.02, payable by
Borrowers hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Notes to the contrary
notwithstanding. 
 Section 8.02 Rights Regarding Collateral. Borrowers agree that when any Event of Default has occurred and
is continuing, Lenders or Agent, on behalf of Lenders, shall have the rights, options, duties and remedies of a secured party as permitted by law and, in addition to and without limiting the foregoing, Lenders or Agent may, at the election of
Lenders, exercise any one or more or all, and in any order, of the remedies herein set forth, including the following: (i) Agent or Lenders, personally or by agents or attorneys, shall have the right (subject to compliance with any applicable
mandatory legal requirements) to require Borrowers to assemble the Collateral and make it available to Agent at a place to be designated by Agent in California or to take immediate possession of the Collateral, or any portion thereof, and for that
purpose may pursue the same wherever it may be found, and may enter any premises of Borrowers, with or without notice, demand, process of law or legal procedure, to the extent permitted by applicable law, and search for, take possession of, remove,
keep and store the same, or use and operate or lease the same until sold; (ii) Agent or Lenders may, if at the time such action may be lawful and always subject to compliance with any mandatory legal requirements, either with or without taking
possession and either before or after taking possession, without instituting any legal proceedings whatsoever, having first given notice of such sale by registered or certified mail to Borrowers once at least ten (10) days prior to the date of
such sale, and having first given any other notice which may be required by law, sell and dispose of the Collateral, or any part thereof, at a private sale or at public auction, to the highest bidder, in one lot as an entirety or in separate lots,
and either for cash or on credit and on such terms as Lenders may determine, and at any place (whether or not it be the location of the Collateral or any part thereof) designated in the notice referred to above. Agent and its agents and any
purchasers at or after foreclosure are hereby granted a non-exclusive, irrevocable, perpetual, fully paid, royalty-free license or other right, solely pursuant to the provisions of this Section 8.02, to use, without charge,

  
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Borrowers’ intellectual property that remains embedded or contained in the Collateral, including without limitation, labels, patents, copyrights, rights of use of any name, trade secrets,
trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, now or at any time hereafter owned or acquired by any Borrower or in which any Borrower now or at any time hereafter has any rights;
provided, however, such license shall only be exercisable in connection with the disposition of Collateral upon Agent’s or Lenders’ exercise of their remedies hereunder. To the extent permitted by applicable law, any such
sale or sales may be adjourned from time to time by announcement at the time and place appointed for such sale or sales, or for any such adjourned sale or sales, without further published notice, and Borrowers, Agent, Lenders, or the holder or
holders of the Note, or of any interest therein, may bid and become the purchaser at any such sale; and (iii) Agent or Lenders may proceed to protect and enforce this Loan Agreement and the other Transaction Documents by suit or suits or
proceedings in equity, at law or in bankruptcy, and whether for the specific performance of any covenant or agreement herein contained or in execution or aid of any power herein granted; or for foreclosure hereunder, or for the appointment of a
receiver or receivers for any real property security or any part thereof, or for the recovery of judgment for the Obligations or for the enforcement of any other proper, legal or equitable remedy available under applicable law. With respect to any
of Borrowers’ owned premises, each Borrower hereby grants Agent a license to enter into possession of such premises and to occupy the same, without charge, for up to one hundred twenty (120) days in order to exercise any of Agent’s or
Lenders’ rights or remedies provided herein, at law, in equity, or otherwise. 
 Section 8.03 Forbearance of Rights Regarding
Intellectual Property Collateral. Agent agrees to forbear from exercising any rights or remedies provided for under Section 8.02 solely with respect to the Intellectual Property for a period commencing on the date of the occurrence of
an Event of Default (other than any Event of Default described in Sections 7.01(f) and 7.01(g)) and ending on the earliest to occur of (i) Sixty (60) days after the date of the occurrence of such Event of Default, (ii) the date on
which a third party exercises or claims any right or remedy with respect to any Indebtedness, (iii) the date of the occurrence of any Event of Default described in Sections 7.01(f) and 7.01(g), and (iv) the date of any Transfer of
Intellectual Property not otherwise permitted hereunder, it being understood that non-exclusive licenses, or exclusive licenses limited to certain geographical territories or fields of use, and similar arrangements for the use of the property of any
Borrower or its Subsidiaries in the ordinary course of business as determined prior to such Event of Default shall continue to be permitted. 

Section 8.04 Agent’s Liability for Collateral. So long as Agent complies with its obligations, if any, under the Code, neither
Agent nor Lenders shall in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral; (ii) any loss or damage thereto occurring or arising in any manner of fashion from any cause other than Agent’s or such
Lender’s gross negligence or willful misconduct; (iii) any diminution in the value thereof; or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person whomsoever. All risk of loss, damage or
destruction of the Collateral shall be borne by Borrowers. 
 Section 8.05 Application of Collateral Proceeds. The proceeds
and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Agent at the time of, or received by Agent after, the occurrence of an Event of Default
hereunder) shall be paid to and applied as follows: (i) First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the
exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Agent or Lenders; (ii) Second, to the payment to
Lenders pro rata in accordance with the Advance Percentages of the amounts then owing or unpaid on the Notes, including each payment scheduled to be made under Sections 1.02(b), 1.02(c) and 1.02(d) of this Loan Agreement; (iii) Third, to the
payment of other amounts then payable to Agent or Lenders under any of the Transaction Documents; and (iv) Fourth, to the payment of the surplus, if any, to Borrowers, their successors and assigns, or to whomsoever may be lawfully entitled to
receive the same. In the event that, notwithstanding the foregoing, proceeds and/or avails of the Collateral, shall be received by a Lender in excess of its ratable share, then the portion of such payment or distribution in excess of such

  
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Lender’s ratable share shall be received by such Lender in trust for and shall be promptly paid over to the other Lenders ratably for application to the payments of amounts due to the other
Lenders. 
 Section 8.06 Reinstatement of Rights. If Agent shall have proceeded to enforce any right under this Loan
Agreement or any other Transaction Document by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then and in every such case (unless
otherwise ordered by a court of competent jurisdiction), Agent shall be restored to its former position and its rights hereunder with respect to the property subject to the security interest created under this Loan Agreement shall be reinstated.

 Section 8.07 Agency for Perfection. Each Lender hereby appoints Agent and each other Lender as agent and bailee for the
purpose of perfecting the security interests in and liens upon the Collateral in assets which, in accordance with the California Uniform Commercial Code, can be perfected only by possession or control (or where the security interest of a secured
party with possession or control has priority over the security interest of another secured party) and Agent and each Lender hereby acknowledges that it holds possession or control of any such Collateral for the benefit of the Agent as secured
party. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify the Agent thereof, and, promptly upon the Agent’s request therefor shall deliver possession or control of such Collateral to the Agent or in
accordance with the Agent’s instructions. Each Borrower by its execution and delivery of this Loan Agreement hereby consents to the foregoing. 
 Article 9. GUARANTY PROVISIONS. 
 Section 9.01 Continuing Guaranty. Each
Borrower unconditionally guarantees and promises to pay to Agent, on behalf of Lenders, in lawful money of the United States, and to perform, as and when due, whether at stated maturity, upon acceleration or otherwise any and all Obligations. The
liability of each Borrower hereunder is independent of the Obligations, and a separate action or actions may be brought and prosecuted against any Borrower irrespective of whether action is brought against any other Borrower or any other guarantor
of the Obligations or whether any other Borrower or any other guarantor of the Obligations is joined in any such action or actions. This guaranty is a guaranty of payment and not of collection. 

Section 9.02 Authorized Actions. Each Borrower authorizes Agent and Lenders, in its discretion, without notice to such Borrower,
irrespective of any change in the financial condition of such Borrower, the other Borrowers or any other guarantor of the Obligations since the date hereof, and without affecting or impairing in any way the liability of such Borrower hereunder, from
time to time to (a) create new Obligations, renew, compromise, extend, accelerate or otherwise change the time for payment or performance of, or otherwise change the terms of the Obligations or any part thereof, including increase or decrease
of the rate of interest thereon; (b) take and hold security for the payment or performance of the Obligations and exchange, enforce, waive or release any such security; (c) apply such security and direct the order or manner of sale
thereof; (d) purchase such security at public or private sale; (e) otherwise exercise any right or remedy it may have against such Borrower, the other Borrowers, any other guarantor of the Obligations or any security, including, without
limitation, the right to foreclose upon any such security by judicial or nonjudicial sale; (f) settle, compromise with, release or substitute any one or more makers, endorsers or guarantors of the Obligations; and (g) assign the
Obligations, including this guaranty, or the other Transaction Documents in whole or in part in accordance with the terms of this Loan Agreement. 
 Section 9.03 Waivers. Each Borrower waives (a) any right to require Agent or Lenders to (i) proceed against any other Borrower or any other guarantor of the Obligations,
(ii) proceed against or exhaust any security received from any other Borrower or any other guarantor of the Obligations, or (iii) pursue any other remedy in Agent’s or Lenders’ power whatsoever; (b) any defense arising by
reason of the application by any Borrower of the proceeds of any borrowing; (c) any defense resulting from the absence, impairment or loss of any right of reimbursement, subrogation, contribution or other right or remedy of such Borrower
against any other Borrower, any other guarantor of the Obligations or any security, whether resulting from an election by Agent or Lenders to foreclose upon security by nonjudicial sale, or otherwise; (d) any setoff or counterclaim of

  
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such Borrower or any defense which results from any disability or other defense of any Borrower or the cessation or stay of enforcement from any cause whatsoever of the liability of any Borrower
(including, without limitation, the lack of validity or enforceability of any Transaction Document); (e) any right to exoneration of sureties which would otherwise be applicable; (f) so long as any Obligations remain outstanding, any right
of subrogation or reimbursement and, if there are any other guarantors of the Obligations, any right of contribution, and right to enforce any remedy which Agent or Lenders now have or may hereafter have against any Borrower, and any benefit of, and
any right to participate in, any security now or hereafter received by Agent or Lenders; (g) all presentments, demands for performance, notices of non-performance, notices delivered under this Loan Agreement or any other Transaction Document,
protests, notice of dishonor, and notices of acceptance of this guaranty and of the existence, creation or incurring of new or additional Obligations and notices of any public or private foreclosure sale; (h) the benefit of any statute of
limitations to the extent permitted by law; (i) any appraisement, valuation, stay, extension, moratorium redemption or similar law or similar rights for marshalling; and (j) any right to be informed by Agent or Lenders of the financial
condition of any Borrower or any other guarantor of the Obligations or any change therein or any other circumstances bearing upon the risk of nonpayment or nonperformance of the Obligations. Each Borrower has the ability and assumes the
responsibility for keeping informed of the financial condition of any other Borrower and any other guarantors of the Obligations and of other circumstances affecting such nonpayment and nonperformance risks. 

Section 9.04 Subordination. Each Borrower hereby subordinates any indebtedness of such Borrower to any other Borrower to the
Obligations. Each Borrower agrees that Agent and Lenders shall be entitled to receive payment of all Obligations before such Borrower receives payment of any indebtedness of any other Borrower to such Borrower. Any payments on such indebtedness of
any other Borrower to such Borrower, if Agent and Lenders so request, shall be collected, enforced and received by such Borrower as trustee for Agent and Lenders and be paid over to Agent on account of the Obligations, but without reducing or
affecting in any manner the liability of such Borrower under the other provisions of this guaranty. Agent and Lenders are authorized and empowered (but without any obligation to so do), in their discretion, (a) in the name of any Borrower, to
collect and enforce, and to submit claims in respect of, indebtedness of any other Borrower to such Borrower and to apply any amounts received thereon to the Obligations, and (b) to require such Borrower (i) to collect and enforce, and to
submit claims in respect of, indebtedness of any other Borrower to such Borrower, and (ii) to pay any amounts received on such indebtedness to Agent for application to the Obligations. 
 Article 10. MISCELLANEOUS. 
 Section 10.01 Modifications, Amendments or
Waivers. The provisions of any Transaction Document may be modified, amended or waived only by a written instrument signed by the parties thereto. 
 Section 10.02 No Implied Waivers; Cumulative Remedies; Writing Required. No delay or failure of Agent or any Lender in exercising any right, power or remedy hereunder shall affect or
operate as a waiver thereof; nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further exercise thereof or of any other right, power or remedy. The
rights and remedies hereunder of Agent and the Lenders are cumulative and not exclusive of any rights or remedies which they would otherwise have. Any waiver, permit, consent or approval of any kind or character on the part of Agent or any Lender of
any breach or default under this Loan Agreement or any such waiver of any provision or condition of this Loan Agreement must be in writing and shall be effective only in the specified instance and to the extent specifically set forth in such
writing. 
 Section 10.03 Reimbursement. Borrowers shall reimburse Agent and the Lenders for all costs and expenses,
including without limitation, reasonable attorneys’ fees and disbursements expended or incurred in any arbitration, mediation, judicial reference, legal action or otherwise in connection with (i) the amendment and enforcement of the
Transaction Documents, including without limitation during any workout, attempted workout and/or in connection with the rendering of legal advice as to Agent’s or Lenders’ rights, remedies and obligations under the Transaction Documents,
(ii) collecting any sum which becomes due Agent or Lender 

  
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under any Transaction Document, (iii) any proceeding for declaratory relief, any counterclaim to any proceeding, or any appeal, or (v) the protection, preservation or enforcement of any
rights of Agent or Lender. For the purpose of this section, attorneys’ fees shall include, without limitation, fees incurred in connection with the following: (1) contempt proceedings; (2) discovery, (3) any motion, proceeding or
other activity of any kind in connection with an insolvency proceeding; (4) garnishment, levy, and debtor and third party examinations; and (5) post-judgment motions and proceedings of any kind, including without limitation, any activity
taken to collect or enforce any judgment. All of the foregoing costs and expenses shall be payable by Borrowers upon demand by Agent, and if not paid within thirty (30) days of presentation of invoices shall bear interest at the highest
applicable Default Rate. 
 Section 10.04 Indemnification. Borrowers agree upon demand to pay or reimburse Agent and the
Lenders for all liabilities, obligations and out-of-pocket expenses, including reasonable fees and expenses of counsel for Agent and the Lenders, from time to time arising in connection with the enforcement or collection of sums due under the
Transaction Documents. Borrowers shall indemnify, reimburse and hold Agent and the Lenders and their permitted assigns, each of Agent’s, Lenders’ or their permitted assigns’ partners, and each of their respective successors, assigns,
agents, officers, directors, shareholders, servants, agents and employees harmless from and against all liabilities, losses, damages, actions, suits, demands, claims of any kind and nature (including claims relating to environmental discharge,
cleanup or compliance), all costs and expenses whatsoever to the extent they may be incurred or suffered by such indemnified party in connection therewith (including reasonable attorneys’ fees and expenses), fines, penalties (and other charges
of applicable governmental authorities), licensing fees relating to any item of Collateral, damage to or loss of use of property (including consequential or special damages to third parties or damages to any Borrower’s property), or bodily
injury to or death of any person (including any agent or employee of any Borrower) (each, a “Claim”), directly or indirectly relating to or arising out of the use of the proceeds of the Advance, including acquisition, use,
ownership, operation, possession, control, storage, return or condition of any item of Equipment constituting Collateral (regardless of whether such item of Equipment is at the time in the possession of any Borrower), the falsity of any
representation or warranty of any Borrower or any Borrower’s failure to comply with the terms of this Loan Agreement or any other Transaction Document. The foregoing indemnity shall cover, without limitation, (i) any Claim in connection
with a design or other defect (latent or patent) in any item of Equipment constituting Collateral, (ii) any Claim for infringement of any patent, copyright, trademark or other intellectual property right, (iii) any Claim resulting from the
presence on or under or the escape, seepage, leakage, spillage, discharge, emission or release of any Hazardous Materials from any item of Equipment financed by an Advance or constituting Collateral, including any Claims asserted or arising under
any Environmental Law, or (iv) any Claim for negligence or strict or absolute liability in tort; provided, however, that Borrowers shall not indemnify Agent or any Lender for any liability incurred by such Person as a result of
that Person’s gross negligence or willful misconduct. Such indemnities shall continue in full force and effect, notwithstanding the expiration or termination of this Loan Agreement. Upon Agent’s written demand, Borrowers shall assume and
diligently conduct, at their sole cost and expense, the entire defense of Agent or any Lender and its permitted assigns, each of Agent’s, Lenders’ or their permitted assigns’ partners, and each of their respective successors, assigns,
agents, officers, directors, shareholders, servants, agents and employees against any indemnified Claim described in this Section 10.04. Borrowers shall not settle or compromise any Claim against or involving Agent or any Lender without first
obtaining such Person’s written consent thereto, which consent shall not be unreasonably withheld. The obligations in this Section 10.04 shall survive payment of all other Obligations until all applicable statute of limitation periods with
respect to actions that may be brought against Agent or Lenders have run. All amounts owing under this Section 10.04 shall be paid within thirty (30) days after written demand. 
 Section 10.05 Limitation on Damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LOAN AGREEMENT OR ANYWHERE ELSE, EACH BORROWER AGREES THAT IT SHALL NOT SEEK FROM AGENT
OR ANY LENDER UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. 

  
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 Section 10.06 Disbursements and Payments. 

 

	 	(a)	Disbursements. Lenders shall disburse each Advance to Borrowers according to the following account and wire transfer instructions: 

 

			
	Credit:	  	Goldman Sachs Funds
	Bank Name:	  	Northern Trust Company
	Bank Address:	  	Chicago, IL
	Account Number:	  	4161467
	ABA Routing Number:	  	071000152
	Registration Name:	  	Mascoma Corporation
	Financial Institution No.:	  	FI-0001120

  

	 	(b)	Regularly Scheduled Payments. All regularly scheduled payments due to Agent shall be effected by automatic debit of the appropriate funds from Company’s
primary operating account set forth below: 

  

			
	Account Holder:	    	Mascoma Corporation
	Bank Name:	    	Silicon Valley Bank
	Bank Address:	    	3003 Tasman Drive, Santa Clara, CA 95054
	Account Number:	    	3300500978
	ABA Routing Number:	    	121140399

  

	 	(c)	Other Payments. All payments to Agent other than regularly scheduled payments may be made via wire transfer as follows: 

 

			
	Wire Transfer Payment	    	
		
	Credit:	    	Pinnacle Ventures L.L.C.
	Bank Name:	    	Wells Fargo Bank
	Bank Address:	    	400 Hamilton Avenue, Palo Alto, CA 94302
	Account Number:	    	4121157903
	ABA Routing Number:	    	121000248
	Reference:	    	Mascoma Corporation

 Section 10.07 Notices. All notices and other communications given to or made upon any party hereto in
connection with this Loan Agreement shall be in writing and (except for financial statements and other informational documents which may be sent by email) shall be delivered by certified mail, postage prepaid, return receipt requested, by a
nationally recognized overnight courier, or by prepaid facsimile or personally delivered to the respective parties, as follows: 
  

			
	Company:	  	MASCOMA CORPORATION
		  	67 Etna Road, Suite 300
		  	Lebanon, NH 03766
		  	Telephone: 603.676.3320
		  	Telecopier: 603.676.3321
		  	Attention: Keith Pattison, Vice President, Finance

  
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	Subsidiary	  	
	Borrowers:	  	c/o MASCOMA CORPORATION
		  	67 Etna Road, Suite 300
		  	Lebanon, NH 03766
		  	Telephone: 603.676.3320
		  	Telecopier: 603.676.3321
		  	Attention: Keith Pattison, Vice President, Finance
		
	Agent:	  	PINNACLE VENTURES, L.L.C.
		  	130 Lytton Avenue, Suite 220
		  	Palo Alto, CA 94301
		  	Telephone: (650) 926-7800
		  	Telecopier: (650) 926-7801
		  	Email: rsavoie@pinnacleventures.com
		  	Attention: Chief Operating Officer

 or in accordance with any subsequent written direction from either party to the other. All such notices and other
communications shall, except as otherwise expressly herein provided, be effective when received; or in the case of delivery by messenger or overnight delivery service, when left at the appropriate address. 

Section 10.08 Lenders and Allocations of Advances. Notwithstanding anything herein to the contrary, each Lender severally commits to
make such Lender’s Advance Percentage of each Advance. No Lender shall have liability for the commitment to make Advances of any other Lender. Borrowers agree that by notice to Borrowers, Agent may reallocate the Advance Percentages among the
Lenders or among the Lenders and other investment funds affiliated with Agent. Whether or not specified in any provision of this Loan Agreement, all references to Agent in this Loan Agreement shall mean Agent for the benefit of the Lenders unless
the context otherwise requires. 
 Section 10.09 Severability. If any provision of any Transaction Document is held invalid
or unenforceable to any extent or in any application, the remainder of such Transaction Document and all other Transaction Documents, or the application of such provision to different Persons or circumstances or in different jurisdictions, shall not
be affected thereby. 
 Section 10.10 Reliance by Agent and the Lenders. All covenants, agreements, representations and
warranties made herein by any Borrower shall be deemed to be material to and have been relied upon by Agent and the Lenders, notwithstanding investigation by Agent. 
 Section 10.11 No Set-Offs by Borrowers. All sums payable by Borrowers pursuant to this Loan Agreement or any of the other Transaction Documents shall be payable without notice or demand
and shall be payable without set-off or reduction of any manner whatsoever. 
 Section 10.12 Survival. All representations,
warranties, covenants and agreements of each Borrower contained herein or made in writing in connection herewith shall survive the execution and delivery of the Transaction Documents, the making of Advances hereunder, the granting of security and
the issuance of the Notes. 
 Section 10.13 Confidentiality. Agent and the Lenders agree to hold non-public information
received in confidence and shall not disclose such information to third parties except to their employees, members, partners or the partners of its affiliated investment funds, their lenders, and professional advisors to the foregoing, including
attorneys and accountants, and others under a similar duty of confidentiality, and as Agent may deem necessary in its reasonable judgment to satisfy its legal obligations or to enforce Agent’s or Lenders’ rights under any Transaction
Document. Borrowers acknowledge that Lenders may issue press releases, advertisements, and other promotional materials, either in print or on Lenders’ website(s), 

  
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describing any successful outcome of services provided on Borrowers’ behalf. Borrowers agree that Lenders shall have the right to identify Borrowers by name and use Borrowers’ corporate
logo in those materials, solely for marketing purposes. 
 Section 10.14 Choice of Law and Venue; Jury Trial Waiver. THIS
LOAN AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH BORROWER, AGENT AND THE LENDERS HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION
OF THE STATE AND FEDERAL COURTS LOCATED IN THE NORTHERN DISTRICT OF CALIFORNIA. EACH BORROWER, AGENT AND THE LENDERS HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE
TRANSACTION DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
 Section 10.15 Successors and Assigns. This Loan Agreement and the other Transaction Documents shall be binding upon and inure to the benefit of Agent and the Lenders, all future holders
of the Note, Borrowers and their respective successors and permitted assigns, except that no Borrower may assign or transfer its rights hereunder or thereunder or any interest herein or therein without the prior written consent of Agent, except as
provided in Section 5.14. Agent or Lenders may assign all or any portion of their rights hereunder and under one or more Notes to any of its affiliated investment funds or to any one or more financial institutions or funds or an agent or
trustee for such financial institutions or funds (an “Assignee”) and may sell to any of its affiliated investment funds or to any one or more financial institutions or funds or an agent or trustee for such financial
institutions or funds (a “Participant”) participation interests in Agent’s or Lenders’ rights hereunder and under one or more Notes. Agent and the Lenders may disclose the Transaction Documents and any other
financial or other information relating to Borrowers or any Subsidiary to any potential Assignee or Participant, provided that such Participant agrees to protect the confidentiality of such documents and information using the same measures that it
uses to protect its own confidential information. 
 Section 10.16 Counterparts. This Loan Agreement may be executed in any
number of counterparts and by different parties hereto on separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same instrument. 

Section 10.17 Further Assurances. Borrowers will, at their own expense, from time to time do, execute, acknowledge and deliver all and
every further acts, deeds, conveyances, transfers and assurances, and all financing and continuation statements and similar notices, reasonably necessary or proper for the perfection of the security interest being herein provided for in the
Collateral, whether now owned or hereafter acquired. 
 Section 10.18 Entire Agreement. This Loan Agreement and each of the
other Transaction Documents, taken together, constitute and contain the entire agreement of Borrowers, Agent and the Lenders and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the
parties, whether written or oral, respecting the subject matter hereof. 
 Section 10.19 Termination. Upon payment in full of
the Obligations (other than any inchoate indemnity obligations or obligations arising under the Warrant or Section 10.20 hereof) and, if any unfunded Commitment remains available to Borrowers, Agent’s receipt of Borrowers’ written
request to terminate such Commitment, the Loan Agreement and the security interests granted herein shall terminate and all rights to the Collateral shall revert to Borrowers; provided that Sections 10.03, 10.04, 10.05, 10.13 and 10.14 shall survive
and shall not be affected by any such termination. 
 Section 10.20 Equity Investment. Company shall permit Agent and the
Lenders, at their option, to purchase in Company’s next round of private equity financing the securities sold in such equity financing, at the same price and on the same terms as paid and received by the lead investor of the equity financing,
in an 

  
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aggregate amount of up to the lesser of $1,000,000 or 5.0% of the aggregate amount of the equity financing. Company agrees that it shall notify Agent promptly upon the execution by Company of a
term sheet or letter of intent setting forth the terms and conditions of such financing, and in any event within five (5) days of such execution. Agent and the Lenders may assign this right of purchase to their Affiliates. This provision shall
survive the termination of this Loan Agreement. 
 Section 10.21 Amendment and Restatement. This Loan Agreement amends,
restates and supersedes in its entirety the Original Loan Agreement. Nothing herein shall be construed as a substitution or novation of the obligations of Borrowers outstanding under the Original Loan Agreement, which obligations shall remain in
full force and effect, except to the extent that the terms thereof are modified hereby or by instruments executed concurrently herewith. Each reference contained in any Transaction Document to the “Loan Agreement” shall be deemed a
reference to the Original Loan Agreement as amended and restated by this Loan Agreement. 
 Article 11. DEFINITIONS. 

All terms defined in the Code shall have the respective meanings specified in the Code. In addition, for purposes of this Loan Agreement
the following capitalized terms shall have the meanings set forth below: 
 “Advance” shall mean each
Tranche B Advance, Tranche D Advance and Tranche E Advance, and “Advances” shall mean all of them collectively. 
 “Advance Percentage” shall mean, with respect to a Lender, the percentage of each Advance specified opposite such Lender’s name on Schedule 1B hereto. 

“Affiliate” shall mean any Person that owns or controls directly or indirectly ten percent (10%) or more of
the stock of another entity, any Person that controls or is controlled by or is under common control with such Persons or any Affiliate of such Persons and each of such Person’s officers, directors, members, joint venturers or partners. When
used with respect to a Lender, Affiliate shall also include any Affiliate of Agent and when used herein without reference to any Person, shall mean an Affiliate of Company. 
 “Borrower’s Books” shall mean all of each Borrower’s books and records including without limitation: ledgers; records concerning each Borrower’s assets or
liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 
 “Borrower’s Primary Operating Account” shall have the meaning set forth in Section 5.05 of this Loan Agreement. 

“Business Day” shall mean any day on which commercial banks are not authorized or required to close in San
Francisco, California. 
 “Closing” shall mean the date, time and place as the parties may agree for the
execution of this Loan Agreement. 
 “Code” shall mean the Uniform Commercial Code as in effect from
time to time in the state of California. 
 “Collateral” shall mean property described on Exhibit
B-1 attached hereto, provided that, after the occurrence of IP Release Date, Collateral shall mean property described on Exhibit B-2 hereto. 
 “Commitment” shall have the meaning set forth in Section 1.01 of this Loan Agreement. 

  
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 “Contractual Obligation” of any Person shall mean, any indenture,
note, security, deed of trust, mortgage, security agreement, lease, guaranty, instrument, contract, agreement or other form of obligation or undertaking to which such Person is a party or by which such Person or any of its property is bound.

 “Copyrights” shall mean any and all copyright rights, copyright applications, copyright registrations
and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held. 

“Default” shall mean any event or circumstance not yet constituting an Event of Default but which, with the
giving of any notice or the lapse of any period of time or both, would become an Event of Default. 
 “Default
Rate” shall mean, as of any date of determination, an interest rate per annum equal to five percent (5%) in excess of the rate per annum otherwise applicable on such date. 

“Environmental Laws” shall mean all Requirements of Law relating to the protection of human health or the
environment, including, without limitation, (i) all Requirements of Law, pertaining to reporting, licensing, permitting, investigation, and remediation of emissions, discharges, releases, or threatened releases of hazardous materials, chemical
substances, pollutants, contaminants, or hazardous or toxic substances, materials or wastes whether solid, liquid, or gaseous in nature, into the air, surface water, groundwater, or land, or relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport, or handling of chemical substances, pollutants, contaminants, or hazardous or toxic substances, materials, or wastes, whether solid, liquid, or gaseous in nature; and (ii) all Requirements of Law
pertaining to the protection of the health and safety of employees or the public. 
 “Equipment” shall
mean all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which any Borrower has any interest. 
 “Equity Securities” of any Person shall mean (i) all common stock, preferred stock, participations, shares, partnership interests, membership interests or other equity
interests in and of such Person (regardless of how designated and whether or not voting or non-voting) and (ii) all warrants, options and other rights to acquire any of the foregoing. 

“Event of Default” shall have the meaning set forth in Article 7 of this Loan Agreement. 

“Event of Loss” shall have the meaning set forth in Section 5.11(a) of this Loan Agreement. 

“Financial Statements” shall mean, with respect to any accounting period for any Person, statements of
operations, retained earnings and cash flow of such Person for such period, and balance sheets of such Person as of the end of such period, setting forth in each case in comparative form figures for the corresponding period in the preceding fiscal
year if such period is less than a full fiscal year or, if such period is a full fiscal year, corresponding figures from the preceding fiscal year, all prepared in accordance with generally accepted accounting principles, except in the case of
unaudited Financial Statements, for the absence of footnotes and normal year-end adjustments. Unless otherwise indicated, each reference to Financial Statements of any Person shall be deemed to refer to Financial Statements prepared on a
consolidated basis. 
 “Frontier Consent Date” shall mean the earlier of (i) 90 days after Closing
or (ii) the date on which all consents, approvals, waivers or other documents required for Company to grant Agent a security interest in Company’s interest in Frontier Renewable Resources LLC is obtained. Company shall provide Agent notice
within three (3) Business Days of obtaining such consents, approvals, waivers or other documents and shall provide Agent with such evidence as Agent may reasonably request in connection therewith. 

  
 -23-

 “Funding Date” shall mean any date on which an Advance is made to or
on account of Borrowers under this Loan Agreement. 
 “Governmental Authority” shall mean any domestic
or foreign national, state or local government, any political subdivision thereof, any department, agency, authority or bureau of any of the foregoing, or any other entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government. 
 “Governmental Rule” shall mean any law, rule, regulation,
ordinance, order, code interpretation, judgment, decree, directive, guidelines, policy or similar form of decision of any Governmental Authority. 
 “Indebtedness” of any Person shall mean and include the aggregate amount of, without duplication (i) all obligations of such Person for borrowed money, (ii) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services (other than accounts payable incurred in the ordinary
course of business determined in accordance with generally accepted accounting principles), (iv) all obligations under capital leases of such Person, (v) all obligations or liabilities of others secured by a lien on any asset of such
Person, whether or not such obligation or liability is assumed, (vi) all guaranties of such Person of the obligations of another Person, (vii) all obligations created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even if the rights and remedies of the seller or lender under such agreement upon an event of default are limited to repossession or sale of such property), (viii) net exposure under any
interest rate swap, currency swap, forward, cap, floor or other similar contract that is not entered to in connection with a bona fide hedging operation that provides offsetting benefits to such Person, which agreements shall be marked to market on
a current basis, and (ix) all reimbursement and other payment obligations, contingent or otherwise, in respect of letters of credit. 
 “Intellectual Property” shall mean: (i) Copyrights, Trademarks, Patents, and Mask Works; (ii) any and all trade secrets, and any and all intellectual property rights in
computer software and computer software products now or hereafter existing, created, acquired or held; (iii) any and all design rights which may be available to Borrowers now or hereafter existing, created, acquired or held; (iv) any and
all claims for damages by way of past, present and future infringement of any of the rights included above, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights
identified above; (v) all licenses or other rights to use any of the Copyrights, Patents, Trademarks, or Mask Works, and all license fees and royalties arising from such use; (vi) all amendments, renewals and extensions of any of the
Copyrights, Trademarks, Patents or Mask Works; and (vii) all proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing. 

“Inventory” shall mean all present and future inventory in which each Borrower has any interest, including
merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products intended for sale or lease or to be furnished under a contract of service, of every kind and description now or at any time hereafter
owned by or in the custody or possession, actual or constructive, of each Borrower, including such inventory as is temporarily out of its custody or possession or in transit and including any returns upon any accounts or other proceeds, including
insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and each Borrower’s Books relating to any of the foregoing. 

“Investment” shall mean the purchase or acquisition of any capital stock, equity interest, or any obligations or
other securities of, or any interest in, any Person, or the extension of any advance, loan, extension of credit or capital contribution to, or any other investment in, any Person. 

“IP Release Date” shall mean the date on which Borrowers shall have provided Agent with evidence reasonably
satisfactory to Agent that Company has received net proceeds of at least $10,000,000 pursuant to an equity financing or bridge financing occurring after the Closing. 

  
 -24-

 “IP Security Agreements” shall mean the Grant of Security Interest
– Patents by and between Company and Agent dated as of the date hereof and Grant of Security Interest – Trademarks by and between Company and Agent dated as of the date hereof. 

“Letter Agreement” shall mean a letter agreement setting forth the terms of the change in control fee entered
into by Company and Pinnacle Ventures II Equity Holdings, L.L.C. contemporaneously with the execution of this Loan Agreement. 

“Lien” shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or
other encumbrance in, of, or on such property or the income therefrom, including, without limitation, the interest of a vendor or lessor under a conditional sale agreement, capital lease or other title retention agreement, or any agreement to
provide any of the foregoing, and the filing of any financing statement or similar instrument under the Code or comparable law of any jurisdiction. 
 “Loan Agreement” shall mean this Loan and Security Agreement, as amended, restated or otherwise modified from time to time. 

“Mask Works” shall mean all mask works or similar rights available for the protection of semiconductor chips, now
owned or hereafter acquired. 
 “Material Adverse Effect” shall mean a material adverse effect on
(i) the business, assets, operations, financial or other condition of Borrowers and their Subsidiaries, taken as a whole; (ii) the ability of Borrowers and their Subsidiaries to pay or perform the Obligations in accordance with the terms
of this Loan Agreement and the other Transaction Documents and to avoid an Event of Default under any Transaction Document; or (iii) the rights and remedies of any Lender under this Loan Agreement, the other Transaction Documents or any related
document, instrument or agreement. 
 “Note” shall mean a promissory note or notes of Borrowers
substantially in the form attached as Exhibit A hereto. 
 “Obligations” shall mean and include all
loans, advances, debts, liabilities, and obligations, including, without limitation, the noncancelable obligation to make each payment scheduled to be made under Sections 1.02(b), 1.02(c) and 1.02(d), howsoever arising, owed by any Borrower to
Lenders of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), now existing or hereafter arising under or pursuant to the terms of this Loan Agreement or the other Transaction
Documents, including, without limitation, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by any Borrower hereunder and thereunder, in each case, whether direct or
indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U.S.C. Section 101 et seq.), as amended from time to time (including
post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding. 

“Patents” shall mean all patents, patent applications and like protections, including without limitation
improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment Date” shall have the meaning set forth in Section 1.02(b) of this Loan Agreement. 

“Permitted Indebtedness” shall mean: (i) Indebtedness of Borrowers in favor of Lenders arising under this
Loan Agreement or any other Transaction Document; (ii) Indebtedness existing at Closing and disclosed on Schedule 2; (iii) Indebtedness secured by a lien described in clause (vi)(A) of the defined term “Permitted Liens,”
provided (A) such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness, (B) such Indebtedness does not exceed $250,000 in the aggregate at any given time, and
(C) the holder of such Indebtedness agrees to waive any rights of set off such holder may have with respect to such Indebtedness in the deposit or investment accounts of Borrowers 

  
 -25-

 
and their Subsidiaries on terms reasonably satisfactory to Agent; (iv) Subordinated Debt; (v) Indebtedness incurred for the acquisition of supplies or inventory on normal trade credit;
(vi) guarantees made by a Borrower in connection with a project financing of Project Entity which is subordinated in right of payment on terms and conditions reasonably acceptable to Agent; (vii) Indebtedness incurred by Project Entities,
provided that such indebtedness is not guaranteed by any Borrower; (viii) Indebtedness incurred in connection with corporate credit cards in an amount not to exceed $25,000; and (ix) extensions, refinancings, modifications, amendments and
restatements of any item of Permitted Indebtedness (i) through (viii) above. 
 “Permitted
Investments” shall mean: (i) Investments existing at Closing disclosed on Schedule 2; (ii) (A) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any
State thereof maturing within one (1) year from the date of acquisition thereof, (B) commercial paper maturing no more than one (1) year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either
Standard & Poor’s Corporation or Moody’s Investors Service, Inc., and (C) certificates of deposit maturing no more than one (1) year from the date of investment therein; (iii) temporary advances to cover incidental
expenses in the ordinary course of business; (iv) investments in joint ventures, strategic alliances, licensing and similar arrangements customary in Borrowers’ industry and which do not require Borrowers to assume or otherwise become
liable for the obligations of any third party not directly related to or arising out of such arrangement or require Borrowers to transfer ownership of non-cash assets to such joint venture or other entity; (v) Investments consisting of
(A) travel advances, employee relocation loans and other employee loans and advances in the ordinary course of business not to exceed $50,000 and (B) non-cash loans to employees, officers or directors relating to the purchase of equity
securities of Company pursuant to employee stock purchase plans or arrangements approved by Company’s board of directors; (vi) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of
customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; (vii) Investments consisting of notes receivable or, prepaid royalties and other
credit obligations to customers and suppliers who are not Affiliates, in the ordinary course of business; and (viii) Investments by Borrowers (1) in or to other Borrowers and (2) to other Subsidiaries including Project Entities and
foreign Subsidiaries, provided that the amount of such investments in any six month period shall not exceed the amount required for operation of such Project Entity or foreign subsidiary or each of their Subsidiaries pursuant to an operating budget
approved by Borrower’s board of directors less any proceeds of Indebtedness described in clause (vii) of the defined term “Permitted Indebtedness” received during such period. 

“Permitted Liens” shall mean and include: (i) Liens in favor of Agent; (ii) Liens existing at Closing
and disclosed on Schedule 2; (iii) other Liens subordinated to the Liens in favor of Agent; (iv) Liens of carriers, warehousemen, mechanics, materialmen, vendors, and landlords incurred in the ordinary course of business for sums
not overdue or being contested in good faith, provided provision is made to the reasonable satisfaction of Agent for the eventual payment thereof if subsequently found payable; (v) leases or subleases and licenses or sublicenses granted in the
ordinary course of Borrowers’ business; (vi) Liens (A) upon or in any Equipment which was acquired or held by a Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the
purpose of financing the acquisition of such Equipment, or (B) existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such
equipment; (vii) bankers’ liens, rights of setoff and similar Liens incurred on deposits made in the ordinary course of business; (vii) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of
Default; (viii) Liens for taxes or other Taxes not at the time delinquent or thereafter payable without penalty or being contested in good faith, provided provision is made to the reasonable satisfaction of Agent for the eventual payment
thereof if subsequently found payable; (ix) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of customs duties in connection with the importation of goods; (x) Liens on insurance proceeds in
favor of insurance companies granted solely as security for financed premiums; (xi) Liens on assets of Project Entities in connection with Permitted Indebtedness; and (xii) Liens incurred in connection with the extension, renewal or
refinancing of the indebtedness secured by Liens of the type described in clauses (i) through (iii), (vi) and (xi) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by
the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase. 

  
 -26-

 “Person” shall mean and include an individual, a partnership, a
corporation (including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a Governmental Authority. 

“Prime Rate” shall mean the prime rate published in the Wall Street Journal dated as of the applicable Funding
Date. 
 “Project Entity” shall mean any special purpose entity associated with a Borrower that
constructs, owns or operates a project and that is not required to become a Borrower hereunder pursuant to Section 5.21. 

“Requirement of Law” applicable to any Person shall mean (i) the articles or certificate of incorporation,
bylaws or other governing documents of such Person, (ii) any Governmental Rule applicable to such Person, (iii) any license, permit, approval or other authorization granted by any Governmental Authority to or for the benefit of such Person
and (iv) any judgment, decision or determination of any Governmental Authority or arbitrator, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Series E Financing” shall mean the equity financing of the Company pursuant to which the Company shall issue
preferred stock, expected to be designated as Series E Preferred Stock. 
 “Subordinated Debt” shall
mean any debt incurred by a Borrower that is subordinated to the debt owing by such Borrower to Lenders on terms acceptable to Lenders (and identified as being such by the Borrower and Lenders). 

“Subsidiary” of any Person shall mean (i) any corporation of which more than fifty percent (50%) of the
issued and outstanding equity securities having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or
might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other
Subsidiaries, (ii) any partnership, joint venture, or other association of which more than fifty percent (50%) of the equity interest having the power to vote, direct or control the management of such partnership, joint venture or other
association is at the time owned and controlled by such Person, by such Person and one or more of the other Subsidiaries or by one or more of such Person’s other subsidiaries and (iii) any other Person included in the financial statements
of such Person on a consolidated basis. Any reference to a Subsidiary without designation of the ownership of such Subsidiary shall be deemed to refer to a Subsidiary of a Borrower. 

“Tax” or “Taxes” shall mean any present or future tax, levy, impost, duty, charge, fee,
deduction or withholding of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied, collected, withheld or assessed, including interest, penalties, additions to tax and any similar liabilities with respect thereto;
except that, in the case of a Lender, there shall be excluded (i) taxes that are imposed on the overall net income or net profits (including franchise taxes imposed in lieu thereof) (a) by the United States, (b) by any other
Governmental Authority under the laws of which such Lender is organized or has its principal office or maintains its applicable lending office, or (c) by any jurisdiction solely as a result of a present or former connection between such Lender
and such jurisdiction (other than any such connection arising solely from such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, any of the Transaction Documents), and (ii) any branch
profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which such Lender is located. 
 “Trademarks” shall mean any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire
goodwill of the business of any Borrower connected with and symbolized by such trademarks. 

  
 -27-

 “Tranche B Final Payment” shall mean Two Hundred Fifty Thousand
Dollars ($250,000). 
 “Transaction Documents” shall mean, collectively, the Loan Agreement, the Notes,
the Warrant Purchase Agreement, the Warrant and the other documents executed in connection herewith. 

“Warrant” shall mean a warrant or warrants to purchase capital stock of Company issued by Company to an Affiliate
of Lenders pursuant to a Warrant Purchase Agreement contemporaneously with the execution of this Loan Agreement. 

“Warrant Purchase Agreement” shall mean a warrant purchase agreement under which a Warrant is issued entered into
by Company and an Affiliate of Lenders contemporaneously with the execution of this Loan Agreement. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 -28-

 IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement as of the date
first written above. 
  

									
	AGENT:	 		 	COMPANY:
			
	 PINNACLE VENTURES, L.L.C.,
 a Delaware limited liability company
	 		 	 MASCOMA CORPORATION,
 a Delaware corporation

					
	By:	 	 /s/ Robert N. Savoie
	 		 	By:	 	  

					
	Name:	 	Robert N. Savoie	 		 	Name:	 	
					
	Title:	 	Chief Financial Officer	 		 	Title:	 	Chief Executive Officer
				
	LENDERS:	 		 		 	
				
	 PINNACLE VENTURES II-A (SUB), L.P.,
 a Delaware limited partnership
	 		 		 	
	 PINNACLE VENTURES II-B, L.P.,
 a Delaware limited partnership
	 		 		 	
	 PINNACLE VENTURES II-C, L.P.,
 a Delaware limited partnership
	 		 		 	
	 PINNACLE VENTURES II-R (SUB), L.P.,
 a Delaware limited partnership
	 		 		 	
					
	By:	 	 Pinnacle Ventures Management II, L.L.C.,
 their general partner
	 		 		 	
					
	By:	 	 /s/ Robert N. Savoie
	 		 		 	
					
	Name:	 	Robert N. Savoie	 		 		 	
					
	Title:	 	Chief Financial Officer	 		 		 	
				
	 PINNACLE VENTURES DEBT FUND III-A (SUB), L.P.,
 a Delaware limited partnership
	 		 		 	
	 PINNACLE VENTURES DEBT FUND III, L.P.,
 a Delaware limited partnership
	 		 		 	
					
	By:	 	 Pinnacle Ventures Management III, L.L.C.,
 their general partner
	 		 		 	
					
	By:	 	 /s/ Robert N. Savoie
	 		 		 	
					
	Name:	 	Robert N. Savoie	 		 		 	
					
	Title:	 	Chief Financial Officer	 		 		 	

 IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement as of the date
first written above. 
  

									
	AGENT:	 		 	COMPANY:
			
	 PINNACLE VENTURES, L.L.C.,
 a Delaware limited liability company
	 		 	 MASCOMA CORPORATION,
 a Delaware corporation

					
	By:	 	  
	 		 	By:	 	 /s/ William J. Brady

					
	Name:	 	Robert N. Savoie	 		 	Name:	 	William J. Brady
					
	Title:	 	Chief Financial Officer	 		 	Title:	 	Chief Executive Officer
				
	LENDERS:	 		 		 	
				
	 PINNACLE VENTURES II-A (SUB), L.P.,
 a Delaware limited partnership
	 		 		 	
	 PINNACLE VENTURES II-B, L.P.,
 a Delaware limited partnership
	 		 		 	
	 PINNACLE VENTURES II-C, L.P.,
 a Delaware limited partnership
	 		 		 	
	 PINNACLE VENTURES II-R (SUB), L.P.,
 a Delaware limited partnership
	 		 		 	
					
	By:	 	 Pinnacle Ventures Management II, L.L.C.,
 their general partner
	 		 		 	
					
	By:	 	  
	 		 		 	
					
	Name:	 	Robert N. Savoie	 		 		 	
					
	Title:	 	Chief Financial Officer	 		 		 	
				
	 PINNACLE VENTURES DEBT FUND III-A (SUB), L.P.,
 a Delaware limited partnership
	 		 		 	
	 PINNACLE VENTURES DEBT FUND III, L.P.,
 a Delaware limited partnership
	 		 		 	
					
	By:	 	 Pinnacle Ventures Management III, L.L.C.,
 their general partner
	 		 		 	
					
	By:	 	  
	 		 		 	
					
	Name:	 	Robert N. Savoie	 		 		 	
					
	Title:	 	Chief Financial Officer	 		 		 	

 [Signature Page: Amended and Restated Loan Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement as of the date
first written above: 
  

			
	SUBSIDIARY BORROWERS:
	
	 CELSYS BIOFUELS, INC.,
 an Indiana corporation

		
	By:	 	 /s/ William J. Brady

		
	Name:	 	William J. Brady
		
	Title:	 	President and Chief Executive Officer

  
 [Signature
Page: Amended and Restated Loan Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement as of the date
first written above: 
  

			
	SUBSIDIARY BORROWERS:
	
	 MASCOMA-NY, LLC,
 a Delaware limited liability company

		
	By:	 	Mascoma Corporation
		
		 	Its Member
		
	By:	 	 /s/ William J. Brady

		
	Name:	 	William J. Brady
		
	Title:	 	President and Chief Executive Officer

  
 [Signature
Page: Amended and Restated Loan Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement as of the date
first written above: 
  

			
	SUBSIDIARY BORROWERS:
	
	 UT-MASCOMA, LLC,

a Delaware limited liability company

		
	By:	 	Mascoma Corporation
		
		 	Its Member
		
	By:	 	 /s/ William J. Brady

		
	Name:	 	William J. Brady
		
	Title:	 	President and Chief Executive Officer

  
 [Signature
Page: Amended and Restated Loan Agreement] 

 SCHEDULE 1A 

 

					
	 Subsidiary Borrower
	  	 Jurisdiction of Formation
	  	 Office Where Records Are Kept

			
	Celsys BioFuels, Inc.	  	Indiana   	  	67 Etna Road, Suite 300
		  		  	Lebanon, NH 03766
			
	Mascoma-NY, LLC	  	Delaware	  	67 Etna Road, Suite 300
		  		  	Lebanon, NH 03766
			
	UT-Mascoma, LLC	  	Delaware	  	67 Etna Road, Suite 300
		  		  	Lebanon, NH 03766

 SCHEDULE 1B 

 

					
	 Lender
	  	Advance
Percentage	 
		
	 PINNACLE VENTURES II-A (SUB), L.P.
	  	 	1.0	% 
		
	 PINNACLE VENTURES II-B, L.P.
	  	 	42.0	% 
		
	 PINNACLE VENTURES II-C, L.P.
	  	 	3.5	% 
		
	 PINNACLE VENTURES II-R (SUB), L.P.
	  	 	3.5	% 
		
	 PINNACLE VENTURES DEBT FUND III-A (SUB), L.P.
	  	 	3.0	% 
		
	 PINNACLE VENTURES DEBT FUND III, L.P.
	  	 	47.0	% 

 SCHEDULE 2 

 

							
	Other Names:	  	None
				
	  	  	 Bank
	  	 Account Number
	  	 
	 Deposit and Securities Accounts:
	  	Citibank	  	IMMA 1255228175	  	
		  	Goldman	  	1885043333	  	
		  	Silicon Valley Bank	  	3300500978	  	
		  	Silicon Valley Bank	  	486-03938-10	  	
		  	Silicon Valley Bank	  	3300571546	  	
		  	Silicon Valley Bank	  	3300553513	  	
		  	Citbank	  	IMMA 1050486808	  	
		  	Mascoma Savings Bank	  	5850342	  	
		  	Silicon Valley Bank	  	8800060706	  	
		
	 Other Collateral Locations:
	  	8 Henshaw Street, Woburn, MA
		
		  	679 Ellsworth Road, Griffiss Business & Technology Park, Rome, NY
		
		  	67 Etna Road, Lebanon, NH
		
	 Existing Indebtedness:
	  	Letter of credit dated July 25, 2007, issued by Citibank, N.A. for the benefit of Andritz, Inc., in the current amount of $841,393 (amount declines over
time).
		
	 Existing Investments:
	  	Subsidiary Borrowers listed on Schedule 1A
		
		  	Mascoma Canada Inc.
		
		  	Frontier Renewable Resources, LLC
		
		  	Deposit and Securities Accounts listed above
		
	 Existing Liens:
	  	Deposit account number 1050486808 pledged to Citibank, N.A. to secure letter of credit listed in Existing Indebtedness
above

							
		  	Deposit account number 5850342 holding security deposit for the benefit of ICV Holdings of NH in connection with the lease of Lebanon, NH facility
		
		  	Deposit account number 8800060706 pledged to Silicon Valley Bank to secure corporate credit cards
		
		  	Dell Financial Services L.P. securing computer equipment, peripherals and software supplied and financed by Dell
		
		  	GE Capital Commercial Leasing Inc. lease of Mitsubishi forklift (lease expires October 2012)
		
		  	De Lage Landen Financial Services, Inc. lease of spectrometer
		
		  	Cummings Properties, LLC security interest in assets (currently valued at less than $10,000) located at (and securing lease of) 8 A & B Henshaw Ave, Woburn MA
(lease expires July 2012)

 SCHEDULE 3 
 COPYRIGHTS 
 None 

PATENTS 
  

									
	 Country
	  	 Title
	  	 Owner
	  	 Patent/Application No.
	  	 Registration/Application
Date

					
	PCT	  	PLASMIDS FROM THERMOPHILIC ORGANISMS, VECTORS DERIVED THEREFROM, AND USES THEREOF	  	Mascoma Corporation	  	PCT/US2008/010545	  	9/10/2008
					
	Canada	  	PLASMIDS FROM THERMOPHILIC ORGANISMS, VECTORS DERIVED THEREFROM, AND USES THEREOF	  	Mascoma Corporation	  	2,699,150	  	9/10/2008
					
	US	  	PLASMIDS FROM THERMOPHILIC ORGANISMS, VECTORS DERIVED THEREFROM, AND USES THEREOF	  	Mascoma Corporation	  	12/677,428	  	9/10/2008
					
	PCT	  	PRODUCT RECOVERY FROM FERMENTATION OF LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	PCT/US2008/012239	  	10/29/2008

									
					
	US	  	PRODUCT RECOVERY FROM FERMENTATION OF LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	12/740,839	  	10/29/2008
					
	Canada	  	PRODUCT RECOVERY FROM FERMENTATION OF LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	2,703,085	  	10/29/2008
					
	PCT	  	EXPRESSION OF SCHIZOCHYTRIUM AGGREGATUM CBH1 GENE IN YEAST	  	Mascoma Corporation	  	PCT/US2009/003972 (International Application Number)	  	7/7/2009
					
	Canada	  	EXPRESSION OF SCHIZOCHYTRIUM AGGREGATUM CBH1 GENE IN YEAST	  	Mascoma Corporation	  	2,729,924	  	7/7/2009
					
	PCT	  	TRANSFORMATION OF CLOSTRIDIUM THERMOCELLUM	  	Mascoma Corporation	  	PCT/US2009/060501 (International Application Number)	  	10/13/2009
					
	PCT	  	FLOW-THROUGH FERMENTATION OF BIOMASS	  	Mascoma Corporation	  	PCT/US2009/004135	  	7/17/2009
					
	Canada	  	FLOW-THROUGH FERMENTATION OF BIOMASS	  	Mascoma Corporation	  	2,730,501	  	7/17/2009
					
	US	  	FLOW-THROUGH FERMENTATION OF BIOMASS	  	Mascoma Corporation	  	13/054,750	  	7/17/2009
					
	US	  	PROTOTROPHIC / CELLULOLYTIC YEAST STRAINS EXPRESSING TETHERED AND SECRETED CELLULASES	  	Mascoma Corporation	  	12/992,001	  	5/11/2009

									
					
	PCT	  	PROTOTROPHIC / CELLULOLYTIC YEAST STRAINS EXPRESSING TETHERED AND SECRETED CELLULASES	  	Mascoma Corporation	  	PCT/US2009/002902	  	5/11/2009
					
	Canada	  	PROTOTROPHIC / CELLULOLYTIC YEAST STRAINS EXPRESSING TETHERED AND SECRETED CELLULASES	  	Mascoma Corporation	  	2,724,036	  	5/11/2009
					
	US	  	EXPRESSION OF TERMITE CELLULASE IN YEAST	  	Mascoma Corporation	  	13/003,200	  	7/7/2009
					
	PCT	  	EXPRESSION OF TERMITE CELLULASE IN YEAST	  	Mascoma Corporation	  	PCT/US09/003970	  	7/7/2009
					
	Brazil	  	EXPRESSION OF TERMITE CELLULASE IN YEAST	  	Mascoma Corporation	  	TBA	  	7/7/2009
					
	Canada	  	EXPRESSION OF TERMITE CELLULASE IN YEAST	  	Mascoma Corporation	  	2,729,945	  	7/7/2009
					
	China	  	EXPRESSION OF TERMITE CELLULASE IN YEAST	  	Mascoma Corporation	  	200980133359.30	  	7/7/2009
					
	South Africa	  	EXPRESSION OF TERMITE CELLULASE IN YEAST	  	Mascoma Corporation	  	2011/00148	  	7/7/2009
					
	US	  	HETEROLOGOUS EXPRESSION OF FUNGAL CELLOBIOHYDROLASES IN YEAST	  	Mascoma Corporation	  	12/992,003	  	5/11/2009

									
					
	PCT	  	HETEROLOGOUS EXPRESSION OF FUNGAL CELLOBIOHYDROLASES IN YEAST	  	Mascoma Corporation	  	PCT/US09/002904	  	5/11/2009
					
	PCT	  	BIOMASS TO HIGH PURITY LIGNIN AND FERMENTABLE SUGARS	  	Mascoma Corporation	  	PCT/US2009/061040 (International Application Number)	  	10/16/2009
					
	Brazil	  	BIOMASS TO HIGH PURITY LIGNIN AND FERMENTABLE SUGARS	  	Mascoma Corporation	  	TBA	  	10/16/2009
					
	Canada	  	BIOMASS TO HIGH PURITY LIGNIN AND FERMENTABLE SUGARS	  	Mascoma Corporation	  	TBA	  	10/16/2009
					
	Colombia	  	BIOMASS TO HIGH PURITY LIGNIN AND FERMENTABLE SUGARS	  	Mascoma Corporation	  	11-050.980	  	10/16/2009
					
	PCT	  	THERMOTOLERANT AND OTHER YEAST EXPRESSING CELLULASES FOR SIMULTANEOUS SACCHARIFICATION AND FERMENTATION USING CRYSTALLINE CELLULOSE	  	Mascoma Corporation	  	PCT/US2009/065571 (International Application Number)	  	11/23/2009
					
	PCT	  	HETEROLOGOUS CELLULASE EXPRESSION IN THERMOANAEROBACTERIUM SACCHAROLYTICUM	  	Mascoma Corporation	  	PCT/US09/069443 (International Application Number)	  	12/23/2009
					
	PCT	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	PCT/US09/64128	  	11/12/2009

									
					
	PCT	  	EXPRESSION OF CELLULOSOMES IN YEAST TO ENABLE CONSOLIDATED BIOPROCESSING OF LIGNOCELLULOSE	  	Mascoma Corporation	  	PCT/US10/24592	  	2/18/2010
					
	PCT	  	MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF (ACRYLATE APPLICATION)	  	Mascoma Corporation	  	PCT/US2010/027190 (International Application Number)	  	3/12/2010
					
	PCT	  	USE OF A THYMIDINE KINASE (TDK) GENE AS A NEGATIVE SELECTABLE MARKER IN CLOSTRIDIUM THERMOCELLUM	  	Mascoma Corporation	  	PCT/US2010/045019 (International Application Number)	  	8/10/2010
					
	PCT	  	HETEROLOGOUS EXPRESSION OF UREASE IN THERMOPHILIC AND MESOPHILIC HOSTS	  	Mascoma Corporation	  	PCT/US2010/59120	  	12/6/2010
					
	PCT	  	PRODUCTION OF PROPANOL / ISOPROPANOL USING CONSOLIDATED BIOPROCESSING SYSTEMS	  	Mascoma Corporation	  	PCT/US2010/046172 (International Application Number)	  	8/20/2010
					
	US	  	CO-CONVERSION OF CARBOHYDRATES TO FERMENTATION PRODUCTS IN A SINGLE FERMENTATION STEP	  	Mascoma Corporation	  	61/421,512	  	12/8/2010

									
					
	PCT	  	DETOXIFICATION OF BIOMASS DERIVED ACETATE VIA METABOLIC CONVERSION TO ETHANOL, ACETONE, ISOPROPANOL, OR ETHYL ACETATE	  	Mascoma Corporation	  	PCT/US2011/035416 (International Application Number)	  	5/5/2011
					
	US	  	EXPRESSION OF ACCESSORY ENZYMES IN YEAST FOR CONSOLIDATED BIO PROCESSING	  	Mascoma Corporation	  	61/351,165	  	6/3/2010
					
	US	  	YEAST EXPRESSING SACCHAROLYTIC ENZYMES FOR CONSOLIDATED BIO PROCESSING USING STARCH AND CELLULOSE	  	Mascoma Corporation	  	61/420,142	  	12/6/2010
					
	US	  	PRODUCTION OF LONG CHAIN FATTY ACIDS, ALDEHYDES, ALCOHOLS, ALKANES, AND ESTERS VIA ANAEROBIC PATHWAYS	  	Mascoma Corporation	  	61/371,582	  	8/6/2010
					
	US	  	A GENETICALLY MODIFIED STRAIN OF C. thermocellum ENGINEERED TO FERMENT XYLOSE INTO ETHANOL	  	Mascoma Corporation	  	61/426,151	  	12/22/2010
					
	US	  	METHOD FOR THE IMPROVEMENT OF ETHANOL YIELD AND PRODUCTION IN A MICROORGANISM THROUGH THE ADDITION OF ALTERNATE ELECTRON ACCEPTORS	  	Mascoma Corporation	  	61/472,085	  	4/5/2011

									
					
	US	  	TWO-STAGE METHOD FOR PRETREATMENT OF LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	12/598169	  	5/12/2008
					
	Canada	  	TWO-STAGE METHOD FOR PRETREATMENT OF LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	2685177	  	5/2/2008
					
	US	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	12/599458	  	5/9/2008
					
	China	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	2008 80024031.3	  	5/9/2008
					
	Japan	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	2010-507693	  	5/9/2008
					
	South Africa	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	2009/08721	  	5/9/2008
					
	South Korea	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	10-2009-7025740	  	5/9/2008
					
	Australia	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	2008251465	  	5/9/2008

									
					
	New Zealand	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	581493	  	5/9/2008
					
	Canada	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	2685879	  	5/9/2008
					
	Brazil	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	PI0811556-7	  	5/9/2008
					
	Malaysia	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	PI 20094531	  	5/9/2008
					
	Israel	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	201824	  	5/9/2008
					
	India	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	7893/DELNP/2009	  	5/9/2008
					
	Russian Fed.	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	2009145274	  	5/9/2008

									
					
	EPC	  	GENE KNOCKOUT MESOPHILIC AND THERMOPHILIC ORGANISMS, AND METHODS OF USE THEREOF	  	Mascoma Corporation	  	8769395.8	  	5/9/2008
					
	US	  	MICROBIAL TREATMENT OF LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	13/055783	  	8/3/2009
					
	US	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	12/596114	  	4/18/2008
					
	China	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	2008 80012222.8	  	4/18/2008
					
	Japan	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	2010-504275	  	4/18/2008
					
	South Africa	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	2009/07866	  	4/18/2008
					
	Australia	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	2008 242769	  	4/18/2008
					
	Canada	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	2684007	  	4/18/2008
					
	Brazil	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	PI0810375-5	  	4/18/2008

									
					
	Malaysia	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	PI 20094267	  	4/18/2008
					
	India	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	7399/DELNP/2009	  	4/18/2008
					
	EPC	  	COMBINED PRETREATMENT AND REFINING OF LIGNOCELLULOISC BIOMASS	  	Mascoma Corporation	  	8746281.8	  	4/18/2008
					
	US	  	PROGRESSIVE FERMENTATION OF LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	12/680311	  	9/29/2008
					
	Canada	  	PROGRESSIVE FERMENTATION OF LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	2700685	  	9/29/2008
					
	PCT	  	TWO-STAGE PROCESS FOR BIOMASS PRETREATMENT	  	Mascoma Corporation	  	PCT/US2009/068738 (International Application Number)	  	12/18/2009
					
	PCT	  	PRODUCTION OF ETHANOL FROM LIGNOCELLULOSIC BIOMASS	  	Mascoma Corporation	  	PCT/US2009/068741 (International Application Number)	  	12/18/2009

 TRADEMARKS 
  

							
	 Party
	 	 Description/Country
	  	 Registration/Application Date
	  	 Registration/Application No.

				
	Mascoma Corp.	 	 MASCOMA (Brazil)
  

Class 040
	  	9/9/2008	  	Reg. No. 828302375
				
	Mascoma Corp.	 	MASCOMA (Canada)	  	4/18/2006	  	Appn. No. 1298108
				
	Mascoma Corp.	 	 MASCOMA (China)
  

Class 040
	  	10/7/2009	  	Reg. No. 5305299

							
	 	 	 	  	 	  	 
				
	Mascoma Corp.	 	 MASCOMA (EC)
  

Class 004, 040
	  	6/27/2007	  	Reg. No. 005018841
				
	Mascoma Corp.	 	 MASCOMA (India)
  

Class 040
	  	11/1/2008	  	Reg. No. 1447390
				
	Mascoma Corp.	 	 MASCOMA (Japan)
  

Class 040
	  	11/24/2006	  	Reg. No. 5005823
				
	Mascoma Corp.	 	 MASCOMA (Mexico)
  

Class 040
	  	9/22/2006	  	Reg. No. 954163
				
	Mascoma Corp.	 	 MASCOMA (South Africa)
  

Class 040
	  	10/24/2005	  	Reg. No. 2006/08503
				
	Mascoma Corp.	 	 MASCOMA (US)
  

Class 004
	  	3/26/2010	  	Appn No. 77/969557
				
	Mascoma Corp.	 	 MASCOMA (US)
  

Class 040
	  	11/17/2009	  	Reg. No. 3713434
				
	Mascoma Corp.	 	 MASCOMA and Design (US)
  

Class 004
	  	4/4/2007	  	Appn No. 77/148365
				
	Mascoma Corp.	 	 MASCOMA and Design (US)
  

Class 040
	  	11/10/2009	  	Reg. No. 3709123
				
	Mascoma Corp.	 	 MGT (US)
  
 Class 030
	  	5/9/2011	  	Appn No. 85/316486

 EXHIBIT A 
 SECURED PROMISSORY NOTE 
 [Tranche D Advance/Tranche E Advance] 
  

											
	                	 	$            	 		 		 		 	Dated:                    

 FOR VALUE RECEIVED, the undersigned, MASCOMA CORPORATION, a Delaware corporation, and each undersigned
Subsidiary Borrower (collectively, “Borrower”) HEREBY PROMISES TO PAY to the order of Pinnacle Ventures, L.L.C. (“Agent”) for the account of the Lenders the principal amount of
                     Dollars ($            ) or such lesser amount as shall equal
the aggregate outstanding principal balance of the Advance made by Agent on the date hereof to Borrower pursuant to the Amended and Restated Loan and Security Agreement referred to below (the “Loan Agreement”), plus all payments arising
under Sections 1.02(b),1.02(c) and 1.02(d) of the Loan Agreement with respect to such Advance, on the dates and in the amounts set forth in the Loan Agreement. Capitalized terms used herein and not otherwise defined have the respective meanings set
forth in the Loan Agreement. 
 Payments under this Note shall be made as follows: 

 

							
	                	 	Interim Payment on Funding Date:	  	$            	  	
				
		 	6 monthly payments on the first Business
Day of each Month after the Funding Date	  	$            ,	  	commencing                     
				
		 	30 monthly payments on the first Business
Day of each Month after the Funding Date	  	$            ,	  	commencing                     
				
		 	Final Payment	  	$            ,	  	on                     

 All other payments due under this Note or under the Loan Agreement shall be payable as and when specified
in the Loan Agreement. 
 This Note is one of the Notes referred to in, and is entitled to the benefits of, the Amended and
Restated Loan and Security Agreement, dated as of June 1, 2011 between Borrower, the Subsidiary Borrowers named therein, Agent and the Lenders. This Note and the obligation of Borrower to repay the unpaid principal amount of the Advance,
interest and Final Payment on the Advance, premium, if any, and all other amounts due Agent and Lenders under the Loan Agreement is secured under the Loan Agreement. 
 Presentment for payment, demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance and enforcement of this Note are hereby waived.

 Borrower shall pay all reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and
costs, incurred by Agent or any Lender in the enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. This Note shall be governed by, and construed and interpreted in accordance with, the laws of the
State of California. 

 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by one of its officers
thereunto duly authorized on the date hereof. 
  

			
	MASCOMA CORPORATION,
	a Delaware corporation
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT B-1 
 The Collateral shall consist of all right, title, interest, claims and demands of each Borrower in and to the following: 
 (a) All goods and equipment now owned or hereafter acquired, including, without limitation, all laboratory equipment, computer equipment, office equipment, machinery, fixtures, vehicles, and any interest
in any of the foregoing, and all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever located; 
 (b) All inventory now owned or hereafter acquired, including, without limitation, all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products
including such inventory as is temporarily out of such Borrower’s custody or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of
the foregoing and any documents of title representing any of the above, and such Borrower’s books relating to any of the foregoing; 
 (c) All contract rights, general intangibles, health care insurance receivables, payment intangibles and commercial tort claims, now owned or hereafter acquired, including, without limitation, all
patents, patent rights (and applications and registrations therefor), trademarks and service marks (and applications and registrations therefor), inventions, copyrights, mask works (and applications and registrations therefor), trade names, trade
styles, software and computer programs, trade secrets, methods, processes, know how, drawings, specifications, descriptions, and all memoranda, notes, and records with respect to any research and development, goodwill, license agreements, franchise
agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements, claims, computer programs, computer disks, computer tapes, literature, reports, catalogs, design rights, income tax refunds, payments of insurance and
rights to payment of any kind and whether in tangible or intangible form or contained on magnetic media readable by machine together with all such magnetic media; 
 (d) All now existing and hereafter arising accounts, contract rights, royalties, license rights and all other forms of obligations owing to such Borrower arising out of the sale or lease of goods, the
licensing of technology or the rendering of services by such Borrower (subject, in each case, to the contractual rights of third parties to require funds received by such Borrower to be expended in a particular manner), whether or not earned by
performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by such Borrower and such Borrower’s books relating to any of the foregoing; 

(e) All documents, cash, deposit accounts letters of credit, letter of credit rights, supporting obligations, certificates of deposit,
instruments, chattel paper, electronic chattel paper, tangible chattel paper and investment property, including, without limitation, all securities, whether certificated or uncertificated, security entitlements, securities accounts, commodity
contracts and commodity accounts, and all financial assets held in any securities account or otherwise, wherever located, now owned or hereafter acquired and such Borrower’s books relating to the foregoing; and 

(f) Any and all claims, rights and interests in any of the above and all substitutions for, additions and accessions to and proceeds
thereof, including, without limitation, insurance, condemnation, requisition or similar payments and the proceeds thereof. 

  
 B-1

 Notwithstanding the foregoing, the Collateral shall not be deemed to include any of the
following: 
  

	 	(i)	more than 65% of the voting securities of any Subsidiary that is not organized under the laws of the United States or any of its states; 

 

	 	(ii)	an account at Citibank, N.A. account number 1050486808 securing the Letter of Credit dated July 25, 2007 issued by Citibank N.A. for the benefit of Andritz, Inc.
so long as the balance does not exceed $841,393; 

  

	 	(iii)	an account at Mascoma Savings Bank account number 5850342 securing Company’s Lebanon, NH lease so long as the balance does not exceed $890,460 (which maximum
balance shall be deemed reduced to $263,839 if Company extends the term of the lease); and 

  

	 	(iv)	an account at Silicon Valley Bank account number 8800060706 securing corporate credit cards so long as the balance does not exceed $25,000. 

  
 B-2

 EXHIBIT B-2 
 The Collateral shall consist of all right, title, interest, claims and demands of each Borrower in and to the following: 
  

	 	(a)	All goods and equipment now owned or hereafter acquired, including, without limitation, all laboratory equipment, computer equipment, office equipment, machinery,
fixtures, vehicles, and any interest in any of the foregoing, and all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever located; 

 

	 	(b)	All inventory now owned or hereafter acquired, including, without limitation, all merchandise, raw materials, parts, supplies, packing and shipping materials, work in
process and finished products including such inventory as is temporarily out of such Borrower’s custody or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the
sale or disposition of any of the foregoing and any documents of title representing any of the above, and such Borrower’s books relating to any of the foregoing; 

 

	 	(c)	All contract rights, general intangibles, health care insurance receivables, payment intangibles and commercial tort claims, now owned or hereafter acquired, including,
without limitation, all patents, patent rights (and applications and registrations therefor), trademarks and service marks (and applications and registrations therefor), inventions, copyrights, mask works (and applications and registrations
therefor), trade names, trade styles, software and computer programs, trade secrets, methods, processes, know how, drawings, specifications, descriptions, and all memoranda, notes, and records with respect to any research and development, goodwill,
license agreements, franchise agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements, claims, computer programs, computer disks, computer tapes, literature, reports, catalogs, design rights, income tax refunds,
payments of insurance and rights to payment of any kind and whether in tangible or intangible form or contained on magnetic media readable by machine together with all such magnetic media; 

 

	 	(d)	All now existing and hereafter arising accounts, contract rights, royalties, license rights and all other forms of obligations owing to such Borrower arising out of the
sale or lease of goods, the licensing of technology or the rendering of services by such Borrower (subject, in each case, to the contractual rights of third parties to require funds received by such Borrower to be expended in a particular manner),
whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by such Borrower and such Borrower’s books relating to any of the foregoing;

  

	 	(e)	All documents, cash, deposit accounts letters of credit, letter of credit rights, supporting obligations, certificates of deposit, instruments, chattel paper,
electronic chattel paper, tangible chattel paper and investment property, including, without limitation, all securities, whether certificated or uncertificated, security entitlements, securities accounts, commodity contracts and commodity accounts,
and all financial assets held in any securities account or otherwise, wherever located, now owned or hereafter acquired and such Borrower’s books relating to the foregoing; and 

 

	 	(f)	Any and all claims, rights and interests in any of the above and all substitutions for, additions and accessions to and proceeds thereof, including, without limitation,
insurance, condemnation, requisition or similar payments and the proceeds thereof. 

  
 B-3

 Notwithstanding the foregoing, the Collateral shall not be deemed to include any of the
following: 
  

	 	(i)	more than 65% of the voting securities of any Subsidiary that is not organized under the laws of the United States or any of its states; 

 

	 	(ii)	an account at Citibank, N.A. account number 1050486808 securing the Letter of Credit dated July 25, 2007 issued by Citibank N.A. for the benefit of Andritz, Inc.
so long as the balance does not exceed $841,393; 

  

	 	(iii)	an account at Mascoma Savings Bank account number 5850342 securing Company’s Lebanon, NH lease so long as the balance does not exceed $890,460 (which maximum
balance shall be deemed reduced to $263,839 if Company extends the term of the lease); 

  

	 	(iv)	an account at Silicon Valley Bank account number 8800060706 securing corporate credit cards so long as the balance does not exceed $25,000; and

  

	 	(v)	any Intellectual Property, except that the Collateral shall include (A) the proceeds of all the Intellectual Property that are accounts, (i.e. accounts receivable)
of such Borrower, or general intangibles consisting of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the Intellectual Property, and (B) if a judicial authority (including a U.S.
Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in such accounts and general intangibles of such Borrower that are proceeds of the Intellectual Property, then the
Collateral shall automatically, and effective as of the date of Closing, include the Intellectual Property to the extent necessary to permit perfection of Agent’s security interest in such accounts and general intangibles of such Borrower that
are proceeds of the Intellectual Property. 

  
 B-4

 EXHIBIT C 
 FORM OF BORROWER JOINDER 
 THIS BORROWER JOINDER (this
“Agreement”), dated as of             ,         , is executed by [NEW SUBSIDIARY], a
                                        
[corporation] [partnership] [etc.] (“New Subsidiary”), in favor of PINNACLE VENTURES, L.L.C. as agent (“Agent”) for the lenders identified on Schedule 1B to the Loan Agreement (as defined below)
(such lenders, together with their respective successors and assigns are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), and the Lenders. 

RECITALS 
 A. Pursuant to a Amended and Restated Loan and Security Agreement dated as of             , 2011 (as amended from time to time, the
“Loan Agreement”), among Mascoma Corporation (“Company”) and the Subsidiaries of Company (together with Company, the “Borrowers”) listed therein, Agent and Lenders, Lenders have
agreed to extend loans to Borrowers upon the terms and subject to the conditions set forth therein. 
 B. Pursuant to
Section 5.21 of the Loan Agreement, each new domestic Subsidiary of Company is required to become a Borrower under the Loan Agreement by delivering and executing this Agreement to Agent and Lenders. 

C. New Subsidiary is a new domestic Subsidiary of Company and expects to derive substantial direct and indirect benefit from the
transactions contemplated by the Loan Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, New Subsidiary hereby agrees with Agent and Lenders, as follows: 
 1. Definitions and
Interpretation. Unless otherwise defined herein, all capitalized terms used herein and defined in the Loan Agreement shall have the respective meanings given to those terms in the Loan Agreement. New Subsidiary acknowledges receipt of copies
of the Loan Agreement and the other Transaction Documents. 
 2. Representations and Warranties. On and as of the
date of this Agreement (the “Effective Date”) and for the benefit of Agent and Lenders, New Subsidiary hereby makes each of the representations and warranties made by each Borrower in the Loan Agreement. 

3. Agreement to be Bound. New Subsidiary agrees that, on and as of the Effective Date, it shall become a Borrower under the
Loan Agreement and each Note and shall be bound by all the provisions of the Loan Agreement and each Note to the same extent as if New Subsidiary had executed the Loan Agreement on the Closing and each Note as of the date of such Note. 

4. Waiver. Without limiting the generality of the waivers in the Loan Agreement, New Subsidiary specifically agrees to be
bound by the Loan Agreement and the Notes and waives any right to notice of acceptance of its execution of this Agreement and of its agreement to be bound by the Loan Agreement or the Notes. 

 5. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of California. 
 IN WITNESS WHEREOF, New Subsidiary has caused this Agreement to be
executed by its duly authorized officer. 
  

			
	[NEW SUBSIDIARY]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

	
	Address:
	
	[                              
          ]
	
	[                              
          ]
	
	[                              
          ]
	Attn:
	Telephone:
	Facsimile:

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