Exhibit 10.2

EXECUTION VERSION

AMENDMENT NO. 2 TO CREDIT AGREEMENT

This AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of January 17, 2020 (this
“Amendment”), is entered into among INTERNATIONAL FLAVORS & FRAGRANCES INC. (the
“Company”), the Lenders signatory hereto and MORGAN STANLEY SENIOR FUNDING,
INC., as administrative agent (in such capacity, the “Agent”).

WHEREAS, the Company, the Lenders from time to time party thereto and the Agent
have entered into that certain Term Loan Credit Agreement, dated as of June 6,
2018 (as amended prior to the date hereof, the “Credit Agreement”).

WHEREAS, pursuant to Section 9.01 of the Credit Agreement, the Company, the
Lenders party hereto (constituting the Required Lenders) and the Agent have
agreed to amend the Credit Agreement as provided for herein.

NOW, THEREFORE, in consideration of the mutual execution hereof and other good
and valuable consideration, the parties hereto hereby agree as follows:

1. Defined Terms. Capitalized terms used herein and not otherwise defined herein
have the meanings given in the Credit Agreement.

2. Amendment. Upon satisfaction of the conditions set forth in Section 3 hereof,
the Credit Agreement is hereby amended as follows:

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the
following definitions thereto, in the appropriate alphabetical order:

“Amendment No. 1” means that certain Amendment No. 1 to Credit Agreement, dated
as of July 13, 2018, among the Company, certain Lenders signatory thereto and
the Agent.

“Amendment No. 2” means that certain Amendment No. 2 to Credit Agreement, dated
as of January 17, 2020, among the Company, certain Lenders signatory thereto and
the Agent.

“Neptune” means Nutrition & Biosciences, Inc., a Delaware corporation and any
successor by merger thereto pursuant to the Neptune Transactions.

“Neptune Acquisition Agreement” means that certain Agreement and Plan of Merger,
dated as of December 15, 2019 (together with the exhibits and schedules
thereto), among DuPont de Nemours, Inc., Nutrition & Biosciences, Inc., the
Company and Neptune Merger Sub I Inc., a wholly owned subsidiary of the Company,
as amended and in effect from time to time.

“Neptune Closing Date” means the date on which the spin-off of Neptune from
DuPont de Nemours, Inc. and the acquisition of Neptune by the Company
contemplated in the Neptune Acquisition Agreement and the Neptune Separation
Agreement are consummated in accordance with the terms of the Neptune
Acquisition Agreement and the Neptune Separation Agreement, as applicable.

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“Neptune Debt” means any Debt in an aggregate principal amount in excess of
$250,000,000 incurred by Neptune or any other Subsidiary of the Company for the
purposes of financing the Neptune Transactions.

“Neptune Separation Agreement” means that certain Separation and Distribution
Agreement, dated as of December 15, 2019 (together with the exhibits and
schedules thereto), by and among DuPont de Nemours, Inc., Nutrition &
Biosciences, Inc., and the Company, as amended and in effect from time to time.

“Neptune Transactions” means the transactions contemplated by the Neptune
Acquisition Agreement and the Neptune Separation Agreement and the other
transactions related to the foregoing.

“Subsidiary Guarantor” means any Subsidiary of the Company that has become party
to a Subsidiary Guaranty from time to time.

“Subsidiary Guaranty” means a guaranty of the Company’s obligations hereunder by
one or more Subsidiaries of the Company in favor of the Agent and the Lenders,
in form and substance reasonably satisfactory to the Agent and the Company.

(b) Section 1.01 of the Credit Agreement is hereby amended by amending and
restating the definition of “Loan Documents” to read as follows:

“Loan Documents” shall mean this Agreement, Amendment No. 1, Amendment No. 2,
any Subsidiary Guaranty and any Note.

(c) Section 1.01 of the Credit Agreement is hereby amended by amending clause
(l) of the definition of “EBITDA” to add the words “and the Neptune
Transactions” after the words “costs and expenses incurred in connection with
the Transactions”.

(d) Section 5.01 of the Credit Agreement is hereby amended by adding the
following new clause (j) at the end thereof:

(j) Subsidiary Guarantors. The Company shall immediately notify the Agent upon
the Company becoming a guarantor of any Neptune Debt, and concurrently
therewith, the Company shall cause Neptune and/or the applicable Subsidiary that
in each case incurred such Neptune Debt to (i) become a Subsidiary Guarantor by
executing and delivering to the Agent a counterpart of (or a supplement to) the
Subsidiary Guaranty and (ii) deliver to the Agent documents of the types
referred to in clauses (c), (f), (g) and (h) of Section 3.01, all in form and
substance reasonably satisfactory to the Agent. Each Subsidiary Guarantor shall
be automatically released from its obligations under any Subsidiary Guaranty
upon either (x) such Subsidiary Guarantor ceasing to be a Subsidiary of the
Company as a result of a transaction permitted hereunder or (y) the Company
ceasing to guarantee any Neptune Debt of such Subsidiary Guarantor. The Lenders
irrevocably authorize the Agent (1) to enter into any Subsidiary Guaranty and
(2) to, at the sole expense of the Company, execute and deliver any
documentation reasonably requested by the Company or any Subsidiary Guarantor to
evidence any release in accordance with the immediately preceding sentence.

 

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(e) Section 5.02(b) of the Credit Agreement is hereby amended by amending and
restating the last paragraph thereof to read as follows:

provided, in each case, that no Event of Default shall have occurred and be
continuing at the time of such proposed transaction or would result therefrom;
provided further that notwithstanding anything to the contrary in this
Section 5.02(b), (x) the Palate Acquisition and (y) the Neptune Transactions
shall be permitted.

(f) Section 5.02(e) of the Credit Agreement is hereby amended by adding the
following new clause (x) at the end thereof (and deleting “and” at the end of
clause (viii) and deleting the period at the end of clause (ix) and inserting “;
and”):

(x) Debt of Subsidiaries of the Company that are Subsidiary Guarantors.

(g) Section 5.03 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

SECTION 5.03 Financial Covenant. So long as any Advance shall remain unpaid,
from and after the Closing Date:

(x) at any time prior to the Neptune Closing Date, the Company shall maintain a
Leverage Ratio as of the end of any Relevant Period of not more than 4.50 to
1.00, which limit shall step down to (i) 4.25 to 1.00 as of the end of the third
full fiscal quarter ended after the Closing Date, (ii) 4.00 to 1.00 as of the
end of the fifth full fiscal quarter ended after the Closing Date and (iii) 3.50
to 1.00 as of the end of the ninth full fiscal quarter after the Closing Date;
provided that commencing on and after the later of (1) the termination of the
Neptune Acquisition Agreement in accordance with its terms and (2) the end of
the eighth full fiscal quarter after the Closing Date, if the Company
consummates an acquisition of all or substantially all of the assets of a
Person, or of any business or division of a Person, for which it paid at least
$500,000,000 in consideration (a “Qualifying Acquisition”), the maximum Leverage
Ratio shall step up to no greater than 3.75 to 1.00, which shall be reduced to
3.50 to 1.00 as of the end of the third full fiscal quarter after such
Qualifying Acquisition; and

(y) on and after the Neptune Closing Date, the Company shall maintain a Leverage
Ratio as of the last day of any Relevant Period of not more than (i) 4.50 to
1.00 until and including the last day of the third full fiscal quarter after the
Neptune Closing Date, (ii) then 4.25 to 1.00 until and including the last day of
the sixth full fiscal quarter after the Neptune Closing Date and
(iii) thereafter 3.50 to 1.00; provided that, commencing after the last day of
the sixth full fiscal quarter after the Neptune Closing Date, if the Company
consummates a Qualifying Acquisition, the maximum Leverage Ratio shall step up
to no greater than 3.75 to 1.00 for the three full fiscal quarters after such
Qualifying Acquisition, which shall be reduced to 3.50 to 1.00 after the last
day of the third full fiscal quarter after such Qualifying Acquisition.

(h) Article 9 of the Credit Agreement is hereby amended by adding the following
new Section 9.20 at the end thereof:

 

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SECTION 9.20 Acknowledgement Regarding Any Supported QFCs. To the extent that
the Loan Documents provide support, through a guarantee or otherwise, for any
Hedge Agreement or any other agreement or instrument that is a QFC (such
support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the
parties acknowledge and agree as follows with respect to the resolution power of
the Federal Deposit Insurance Corporation under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support
(with the provisions below applicable notwithstanding that the Loan Documents
and any Supported QFC may in fact be stated to be governed by the laws of the
State of New York and/or of the United States or any other state of the United
States):

(i) In the event a Covered Entity that is party to a Supported QFC (each, a
“Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer of such Supported QFC and the benefit of such QFC Credit
Support (and any interest and obligation in or under such Supported QFC and such
QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same
extent as the transfer would be effective under the U.S. Special Resolution
Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the Laws of the United
States or a state of the United States. In the event a Covered Party or a BHC
Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under the Loan Documents that might
otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if the Supported QFC and the Loan Documents were governed by
the Laws of the United States or a state of the United States. Without
limitation of the foregoing, it is understood and agreed that rights and
remedies of the parties with respect to a Defaulting Lender shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any
QFC Credit Support.

(ii) As used in this Section 9.20, the following terms have the following
meanings:

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined
under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

“Covered Entity” means any of the following: (i) a “covered entity” as that term
is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a
“covered bank” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 382.2(b).

“Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

 

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“QFC” has the meaning assigned to the term “qualified financial contract” in,
and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

3. Effectiveness. This Amendment will become effective upon the date on which
the following conditions precedent are first satisfied (the “Amendment Effective
Date”):

(a) The Agent shall have received from the Company and from the Required Lenders
an executed counterpart of this Amendment (or photocopies thereof sent by fax,
.pdf or other electronic means, each of which shall be enforceable with the same
effect as a signed original).

(b) The Agent shall have received a certificate, dated the Amendment Effective
Date and signed by a duly authorized officer of the Company, confirming (i) the
representations and warranties set forth in this Amendment shall be true and
correct in all material respects on and as of the Amendment Effective Date and
(ii) no event shall have occurred and be continuing, or would result from this
Amendment or the transactions contemplated hereby, that would, as of the
Amendment Effective Date, constitute a Default.

(c) The Agent shall have received all expenses due and payable on or prior to
the Amendment Effective Date, including, to the extent invoiced two (2) Business
Days prior to the Amendment Effective Date, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Company under
the Credit Agreement.

4. Representations and Warranties. The Company represents and warrants, as of
the date hereof, that, after giving effect to the provisions of this Amendment,
(a) each of the representations and warranties made by the Company in
Section 4.01 of the Credit Agreement is true in all material respects on and as
of the date hereof as if made on and as of the date hereof, except (i) to the
extent that such representations and warranties refer to an earlier date, in
which case they were true in all material respects as of such earlier date or
(ii) to the extent that such representations and warranties are qualified as to
materiality or Material Adverse Effect, in which case such representations and
warranties shall be true in all respects, and (b) no event shall have occurred
and be continuing, or would result from this Amendment or the transactions
contemplated hereby, that would, as of the Amendment Effective Date, constitute
a Default.

5. Effect of the Amendment. Except as expressly set forth herein, this Amendment
shall not by implication or otherwise limit, impair, constitute a waiver of, or
otherwise affect the rights and remedies of the Lenders or the Agent under the
Credit Agreement or any other Loan Document, and shall not alter, modify, amend
or in any way affect any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other Loan Document, all of
which, as amended, amended and restated, supplemented or otherwise modified
hereby, are ratified and affirmed in all respects and shall continue in full
force and effect. Upon the effectiveness of this Amendment, each reference in
the Credit Agreement and in any exhibits attached thereto to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of similar import shall mean and be a
reference to the Credit Agreement after giving effect to this Amendment.

 

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6. Miscellaneous. The provisions of Sections 9.02 (Notices, Etc.); 9.03 (No
Waiver; Remedies); 9.04 (Costs and Expenses) (except clauses (c) and (d)
thereof); 9.08 (Confidentiality); 9.10 (Governing Law; Jurisdiction; Etc.); 9.11
(Execution in Counterparts); 9.14 (Acknowledgement and Consent to Bail-In of EEA
Financial Institutions); and 9.19 (Waiver of Jury Trial) of the Credit Agreement
shall apply with like effect to this Amendment. This Amendment shall be a “Loan
Document” for all purposes under the Credit Agreement.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

INTERNATIONAL FLAVORS & FRAGRANCES INC., By:   /s/ John Taylor  

Name: John Taylor

 

Title:   Treasurer

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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MORGAN STANLEY SENIOR FUNDING, INC.

as Agent

By:   /s/ Subhalakshmi Ghosh-Kohli  

Name: Subhalakshmi Ghosh-Kohli

 

Title:   Authorized Signatory

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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JPMORGAN CHASE BANK, N.A.

as a Lender

By:   /s/ Peter S. Predun  

Name: Peter S. Predun

 

Title:   Executive Director

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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BNP Paribas

as a Lender

By:   /s/ Christopher Forshner  

Name: Christopher Forshner

 

Title:   Managing Director

BNP Paribas

as a Lender

By:   /s/ Ade Adedeji  

Name: Ade Adedeji

 

Title:   Director

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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MUFG Bank, Ltd.

as a Lender

By:   /s/ Oscar Cortez  

Name: Oscar Cortez

 

Title:   Authorized Signatory

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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ING Bank N.V., Dublin Branch

as a Lender

By:   /s/ Louise Gough  

Name: Louise Gough

 

Title:   Vice President

By:   /s/ Padraig Matthews  

Name: Padraig Matthews

 

Title:   Director

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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U.S. Bank National Association

as a Lender

By:   /s/ Paul E. Rouse  

Name: Paul E. Rouse

 

Title:   Vice President

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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Wells Fargo Bank, National Association

as a Lender

By:   /s/ Denis Waltrich  

Name: Denis Waltrich

 

Title:   Director

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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HSBC BANK USA, NATIONAL ASSOCIATION

as a Lender

By:   /s/ Robert Levins  

Name: Robert Levins

 

Title:   Senior Credit Manager

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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Standard Chartered Bank

as a Lender

By:   /s/ James Beck  

Name: James Beck

 

Title:   Associate Director

 

[Signature Page to Amendment No. 2 to Credit Agreement]

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CoBank, ACB

as a Lender

By:   /s/ Andy Shockley  

Name: Andy Shockley

 

Title:   Assistant Vice President

 

[Signature Page to Amendment No. 2 to Credit Agreement]