# EDGAR Filing Document

**Accession Number:** 0001791942
**File Stem:** 0001213900-25-077516
**Filing Date:** 2025-8
**Character Count:** 88699
**Document Hash:** fc819c60e2256b6331e5b6dea301ac23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-077516.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001213900-25-077516

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**EFFECTIVENESS DATE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JBS N.V.
- **CENTRAL INDEX KEY:** 0001791942
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEAT PACKING PLANTS [2011]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289660
- **FILM NUMBER:** 251225313

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STROOMBAAN 16
- **STREET 2:** 5E VERDIEPING
- **CITY:** AMSTELVEEN
- **PROVINCE COUNTRY:** P7
- **BUSINESS PHONE:** 31206564700

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STROOMBAAN 16
- **STREET 2:** 5E VERDIEPING
- **CITY:** AMSTELVEEN
- **PROVINCE COUNTRY:** P7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JBS B.V.
- **DATE OF NAME CHANGE:** 20221121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Swift Foods B.V.
- **DATE OF NAME CHANGE:** 20200203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Violet Holdings B.V.
- **DATE OF NAME CHANGE:** 20191022

**As filed with the Securities and Exchange Commission on August 15, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**JBS N.V.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Netherlands** | **Not applicable** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**Stroombaan 16, 5th Floor**

**1181 VX, Amstelveen, Netherlands**

**(Address of Principal Executive Offices, including Zip Code)**

**JBS N.V. Incentive Plan** 

**(Full title of the plan)**

**JBS USA Food Company**

**1770 Promontory Circle**

**Greeley, Colorado 80634**

**+1 (970) 506-8000**

**(Name, address and telephone number, including area code, of agent for service)**

***Copies to:***

 ****

**Donald E. Baker, Esq.**

**John R. Vetterli, Esq.**

**Karen Katri, Esq.**

**White & Case LLP**

**1221 Avenue of the Americas**

**New York, New York 10020**

**+1 (212) 819-8200**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. Plan Information.\***

**Item 2. Registrant Information and Employee Plan Annual Information.\***

\* As permitted by Rule 428 under the Securities Act of 1933 (the "Securities Act"), this registration statement (this "Registration Statement") omits the information specified in Part I of Form S-8. The documents containing the information specified in this Part I of Form S-8 ("Plan Information" and "Registrant Information and Employee Plan Annual Information") will be sent or given to employees as specified by the Securities and Exchange Commission (the "SEC" or the "Commission") pursuant to Rule 428(b)(1) under the Securities Act. Such documents are not required to be and are not filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. JBS N.V. (the "Company" or the "Registrant") will provide a written statement to participants advising them of the availability without charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II hereof and including the statement in the preceding sentence. The written statement to all participants will indicate the availability without charge, upon written or oral request, of other documents required to be delivered pursuant to Rule 428(b) under the Securities Act, and will include the address and telephone number to which the request is to be directed.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents previously submitted to the SEC are incorporated by reference in this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's [prospectus](https://www.sec.gov/Archives/edgar/data/1791942/000119312525090521/d654052d424b3.htm) ,
dated April 22, 2025, filed with the SEC pursuant to Rule 424(b)(3) under the Securities Act on April 23, 2025, relating to the registration
statement on [Form F-4](http://www.sec.gov/Archives/edgar/data/1791942/000119312525079335/d654052df4a.htm) (File No. 333-273211), including JBS S.A.'s audited consolidated financial statements as of December
31, 2024 and 2023 and for each of the years in the three-year period ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's unaudited condensed consolidated interim
financial information as of June 30, 2025 and for the three- and six-month periods ended June 30, 2025 and 2024, included in [Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1791942/000121390025075953/ea025200001ex99-1_jbsnv.htm) of the Company's Report of Foreign Private Issuer on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1791942/000121390025075953/ea0252000-6k_jbsnv.htm) , furnished to the SEC on August 14, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the description of the Company's
Class A common shares, par value €0.01 per share, contained in the Company's registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1791942/000119312525133981/d83675d8a12b.htm) , filed with the SEC on June 3, 2025 (File No. 001-42678) under the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), including any amendment or report filed for the purpose of updating such description.

All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, and, to the extent specifically designated therein, Reports of Foreign Private Issuer on Form 6-K furnished by the Company to the SEC, in each case, subsequent to the effective date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents with the SEC.

Notwithstanding the foregoing, no information is incorporated by reference in this Registration Statement where such information under applicable forms and regulations of the SEC is not deemed to be "filed" under Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, unless the Company indicates in the report or filing containing such information that the information is to be considered "filed" under the Exchange Act or is to be incorporated by reference in this Registration Statement.

Any statement contained herein or in a document all or a portion of which is incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Under Dutch law, indemnification provisions may be included in a company's articles of association. Pursuant to the Company's articles of association, current and former directors shall be reimbursed for all (a) costs and expenses (including reasonably incurred and substantiated attorneys' fees) reasonably incurred in relation to the director's defenses in the relevant action, suit, proceeding or investigation or a settlement thereof, (b) liabilities, losses, damages, fines, penalties and other claims and/or financial effects of judgments, excluding any reputational damages and (other) immaterial damages, and (c) payments by the director and/or any other financial effects resulting from a settlement of such action, suit, proceeding or investigation, excluding any reputational damages and (other) immaterial damages, subject to prior written approval of such settlement by the Company, provided he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to our best interests or out of his or her mandate, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Any indemnification shall be made only (unless ordered by a court) upon a determination that indemnification of the director or former director is proper under the circumstances because he or she had met the applicable standard of conduct set.

A director or former director shall not be entitled to any indemnification, if and to the extent: (a) Dutch law would not permit such indemnification; (b) a competent court, a judicial tribunal or, in case of an arbitration, an arbitrator has established by final judgment that is not open to challenge or appeal, that the acts or omissions of the director or former director can be considered intentional, fraudulent, grossly negligent, willfully reckless, seriously culpable, or willful misconduct on the part of such director, unless this would in the given circumstances be unacceptable according to the standards of reasonableness and fairness; (c) the costs or the decrease in assets of the director are covered by an insurance and the insurer started payment of the costs or the decrease in assets; or (d) the Company and/or a group company brought the procedure in question before a court.

Under Dutch law, directors may be held liable for damages in the event of improper or negligent performance of their duties. They may be held jointly and severally liable for damages to our company for infringement of the articles of association or of certain provisions of the Dutch Civil Code. In certain circumstances, they may also incur additional specific civil and criminal liabilities.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [Articles of Association of the Registrant (English translation) (incorporated by reference to Exhibit 99.3 to the Company's prospectus supplement, dated May 15, 2025, filed with the SEC pursuant to Rule 424(b)(3) under the Securities Act on May 16, 2025, relating to the registration statement on Form F-4 (File No. 333-273211)).](https://www.sec.gov/Archives/edgar/data/1791942/000119312525121061/d920519dex993.htm) |
| 5.1(1) | [Opinion of Loyens & Loeff, N.V., Dutch counsel to the Registrant, as to the validity of the Registrant's Class A Common Shares (including consent).](ea025336201ex5-1_jbsnv.htm) |
| 10.1(1) | [JBS N.V. Incentive Plan.](ea025336201ex10-1_jbsnv.htm) |
| 23.1(1) | [Consent of KPMG Auditores Independentes Ltda.](ea025336201ex23-1_jbsnv.htm) |
| 23.2(1) | [Consent of Loyens & Loeff, N.V. (included in Exhibit 5.1).](ea025336201ex5-1_jbsnv.htm) |
| 24.1(1) | [Power of Attorney (included in signature page to this Registrant Statement).](#a_001) |
| 107(1) | [Filing Fee Table.](ea025336201ex-fee_jbsnv.htm) |

---

(1) Filed herewith.

**Item 9. Undertakings.**

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement.

 

*Provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in Item 6 of this Registration Statement, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Amstelveen, Netherlands on August 15, 2025.

---

| | |
|:---|:---|
| **JBS N.V.** | **JBS N.V.** |
| By: | /s/ Guilherme Cavalcanti |
| Name: | Guilherme Cavalcanti |
| Title: | Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below hereby constitutes and appoints Gilberto Tomazoni and Guilherme Cavalcanti, each of them, individually, his or her true and lawful attorney-in-fact and agent, with full power to act separately and full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Gilberto Tomazoni | Chief Executive Officer and Executive | August 15, 2025 |
| Gilberto Tomazoni | Board Member<br> (Principal Executive Officer) |  |
| /s/ Guilherme Cavalcanti | Chief Financial Officer | August 15, 2025 |
| Guilherme Cavalcanti | (Principal Financial Officer and Principal Accounting Officer) |  |
| /s/ Jeremiah O'Callaghan | Chairman (Non-Executive | August 15, 2025 |
| Jeremiah O'Callaghan | Board Member) |  |
| /s/ Wesley Mendonça Batista | Non-Executive Board Member | August 15, 2025 |
| Wesley Mendonça Batista |  |  |
|  | Non-Executive Board Member | August 15, 2025 |
| Joesley Mendonça Batista |  |  |
| /s/ Kátia Regina de Abreu Gomes | Non-Executive Board Member | August 15, 2025 |
| Kátia Regina de Abreu Gomes |  |  |
| /s/ Paulo Bernardo Silva | Non-Executive Board Member | August 15, 2025 |
| Paulo Bernardo Silva |  |  |
| /s/ Carlos Hamilton Vasconcelos Araújo | Non-Executive Board Member | August 15, 2025 |
| Carlos Hamilton Vasconcelos Araújo |  |  |
|  | Non-Executive Board Member | August 15, 2025 |
| Henrique de Campos Meirelles |  |  |
| /s/ Raul Alfredo Padilla | Non-Executive Board Member | August 15, 2025 |
| Raul Alfredo Padilla |  |  |
| JBS USA Food Company |  |  |
| as Authorized Representative in |  |  |
| the United States |  |  |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Wesley Mendonça Batista Filho | August 15, 2025 |
| Name: | Wesley Mendonça Batista Filho |  |
| Title: | Chief Executive Officer |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | | |
|:---|:---|:---|
| ![](ex5-1_001.jpg) | postal address | P.O. Box 71170<br> 1008 BD AMSTERDAM<br> P.O. Box 2888<br> 3000 CW ROTTERDAM |
|  | office address | Parnassusweg 300<br> 1081 LC AMSTERDAM<br> Blaak 31<br> 3011 GA ROTTERDAM<br> The Netherlands |
|  | internet | www.loyensloeff.com |

---

To:

The Company

---

| | |
|:---|:---|
| re | **Dutch law legal opinion – JBS N.V.** |
| reference | 57665659 |
| date | 15 August 2025<br>|

---

1 INTRODUCTION

We have acted as special counsel on certain matters of Dutch law to the Company in connection with the Registration Statement.

2 DEFINITIONS

2.1 Capitalised terms used but not defined herein are used as defined in the Schedules to this opinion letter.

2.2 In this opinion letter:

**Company** means JBS N.V., registered with the Trade Register under number 76063305.

**Class A Common Shares** means class A common shares in the capital of the Company.

**Issuance Documents** means the Shareholder's Resolution and the Deed of Issuance.

**Registered Shares** means the 24,426,479 Class A Common Shares numbered A-572,981,487 up to and including A-597,407,965.

**Registration** means the registration of the Registered Shares with the SEC under the Securities Act.

**Registration Statement** means the registration statement on form S-8 in relation to the Registration filed or to be filed with the SEC on or about the date of this opinion letter in the form reviewed by us (excluding any documents incorporated by reference in it and any exhibits to it).

**Reviewed Documents** means the documents listed in Schedule 1 of this opinion letter.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. | The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. | The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. | The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. | The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. | The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. | The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. | The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. | The public limited liability company Loyens & Loeff N.V. is established in Rotterdam and is registered with the trade register of the Chamber of Commerce in the Netherlands under number 24370566. |
| amsterdam | ● | brussels | ● | london | ● | luxembourg |  | ● |
| new york | ● | paris | ● | rotterdam | ● | tokyo | ● | zurich |

---

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**SEC** means the U.S. Securities and Exchange Commission.

**Trade Register** means the trade register of the Chamber of Commerce in the Netherlands.

**U.S. Securities Act** means the U.S. Securities Act of 1933, as amended.

3 SCOPE OF INQUIRY

3.1 For the purpose of rendering this opinion letter, we have only examined and relied upon electronically
transmitted copies of the executed Reviewed Documents and the other documents listed in Schedule 1 (Reviewed documents).

3.2 We have not reviewed and express no opinion on any document incorporated by reference or referred to in
the Reviewed Documents other than the documents referred to in paragraph 3.1.

3.3 We have undertaken the following checks (the **Checks**) at the date of this opinion letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an inquiry at the Trade Register, confirming that no relevant changes were registered compared to the
contents of the Excerpt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an inquiry at the Central Insolvency Register (*Centraal Insolventieregister*) confirming that the
Company is not listed with the Central Insolvency Register and not listed on the EU Registrations list with the Central Insolvency Register.

4 NATURE OF OPINION

4.1 We only express an opinion on matters of Dutch law and the law of the European Union, to the extent directly
applicable in the Netherlands, in force on the date of this opinion letter, excluding unpublished case law, all as interpreted by Dutch
courts and the European Court of Justice. We do not express an opinion on tax law, competition law, sanction laws, equal treatment of
shareholders and financial assistance. The terms "the Netherlands" and "Dutch" in this opinion letter refer solely
to the European part of the Kingdom of the Netherlands.

4.2 Our opinion is strictly limited to the matters stated herein. We do not express any opinion on matters
of fact, on the commercial and other non-legal aspects of the transactions contemplated by the Reviewed Documents and on any representations,
warranties or other information included in the Reviewed Documents and any other document examined in connection with this opinion letter,
except as expressly stated in this opinion letter.

4.3 In this opinion letter Dutch legal concepts are sometimes expressed in English terms and not in their
original Dutch terms. The concepts concerned may not be identical to the concepts described by the same English term as they exist under
the laws of other jurisdictions. For the purpose of tax law a term may have a different meaning than for the purpose of other areas of
Dutch law.

2/7

![](ex5-1_001.jpg)

4.4 This opinion letter may only be relied upon under the express condition that any issue of interpretation
or liability arising hereunder will be governed by Dutch law and be brought exclusively before the competent court in Rotterdam, the Netherlands.

4.5 This opinion letter is issued by Loyens & Loeff N.V. and may only be relied upon under the express
condition that any liability of Loyens & Loeff N.V. is limited to the amount paid out under its professional liability insurance policies.
Individuals or legal entities that are involved in the services provided by or on behalf of Loyens & Loeff N.V. cannot be held liable
in any manner whatsoever.

---

| | |
|:---|:---|
| 5 | OPINIONS |

---

The opinions expressed in this paragraph 5 (Opinions) should be read in conjunction with the assumptions set out in Schedule 2 (Assumptions) and the qualifications set out in Schedule 3 (Qualifications). On the basis of these assumptions and subject to these qualifications and any factual matters or information not disclosed to us in the course of our investigation, we are of the opinion that as at the date of this opinion letter.

5.1 **Corporate status** 

The Company has been duly incorporated as a *besloten vennootschap met beperkte aansprakelijkheid* (private limited liability company) under Dutch law and is validly existing as a *naamloze vennootschap* (public limited liability company) under Dutch law.

5.2 **Share capital** 

The Registered Shares have been duly authorised and validly issued, and are fully paid and non-assessable.

6 ADDRESSEES

6.1 This opinion letter is an exhibit to the Registration Statement and may be relied upon solely for the
purpose of the registration of the Registration Statement in accordance with the Securities Act. It may not be supplied, and its contents
or existence may not be disclosed, to any person other than as an exhibit to (and therefore together with) the Registration Statement
and may not be relied upon for any purpose other than the registration with the SEC.

6.2 We consent to the filing of this opinion letter with the SEC as an exhibit to the Registration Statement. In giving this consent, we do
not admit that we are a person whose consent is required under the Securities Act or any rules and regulations promulgated by the SEC.

---

| |
|:---|
| Yours faithfully, |
| Loyens & Loeff N.V. |
| /s/ Loyens & Loeff |

---

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![](ex5-1_001.jpg)

**<u>Schedule 1</u>**

**REVIEWED DOCUMENTS**

1 ORGANISATIONAL DOCUMENTS

1.1 **Excerpts** 

An excerpt of the registration of the Company in the Trade Register dated 15 August 2025 (**Excerpt**).

1.2 **Constitutional documents** 

1.2.1 The deed of incorporation of the Company dated 9 October 2019.

1.2.2 The deed of amendment of the articles of association of the Company dated 3 February 2020.

1.2.3 The deed of amendment of the articles of association of the Company dated 17 November 2022 (**Deed of Amendment**).

1.2.4 The deed of conversion and amendment of the Company's articles of association dated 24 May 2025
(**Deed of Conversion**), pursuant to which the Company was converted into a Dutch law public company with limited liability (*naamloze vennootschap),* including the articles of association (*statuten*) of the Company on the date of this opinion letter (**Articles**).

1.3 **Shareholders' resolution** 

The resolution of the general meeting of the Company dated 15 February 2023 (**Shareholder's Resolution**), including, *inter alia*, the resolution to (i) issue 624,500,000 Class A Common Shares, numbered A-1 up to and including A-624,500,000 (**Issuance Class A Common Shares**) and (ii) exclude the pre-emptive rights with respect to such issuance of shares.

1.4 **Deed of Issuance** 

The deed of issuance dated 20 February 2023 (**Deed of Issuance**), providing for the issuance of the Issuance Class A Common Shares.

1.5 **Shareholders' register** 

The shareholders' register (*aandeelhoudersregister*) of the Company (**Shareholders' Register**).

2 MISCELLANEOUS

2.1 **Registration statement** 

The Registration Statement.

4/7

**<u>Schedule 2</u>**

**ASSUMPTIONS**

The opinions in this opinion letter are subject to the following assumptions:

1 Documents

1.1 All original documents are authentic, all signatures (whether handwritten or electronic) are genuine and
were inserted or agreed to be inserted by the relevant individual, and all copies conform to the originals.

1.2 All documents and the legal acts contained therein are accurate, complete, unmodified and not terminated
(unless modified by any other document reviewed for the purposes of this opinion letter).

2 Incorporation, existence and corporate power

2.1 The Articles are the articles of association (*statuten*) of the Company in force on the date of
this opinion letter (although not constituting conclusive evidence thereof, this assumption is supported by the contents of the Excerpt).

2.2 The articles of association (*statuten*) as included in the Deed of Amendment were the articles of
association (*statuten*) of the Company in force on the date of the Shareholders' Resolution and the Deed of Issuance.

2.3 The Company has not been dissolved, merged involving the Company as disappearing entity, demerged, converted
(other than pursuant to the Deed of Conversion), terminated, granted a suspension of payments, declared bankrupt, subjected to any other
insolvency proceedings or prohibited within the meaning of Section 2:20 (4) of the Dutch Civil Code (although not constituting conclusive
evidence thereof, this assumption is supported by the contents of the Checks and the Excerpt).

3 Corporate authorisations

3.1 The Shareholder's Resolution (a) correctly reflects the resolutions made by the general meeting
of the Company in respect of the transactions contemplated by the Deed of Issuance, (b) has been made with due observance of the articles
of association (*statuten*) of the Company and any applicable regulations in effect on the date of the Shareholder's Resolution
and (c) will remain in full force and effect without modification.

3.2 The Company has not established, not been requested to establish, nor is in the process of establishing
any works council (*ondernemingsraad*) and there is no works council, which has jurisdiction over the transactions contemplated by
the Issuance Documents.

5/7

4 Other parties

4.1 Each of the parties to which the Registered Shares have been issued, is validly existing under the laws
by which it is purported to be governed on the date of the Deed of Issuance.

4.2 Each party to the Deed of Issuance, other than the Company, has all requisite power and capacity (corporate
and otherwise) to execute, and to perform its obligations under the Deed of Issuance and the Deed of Issuance has been duly authorised,
executed and delivered by or on behalf of the parties thereto other than the Company.

5 Execution

5.1 Each of the parties to which the Registered Shares have been issued, is validly existing under the laws
by which it is purported to be governed on the date of the Deed of Issuance.

5.2 Each party to the Deed of Issuance, other than the Company, has all requisite power and capacity (corporate
and otherwise) to execute, and to perform its obligations under the Deed of Issuance and the Deed of Issuance has been duly authorised,
executed and delivered by or on behalf of the parties thereto other than the Company.

6 Share capital

6.1 The Registered Shares have been duly accepted by the subscriber thereof.

6.2 All steps for payment in respect of the Registered Shares have been fulfilled.

6.3 The Registered Shares are held by the Company or a subsidiary of the Company as referred to in Section
2:24a of the Dutch Civil Code and the Registered Shares have not been cancelled (*ingetrokken*), reduced (*afgestempeld*), split,
or combined.

6/7

**<u>Schedule 3</u>**

**Qualifications**

The opinions in this opinion letter are subject to the following qualifications:

1 Insolvency

The opinions expressed herein may be affected or limited by the provisions of any applicable bankruptcy, suspension of payments, statutory composition proceeding, any intervention, recovery or resolution measure, other insolvency proceedings and fraudulent conveyance (*actio Pauliana*) and other laws of general application now or hereafter in effect, relating to or affecting the enforcement or protection of creditors' rights.

2 Accuracy of information

2.1 A Trade Register excerpt does not provide conclusive evidence that the facts set out therein are correct
and complete. However, subject to limited exceptions, a company cannot invoke the incorrectness or incompleteness of its trade register
registration against third parties who were unaware thereof.

2.2 The Shareholders' Register does not provide conclusive evidence that the facts set out therein are correct
and complete. However, the management board of a Dutch private or public limited liability company is obliged to regularly update the
shareholders' register.

2.3 The outcome of the Checks does not constitute conclusive evidence that a Dutch entity has not been declared
bankrupt or has not been granted a suspension of payments as a proper registration of a bankruptcy judgment is not a condition for the
bankruptcy judgment to be effective. In addition, a bankruptcy judgment and the granting of a suspension of payments (if not in relation
to a Dutch financial institution) is retroactive to 0.00 hours on the day on which such bankruptcy is declared or suspension of payment
has been granted.

3 Non-assessable

The term "non-assessable" as used in this opinion letter means that a holder of a share in the capital of the Company will not by mere reason of being such a holder be subject to calls by the Company or its creditors for any further payment on such share.

7/7

## Exhibit 10.1

**Exhibit 10.1**

**Dated 13 June 2025**

**RULES OF THE**

**JBS N.V.**

**INCENTIVE PLAN**

---

| | | |
|:---|:---|:---|
|  | **Index** | **Page** |
| 1. | ESTABLISHMENT AND PURPOSE | 1 |
| 2. | DEFINITIONS | 1 |
| 3. | ADMINISTRATION | 4 |
| 4. | ELIGIBILITY FOR PARTICIPATION | 4 |
| 5. | LIMITATION AS TO PARTICIPATION | 4 |
| 6. | GRANT OF AWARDS | 5 |
| 7. | SPECIFIC TERMS OF AWARDS | 6 |
| 8. | NON-TRANSFER OF AWARD | 8 |
| 9. | TERMINATION OF SERVICE | 8 |
| 10. | LAPSE OF UNVESTED AWARDS | 8 |
| 11. | CHANGE IN CONTROL OF THE COMPANY, RECONSTRUCTION & DISSOLUTION | 9 |
| 12. | TAX | 10 |
| 13. | PRIVACY AND DATA PROTECTION | 11 |
| 14. | ISSUE OF SHARES | 12 |
| 15. | ADJUSTMENTS IN THE EVENT OF CAPITALISATION AND RIGHTS ISSUES ETC. | 12 |
| 16. | ALTERATIONS | 13 |
| 17. | SHARE CAPITAL & APPROVAL GENERAL MEETING | 13 |
| 18. | TERMINATION | 13 |
| 19. | NOTICES | 13 |
| 20. | GENERAL | 14 |

---

i

**JBS N.V.**

**INCENTIVE PLAN**

**1.** **ESTABLISHMENT AND PURPOSE** 

The Plan was adopted and established by the Board on 2 June 2025 and approved by the general meeting of shareholders on 4 June 2025, all effective on 13 June 2025. The purpose of the Plan is to attract, retain, and motivate employees and directors of JBS N.V. and its Group Companies, to provide for competitive compensation opportunities, to encourage long term service, to recognize individual contributions and reward achievement of performance goals, and to promote the creation of sustainable long term value creation for the Company by aligning the interests of such persons with that of the Company.

**2.** **DEFINITIONS** 

2.1 In the Plan, the following expressions bear the following meanings:

"**Acquiring Company**" means a company that obtains control of the Company in accordance with Rule 12;

"**Adoption Date**" means 13 June 2025, the date on which the adoption of this Plan by the Board is effective;

"**Award**" means any Option, SAR, Restricted Share, Restricted Share Unit or Other Share-Based Award granted to an Eligible Person pursuant to the Plan;

"**Award Agreement**" means any written agreement, contract, or other instrument or document setting out details of an Award in the form prescribed by Rule 6;

"**Board**" means the board of directors of the Company;

"**Change in Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The consummation of a merger or consolidation of the Company with or into another entity or any other
corporate reorganisation (however effected, including by general offer or court-sanctioned compromise, arrangement or scheme), if more
than 50% of the combined voting power of the continuing or surviving entity's issued shares or securities outstanding immediately
after such merger, consolidation or other reorganisation is owned by persons who were not shareholders of the Company immediately prior
to such merger, consolidation or other reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The sale, transfer or other disposition of all or substantially all of the Company's assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A change in the composition of the Board, as a result of which fewer than 50% of the incumbent directors
are directors who either (i) had been directors of the Company on the date 24 months prior to the date of the event that may constitute
a Change in Control (the "original directors") or (ii) were elected, or nominated for election, to the Board with the affirmative
votes of at least a majority of the aggregate of the original directors who were still in office at the time of the election or nomination
and the directors whose election or nomination was previously so approved;

A transaction shall not constitute a Change in Control if its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's issued shares immediately before such transaction.

"**Committee**" means the compensation committee of the Board constituted *inter alia* to consider and review the remuneration and compensation of Employees or Directors of the Group;

"**Company**" means JBS N.V., having its official seat in Amsterdam, the Netherlands, registered with the Dutch trade register under number 76063305;

"**Data**" means personal data concerning the Participant including, but not limited to, the Participant's name, home address, telephone number, date of birth, tax identification number, employment history and status, salary, nationality, job title and information about Awards.

"**Date of Grant**" means the date of the resolution whereby the Board grants an Award to an Eligible Person, which date shall be borne on the Award Agreement communicating the grant of an Award hereunder as provided in Rule 6;

"**DCC**" means the Dutch Civil Code;

"**Director**" means a member of the Board;

"**Dividend Equivalent**" means a right to receive cash, Shares or other property equal in value to dividends paid with respect to a specified number of Shares. Dividend Equivalents may be awarded in connection with another Award or on a standalone basis, and may be paid on a current or deferred basis;

"**Eligible Person**" means any person who is an Employee or Director of a member of the Group;

"**Employee**" means any person employed by a member of the Group;

"**Group**" the Company and its Group Companies;

"**Group Company**" a group company of the Company within the meaning of Section 2:24b DCC;

"**Health Reasons**" means reasons of ill health which compel a Participant to discontinue his employment, office or occupation;

"**Market Value**" means the market price of a Share, determined in accordance with Rule 5.2;

"**Option**" means an award of a right under Rule 7.2 entitling the holder to purchase or subscribe for Shares;

"**Other Share-Based Award**" means an award of a right or entitlement under Rule 7.6 that relates to or is valued by reference to Shares;

"**Participant**" means any Eligible Person who is for the time being the holder of part or all of an Award granted under the Plan;

"**Performance Conditions**" means the conditions determined by the Committee or the Board, in its discretion, to be applicable to a Participant with respect to an Award and set out in the Participant's Award Agreement. As determined by the Committee or the Board, the Performance Conditions applicable to an Award may provide for a targeted level or levels of achievement using certain Company or individual performance measures. The Performance Conditions may differ from Participant to Participant and from Award to Award. Any criteria used may be measured in absolute terms or relative to comparable companies or groups of companies. The Committee or the Board shall have the authority to make equitable adjustments to the Performance Conditions in recognition of extraordinary, unusual or non-recurring events affecting the Group, the Company or the relevant Group Company, or the financial statements of the Group, the Company, or the relevant Group member or in response to changes in applicable laws, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles or otherwise as agreed within the relevant Award Agreement. The Performance Conditions may be applied either individually, alternatively or in any combination to the Group, Company, or the relevant Group Company on a consolidated or individual company basis, or on a division, entity, line of business, project or geographical basis, either individually, alternatively or in any combination, as determined by the Committee or the Board, in its discretion;

"**Performance Period**" means the period in respect of which any Performance Condition is to be satisfied as set out in an Award Agreement;

"**Plan**" means the Company's Incentive Plan consisting of these plan rules together with any sub-plans, as amended from time to time in accordance with the provisions in that regard herein contained;

"**Process/Processing**" shall have the meaning as provided for by the EU General Data Protection Regulation 2016/679 and relevant national laws implementing and/or supplementing this regulation;

"**Restricted Share**" means an award of Shares under Rule 7.4 that may be subject to certain restrictions and to a risk of forfeiture;

**"Restricted Share Unit**" means an award of a unit under Rule 7.5 representing the Company's obligation to deliver or issue one Share for each such unit at the end of a specified deferral period;

"**SAR**" or "**Share Appreciation Right**" means the right, granted under Rule 7.3 to be paid an amount measured by as the difference between the exercise price of the right and the Market Value of the Shares on the date of exercise of the right, with payment to be made in the form of cash or Shares as specified in the applicable Award Agreement or determined by the Board;

"**Share**" means a Class A Common Share in the capital of the Company;

"**Stock Exchange**" means any recognised stock exchange on which Shares are traded (including the New York Stock Exchange or any successor body and the BM&F Bovespa or any successor body) and, if more than one, such stock exchange as the Board determines;

"**Termination of Service**" means, unless otherwise defined in an applicable Award Agreement, that a Participant is no longer an Employee or Director of the Company or any Group Company, as the case may be. A Participant shall also be deemed to incur Termination of Service if a Group Company by which he is employed or engaged as an Employee ceases to be such a Group Company, and the Participant does not immediately thereafter become an Employee or Director of the Company or another Group Company. Temporary absences because of illness, vacation or leave of absence and transfers among the Company and its Group Company shall not be considered a Termination of Service.

2.2 Where the context permits the singular shall include the plural and vice versa and the masculine shall
include the feminine. Headings are to be ignored in construing the terms of the Plan.

**3.** **ADMINISTRATION** 

3.1 The Plan shall be administered and implemented by the Board, and the Board shall have full and final authority
to exercise discretion and make any determinations under the Plan, subject to and consistent with the provisions of the Plan and Dutch
law. Any action of the Board with respect to the Plan shall be final, conclusive, and binding on all persons, including the Company, Group
Companies, Eligible Persons, any person claiming any rights under the Plan from or through any Eligible Person, and shareholders of any
member of the Group. By accepting an Award under the Plan, each Eligible Person accepts the authority and discretion of the Board as set
forth in, and exercised in accordance with, the Plan, and agrees to be bound by the Plan. The express grant of any specific power to the
Board, and the taking or not taking of any action by the Board and the exercise of any discretion by the Board, shall not be construed
as limiting any power or authority of the Board. The Board may delegate to other members of the Board or officers or managers of the Company
or any Group Company the authority, subject to such terms as the Board shall determine, to perform administrative functions and to perform
such other functions as the Board may determine, to the extent permitted by applicable law. For purposes of any administrative powers
under the Plan, the term "Board" may include any committee or other persons delegated such powers by the Board in accordance
with applicable law.

**4.** **ELIGIBILITY FOR PARTICIPATION** 

4.1 The Plan is available for Eligible Persons who shall be nominated for that purpose by the Board.

4.2 The decision as to who shall have the opportunity of participating and the time and extent of his participation
shall, subject to the terms of the Plan, be made by the Board in its absolute discretion. Any grant of Awards in the past or in the future
will not give an eligible Person an entitlement to any new grants in the future nor to the participation in any similar future program.

**5.** **LIMITATION AS TO PARTICIPATION** 

5.1 No Award shall be capable of being granted under the Plan more than ten years after the Adoption Date.

5.2 The Market Value of a Share in relation to an Award shall be determined by the Board by reference to any
one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1. the closing price of a Share on the trading day immediately preceding the relevant reference date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2. the average of the closing prices of a Share for a designated number of trading days immediately preceding
the relevant reference date, provided, however, for an Award subject to Section 409A of the Internal Revenue Code of 1986, as amended,
the number of such trading days shall not exceed thirty (30) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3. the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the price shown in the Stock Exchange official list at which trades in the Shares were last recorded on
the relevant reference date, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where trades other than trades at special prices were recorded for the relevant reference date, the price
at which the trades were so recorded or, if more than one such price was so recorded, a price equal to the average of the highest and
lowest of such prices.

5.3 For the avoidance of doubt an Award which has lapsed due to failure to meet applicable Performance Conditions
set out in the relevant Award Agreement within the Performance Period (or similar criteria under any other incentive plan adopted by the
Company or its Group Companies) or otherwise shall not be taken into account for the purpose of this Rule 5.

**6.** **GRANT OF AWARDS** 

6.1 The Board may with or without the recommendation of the Committee and subject to prior approval of the
general meeting of shareholders of the Company where required by Dutch law, at any time within ten years from the Adoption Date grant
Awards to one or more Eligible Persons.

6.2 No consideration shall be payable by an Eligible Person in respect of the grant of an Award.

6.3 Each Award granted shall be evidenced by an Award Agreement given to the Eligible Person. Award Agreements
may be in writing or in such other form as the Board determines.

6.4 Each Award Agreement shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1. the Date of Grant of the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2. the type of the Award and the number of Shares subject to the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3. the Performance Conditions, if any, to be satisfied as a condition of the vesting of, or cessation of
restrictions on, the Award in accordance with the Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4. such additional terms and conditions of the Award as the Board may from time to time prescribe, including,
but not limited to, any exercise price, grant price, or purchase price, any restriction or condition, any schedule for vesting, based
in each case on such considerations as the Board shall determine.

6.5 When issuing Award Agreements the Board shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1. refer the Eligible Person to all the provisions of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2. notify the Eligible Person how to accept the Award as set out under Rule 6.6.

6.6 The Award shall not become effective until the Eligible Person has accepted the Award and has agreed to
be bound by the provisions of the Award Agreement and the Plan in writing given to the Board within thirty (30) days from the Date of
Grant. Upon such acceptance and agreement, the Eligible Person will become a Participant and the Award shall, to the extent allowed under
applicable law, become effective retrospective to the Grant Date, without the necessity of further action by either the Board or the Eligible
person. In the event no acceptance has been received by the Board within thirty (30) days from the Date of Grant, the Award shall be deemed
never to have been granted.

6.7 The Board shall adopt such procedures and sub-plans as are necessary or appropriate to permit participation
in the Plan by Eligible Persons who are foreign nationals or employed in other jurisdictions.

**7**. **SPECIFIC TERMS OF AWARDS** 

7.1 **General** 

Awards may be granted on the terms and conditions set forth in this Rule 7. In addition, the Board may impose terms on any Award or the vesting, exercise or cessation of restrictions thereof, at the Date of Grant or thereafter (subject to Rule 6).

7.2 **Options** 

The Board is authorised to grant Options to Eligible Persons on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1. **Exercise Price**: Unless the Board determines otherwise at the Date of Grant, the exercise price
per Share in relation to an Option will be not less than the Market Value of a Share on the day preceding the Date of Grant, PROVIDED
THAT in all cases it will not be less than the nominal value of a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2. **Option Term**: The term of each Option shall be determined by the Board; provided, however, that
such term shall not be longer than ten years from the Date of Grant of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3. **Time and Method of Exercise**: The Board shall determine at the Date of Grant or thereafter the time
or times at which an Option may be exercised in whole or in part (including, without limitation, upon achievement of Performance Conditions
if deemed appropriate by the Board), the methods by which such exercise price may be paid or deemed to be paid (including, without limitation,
broker-assisted exercise arrangements), the form of such payment (cash or Shares), and the methods by which Shares will be delivered or
deemed to be delivered to Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.4. **Early Exercise:** The Board may provide at the time of grant or any time thereafter, in its sole
discretion, that any Option shall be exercisable with respect to Shares that otherwise would not then be exercisable. The Board can decide
that, in connection with such exercise, the Participant has to enter into a form of Restricted Share agreement approved by the Board with
respect to the Shares received on exercise.

7.3 **SARs** 

The Board is authorised to grant SARs to Eligible Persons on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1. **Right to Payment**: A SAR shall confer on the Eligible Person to whom it is granted a right to receive
with respect to each Share subject thereto, upon exercise thereof, the excess of (1) the Market Value of one Share on the date of exercise
over (2) the exercise price per Share of the SAR, as determined by the Board as of the Date of Grant of the SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2. **Other Terms**: The Board shall determine, at the time of grant, the time or times at which a SAR
may be exercised in whole or in part (which shall not be more than seven years after the Date of Grant of the SAR), the method of exercise,
method of settlement, form of consideration payable in settlement (whether paid in the form of cash, in Shares or a combination of the
two), method by which Shares will be delivered or deemed to be delivered to Eligible Persons and any other terms and conditions of any
SAR.

7.4 **Restricted Shares** 

The Board is authorised to grant Restricted Shares to Eligible Persons on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1. **Issuance and Restrictions**: Restricted Shares shall be subject to such restrictions on transferability
and other restrictions, if any, as the Board may impose at the Date of Grant or thereafter, which restrictions may lapse separately or
in combination at such times, under such circumstances (including, without limitation, upon achievement of Performance Conditions if deemed
appropriate by the Board), in such instalments, or otherwise, as the Board may determine. Except to the extent restricted under the Award
Agreement relating to the Restricted Shares, an Eligible Person granted Restricted Shares shall have all of the rights of a shareholder
including, without limitation, the right to vote Restricted Shares and the right to receive dividends thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2. **Issue of Shares to Third Party**: If Restricted Shares are to be issued, transferred and/or registered
in the name of a third party trustee or nominee for the benefit of the Participant for the duration of the applicable restriction period,
the Participant shall agree in writing to such issue or transfer to that third party trustee or nominee and enter into such other written
contracts or agreements as may be required by the Board from time to time and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3. **Dividends:** Dividends paid on Restricted Shares shall be paid at the dividend payment date determined
by the Company. Unless otherwise determined by the Board, Shares distributed in connection with a Share split or dividend in Shares, and
other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted
Shares with respect to which such Shares or other property has been distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.4. **Early Exercise Options:** The Board may award Restricted Shares to a Participant upon the Participant's
early exercise of an Option under Rule 7.2.4 hereof. Unless otherwise determined by the Board, the lapse of restrictions with respect
to such Restricted Shares shall occur on the same schedule as the exercisability of the Option for which the Restricted Shares were exercised.

7.5 **Restricted Share Units** 

The Board is authorised to grant Restricted Share Units to Eligible Persons, subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.1. **Award and Restrictions**: Delivery of Shares or cash, as determined by the Board, will occur upon
expiration of the deferral period specified for Restricted Share Units by the Board (or, if permitted by the Board, as elected by the
Eligible Person). In addition, Restricted Share Units shall be subject to such restrictions as the Board may impose, if any (including,
without limitation, the achievement of Performance Conditions if deemed appropriate by the Board), at the Date of Grant or thereafter,
which restrictions may lapse at the expiration of the deferral period or at earlier or later specified times, separately or in combination,
in instalments or otherwise, as the Board may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.2. **Dividend Equivalents:** In principle, no Dividend Equivalents accrue to a Restricted Share Unit.
If Dividend Equivalents accrue on a specified number of Restricted Share Units, such Dividend Equivalents shall accrue and be deferred
with respect to such Restricted Share Unit until the date of vesting of such Restricted Share Unit at which time they shall become payable
to the Participant but only to the extent that such Restricted Share Unit has vested and the Board shall have discretion to adjust pro-rata
any Dividend Equivalent to reflect the extent to which the Restricted Share Unit to which it relates has not vested in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.3. **General Creditors:** A Participant who has been granted Restricted Share Units shall have no rights
other than those of a general unsecured creditor of the Company. Restricted Share Units represent an unfunded and unsecured obligation
of the Company, subject to the terms and conditions of an applicable Award Agreement evidencing the grant of Restricted Share Units.

7.6 **Other Share-Based Awards** 

The Board is authorised, subject to limitations under applicable law, to grant to Eligible Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Board to be consistent with the purposes of the Plan, including, without limitation, unrestricted shares awarded purely as a "bonus" and not subject to any restrictions or conditions, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon Performance Conditions or any other factors designated by the Board. The Board shall determine the terms and conditions of such Awards at the Date of Grant or thereafter. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Rule 7.6 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares, notes or other property, as the Board shall determine. Cash awards, as an element of or supplement to any other Award under the Plan, shall also be authorized pursuant to this Rule 7.6.

**8.** **NON-TRANSFER OF AWARD** 

Subject to Rule 9, the Awards shall be personal to a Participant and the Participant shall not assign, transfer, sell, mortgage, charge, pledge or encumber in any way whatsoever the Award or any of the Shares subject to the Award or any interest therein. An Award shall lapse forthwith if the Participant purports to assign, transfer it etc. (as aforesaid).

**9.** **TERMINATION OF SERVICE** 

The Award Agreements will contain leaver provisions in accordance with local law requirements as determined in the absolute discretion by the Board.

**10.** **LAPSE OF UNVESTED AWARDS** 

10.1 An unvested Award shall lapse and be forfeited (without any compensation) on the occurrence of the earliest
of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1. the seventh anniversary of the Date of Grant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. the expiry of the Performance Period without the Performance Conditions having been satisfied or the date
on which it becomes apparent that any such condition has become incapable of being satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3. subject to Rule 9, the date on which a Termination of Service occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4. the date on which a resolution is adopted for the dissolution of the Company, or an order is made by any
Dutch court for the compulsory dissolution of the Company in the instance provided by applicable law.

**11.** **CHANGE IN CONTROL OF THE COMPANY, RECONSTRUCTION & DISSOLUTION** 

11.1 **Change in Control** 

Subject to Rule 11.2, in the event that the Company is subject to a Change in Control, or the Board considers this is about to occur, the Board will be entitled (without the Participant's consent unless the Board otherwise requires) at its discretion and notwithstanding anything herein contained (except the proviso below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. to accelerate vesting, exercise or cessation of restrictions, as applicable, of some or all of the Awards
(or portions thereof) in relation to the whole or a specified portion of the Shares or cash, as applicable, to which such Awards relate
and within such time or times and subject to any other conditions or limitations as the Board may at its discretion determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. to agree that some or all of the outstanding Awards (or portions thereof) will be assumed or substituted
by the surviving company or its (direct or indirect) shareholder (or the Acquiring Company or its (direct or indirect) shareholder where
a takeover occurs) on terms and conditions which are equivalent to the terms and conditions of the Awards originally granted under the
Plan but which relate to shares in the surviving company or its (direct or indirect) shareholder (or the Acquiring Company or its (direct
or indirect) shareholder where a takeover occurs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. to arrange for the continuation by the Company of some or all of the outstanding Awards (or portions thereof)
(if the Company is a surviving company or an acquiring company in a takeover);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4. to settle some or all of the Share-based Awards (or portions thereof) in a cash amount equal, per Share,
to the amount to be paid for one Share under the agreement of merger or takeover terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5. to otherwise vary the some or all of the outstanding Awards (or portions thereof) on such conditions as
the Board may decide,

and the Board may determine that any one or any combination of the above will occur.

11.2 **Re-organisation** 

Where the Company becomes a wholly-owned subsidiary of a holding company which will be owned in substantially the same proportions by the persons who held the Company's issued shares immediately before such transaction, the Board may determine together with such holding company that some or all of the Awards (or portions thereof) granted hereunder will be treated as if they were in all respects options over shares in the holding company, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1. the new award shall vest, be exercisable or cease to be restricted (as the case may be) in the same manner
as the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2. the total market value of the new shares subject to the new award shall, immediately after such reorganisation,
be equal to the total Market Value of the Shares comprised in the Award immediately prior to such reorganisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3. the new award shall be subject to performance conditions and any other restrictions that shall be at least
equivalent (as determined by the Board) to the Performance Conditions or other restrictions, as applicable, attaching to the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4. the new shares shall, at the date of any resolution by the Board under this Rule 11.2, have the same rights
attaching thereto as the Shares of the Company, to the extent permitted by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5. to the extent permitted by law, the new award shall be deemed to have been granted as at the Date of Grant
of the Award.

11.3 **Dissolution** 

In the event of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1. any proposal for the reorganisation of the capital of the Company or for the reconstruction, amalgamation
or (de)merger of the Company involving a material change in the nature of the Shares comprised in any Award (and for the purposes of this
sub-rule the determination by the Board of a material change in the nature of Shares in any particular case shall be final and conclusive
and shall be communicated to each Participant in writing); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.2. the general meeting of shareholders of the Company adopting a resolution for its dissolution or an order
being made for the compulsory dissolution of the Company (which shall be communicated by the Board to each Participant in writing);

any Award held by a Participant may, at the discretion of the Board, on the date that such proposal, reconstruction or amalgamation becomes unconditional or such winding-up takes effect or within such period before or after such date as the Board may determine, vest, become exercisable or cease to be restricted (as the case may be) on a pro-rata basis in such proportion as the Board shall determine and upon and subject to any conditions or limitations as the Board may at its discretion determine.

**12.** **TAX** 

12.1 **Tax Indemnity** 

The Participant shall indemnify the Company (and, where relevant, any Group Company) against any tax and social security contributions (or their equivalent in any jurisdiction) arising in respect of the Award which is a liability of the Participant but for which the Company or relevant Group Company is required to account to a tax authority and or social security authority under the laws of any relevant territory. The Company may, to the extent permitted by law, recover the tax and social security from the Participant in such manner as the Board think fit including and (but without prejudice to the generality of the foregoing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1. withholding Shares when the Award vests, is exercised or ceases to be restricted (as the case may be)
and selling same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2. deducting the necessary amount from the Participant's remuneration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3. requiring the Participant to account directly to the Company or relevant tax authority for such tax and
social security.

The Company shall not be required to transfer any Shares to the Participant under the Plan until such obligations are satisfied.

**13.** **PRIVACY AND DATA PROTECTION** 

13.1 Each Participant acknowledges that it is necessary for the Company to Process certain Data for the purposes
of implementing, administering and managing the Participant's participation in the Plan, or, in case this is necessary for compliance
and financial reporting purposes, so as to allow the Company and/or its Group Companies to comply with legal obligations. In addition,
the Company Processes the Data on the basis of its legitimate interest in case of a pending and/or threatening dispute and/or (legal)
claim, investigation by a relevant supervisory authority, litigation or arbitration, to determine its legal position, in order to obtain
(external) advice and/or to establish and/or defend its (legal) position and/or to exercise a (legal) claim, to prepare for and execute
a contemplated reorganisation, (de)merger, split, sale or transfer of (part of) the Group's business or assets, and where necessary,
request the Participant's consent for the processing of the Data. The Company qualifies as the controller of the Processing in the
context of the Plan (in the sense of the EU General Data Protection Regulation 2016/679).

13.2 The Participant acknowledges that, if the Participant chooses not to furnish any Data requested, where
the processing is based on the Participant's consent withdraws his or her consent, or chooses to restrict the Processing of the
Data, the Company will not be able to perform its obligations under the Plan and the Participant will be unable to participate in the
Plan.

13.3 The Data may be disclosed to judicial and arbitrational courts and/or committees and external advisors
for the purpose of obtaining (external) advice and/or to establish and/or defend the (legal) position of the Company and/or to exercise
a (legal) claim. The Company may (i) transfer the Data to its Group Companies and transfer the Data to any third party service provider
assisting the Company and/or its Group Companies in the purposes mentioned above and (ii) make the Data available to public authorities
where required by applicable law. These third parties may be located in countries outside of the European Economic Area, which may offer
a lower level of Data protection than the country in which the Participant resides. Where relevant, the Company will implement appropriate
safeguards to ensure the protection of the Data when disclosing the Data to a third party. For more information about the safeguards applied
to international transfers, the Participant should contact his or her local human resources representative The Data will be Processed
through the relevant time limitation period for claims under the Plan, and for as long as required by the law for compliance with legal
and financial reporting purposes, which shall be for (i) a period of at least five years after participation in the Plan has ended and/or
terminated or (ii) where the Data is part of the financial administration required for Dutch tax law purposes, for a period of at least
seven years after the end of the relevant tax year.

13.4 A Participant may, at any time, submit an access request relating to the Data Processed by the Company
with respect to the Participant, request additional information about the Processing of the Data, request any necessary corrections to
the Data, in certain circumstances request deletion of (part of) the Data, object to (part of) the Processing, request the restriction
of (part of) the Processing and request to receive the Data in a structured, commonly used and machine readable format, by contacting
his or her local human resources representative. Where the Processing is based on consent, the Participant may, at any time, withdraw
his or her consent (without affecting the lawfulness of the Processing based on consent before its withdrawal). For more information on
the Processing of Data or if a Participant wants to exercise the aforementioned rights with respect to the his or her Data, the Participant
should contact his or her local human resources representative. The Participant also has the right to lodge a complaint with the Dutch
Data Protection Authority (*Autoriteit Persoonsgegevens*) which can be done on the following website www.autoriteitpersoonsgegevens.nl
(or with a data protection regulator in the EU Member State of the Participant's habitual residence or place of work).

**14.** **ISSUE OF SHARES** 

14.1 **Ranking of Shares** 

All Shares issued in connection with Awards under the Plan shall as to voting, dividend, transfer and other rights (including those arising on a liquidation) rank *pari passu* in all respects with the Shares then in issue, except that they shall not rank for any dividend or other rights declared by reference to a record date preceding the date of issue.

14.2 **Admission to Official List of Stock Exchange** 

If and so long as Shares are listed on a Stock Exchange, the Company shall use its best endeavours to procure that as soon as practicable after the issue of any Shares pursuant to Awards under the Plan, application shall be made to the relevant exchange for admission of the Shares to the Official List of that Stock Exchange.

**15.** **ADJUSTMENTS IN THE EVENT OF CAPITALISATION AND RIGHTS ISSUES ETC.** 

15.1 In the event of any alteration or re-organisation whatsoever taking place in the capital structure of
the Company including but not limited to capitalisation of profits or reserves, capital distribution, rights issue, consolidation or sub-division
of Shares, the conversion of one class of share to another or reduction of capital or otherwise, the Board may adjust any one or more
of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1. the number of Shares subject to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2. the definition of Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3. where the Award has been granted but no Shares have been delivered pursuant thereto, the number of Shares
which may be delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4. the amount payable for a Share PROVIDED THAT this amount shall not be reduced to less than the par value
of a Share.

15.2 In the event of any alteration to the subject matter of an Award pursuant to the provisions of this Rule
15 the original Award Agreement shall remain valid except to the extent modified by the alteration. The Board may issue revised Award
Agreements or take whichever action it deems appropriate.

15.3 If (in the opinion of the Board) a significant or material event occurs during a Performance Period which
the Board expects to have a substantial effect on the Performance Conditions, such that the Performance Conditions attached to an Award
have become unfair or impractical, the Board may at its discretion (provided such discretion is exercised fairly and reasonably) amend,
relax, waive or substitute the Performance Conditions so that following such amendment, relaxation, waiver or substitution of the Performance
Conditions they would, in the reasonable opinion of the Board be no more or less difficult to abide by or satisfy than when originally
imposed or last amended (as the case may be).

**16.** **ALTERATIONS** 

The Board may at any time alter, amend or revoke any provisions of the Plan in such manner as may be thought fit (including any retrospective, prospective or coincident alteration, amendment or revocation).

**17.** **SHARE CAPITAL & APPROVAL GENERAL MEETING** 

17.1 Subject to Section 12 hereof, the total number of Shares reserved and available for grant and issuance
pursuant to the Plan will be the equivalent of 3% of the total Shares of the Company. The Company may service the plan with either treasury
shares, newly issued shares or a combination thereof.

17.2 Any proposal to grant equity-based Awards to Directors must be submitted to the general meeting of the
Company for approval. The proposal must at least provide how many shares or rights to subscribe for shares may be granted to the Directors
and which criteria apply to the grant or to variations.

**18.** **TERMINATION** 

18.1 The Plan may be terminated at any time by the Board and shall in any event terminate on the tenth anniversary
of the Adoption Date.

18.2 As from the date of any termination of the Plan under Rule 18.1 the Company shall not grant any further
Awards but no such termination shall affect or modify any subsisting rights or obligations of the Participants in respect of any Awards
already granted and notwithstanding such termination the Company shall continue to act, administer and manage the Plan in accordance with
its terms.

**19.** **NOTICES** 

19.1 **Notices to a Participant** 

Any notification or other communication to be given to a Participant in connection with the Plan shall be deemed to have been duly given if sent either by electronic mail to the Participant's electronic mail address at his place of work, or by post in a pre-paid cover to the Participant's postal address last known to the Company or if sent to him at his place of work, and shall be deemed to have been duly given on the date of dispatch or posting. The Group shall have no liability whatsoever to a Participant in respect of any notification, document, payment or other communication so given, sent or made, nor shall the Group be concerned to see that any Participant actually receives the same.

19.2 **Notices from a Participant** 

Any notification or other communication to be given to the Company or any of its Group Companies in connection with the Plan shall be delivered by hand or sent by electronic mail, fax or post to the registered office of the Company or the relevant Group Company or such other electronic mail or postal address as may from time to time be notified to Participants, but shall not in any event be duly given unless it is actually received.

**20.** **GENERAL** 

20.1 In the event of any dispute or disagreement as to the interpretation of the Plan, or as to any question
or right arising from or related to the Plan, the decision of the Board shall be final and binding upon all persons.

20.2 Subject to Rule 16, the Board may at any time and from time to time amend the Plan in such manner as the
Board may consider necessary or desirable or establishes in order to comply with, take advantage of or otherwise in connection with any
taxation, legal, regulatory or other rule, law, guidelines, regulations or other provision of or prevailing in any jurisdiction in which
the Plan is or is intended to be operated.

20.3 The Board's determinations under the Plan and Award Agreements need not be uniform and any such
determinations may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan. Without limiting
the generality of the foregoing, the Board will be entitled, among other things, to make non-uniform and selective determinations under
Award Agreements, and to enter into non-uniform and selective Award Agreements.

20.4 The Company will have, to the extend allowed under the applicable law, the right to offset against its
obligation to deliver Shares (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without
limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable
to the Company pursuant to tax equalization, housing, automobile or other employee programs) that the Participant then owes to the Company
and any amounts the Board otherwise deems appropriate pursuant to any tax equalization policy or agreement.

20.5 The Company shall bear the costs of setting up and administering the Plan.

20.6 Neither the Plan nor any action taken thereunder shall be construed as giving any Eligible Person a right
to be retained in the employment or service of the Group. No Eligible Person or Participant shall be entitled to any compensation or damages
whatsoever or howsoever described, by reason of any termination, withdrawal or alteration of rights or expectations under the Plan whether
such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of
office or otherwise howsoever. Any granting of Awards does not qualify as an employment condition and shall not be pensionable nor be
taken into account in the calculation of any holiday pay nor in calculating any compensation or damages possibly due in respect of the
termination of the employment agreement, irrespective of the manner of and ground for such termination.

20.7 Any stamp duty chargeable on any instrument of the transfer entered into pursuant to each Award shall
be borne by the Company, or where relevant, any Group Company in respect of Participants employed or engaged by it.

20.8 The Company shall maintain all necessary books of account and records relating to the Plan.

20.9 The Board shall be entitled to authorise any person to execute on behalf of a Participant, at the request
of the Participant, any document relating to the Plan, insofar as such document is required to be executed pursuant thereto.

20.10 The Participant shall be responsible for obtaining any governmental or other official consent that may
be required by any country or jurisdiction in order to permit the grant, vesting or exercise (as the case may be) of Awards to or by him.
The Company shall not be responsible for any failure by the Participant to obtain any such consent or for any tax or other liability to
which the Participant may become subject as a result of Awards made hereunder.

20.11 By participating in the Plan the Participant acknowledges that certain personal data provided by the Participant
is collected, held, processed by and exchanged within the members of the Group for purposes of execution and operation of the Plan and
in order to comply with legal obligations to which the Group may be subject. Those personal data may also be shared with third party service
providers rendering services to any member of the Group for purposes of the operation of the Plan. The recipients of the personal data
may be located in countries outside of the European Economic Area, which may offer a lower level of data protection than the country in
which you reside.

20.12 The Board may establish by schedule appended hereto or otherwise further plans based on the Plan but modified
to take account of local tax exchange control or (securities) laws.

20.13 The Plan shall be governed by and construed and interpreted in accordance with Dutch law and the Company,
Group Companies and Participants agree to submit any claim, dispute or difference which may arise hereunder to the non-exclusive jurisdiction
of the Courts of the Netherlands.

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated March 25, 2025, with respect to the consolidated financial statements of JBS S.A., incorporated herein by reference.

/s/ KPMG Auditores Independentes Ltda.

São Paulo/SP, Brazil

August 15, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**JBS N.V.**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A common shares, par value €0.01 per share | (1) | Other | 24426479 | $14.16 | $345878942.64 | 0.0001531 | $52954.07 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $345878942.64 |  | 52954.07 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $52954.07 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents Class A common shares, par value €0.01 per share ("Shares") of JBS N.V. (the "Registrant") reserved for issuance under the JBS N.V. Incentive Plan (the "Plan"). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover any additional Shares that may become issuable under the terms of the Plan by reason of any share split, share dividend, recapitalization or other similar transaction effected without the Registrant's receipt of consideration which results in an increase in the number of the outstanding Shares. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and (h) under the Securities Act, based on the average of the high and low sales prices of the Registrant's Shares on The New York Stock Exchange on August 8, 2025. The Registrant does not have any fee offsets to claim.