Document:

Exhibit

Exhibit 10.16

	
	
	Dated October 31, 2017

	(1)   BUNGE SECURITIZATION B.V., as Seller
(2)   KONINKLIJKE BUNGE B.V., as Master Servicer
(3)   The Conduit Purchasers party hereto
(4)   The Committed Purchasers party hereto
(5)   The Purchaser Agents party hereto
(6)   COÖPERATIEVE RABOBANK U.A., as Administrative Agent and Purchaser Agent
(7)   BUNGE LIMITED, as Performance Undertaking Provider

	 

	 

	 

	TWELFTH AMENDMENT TO THE RECEIVABLES TRANSFER AGREEMENT

CONTENTS

	
				
	Clause
	 
	Page

	 
	 
	 

	1.
	Definitions and interpretation
	1
	

	2.
	Amendment of the Receivables Transfer Agreement
	2
	

	3.
	Representations
	6
	

	4.
	Hungarian Receivables Purchase Agreement
	7
	

	5.
	Continuance
	7
	

	6.
	Further Assurance
	7
	

	7.
	Conditions Precedent
	7
	

	8.
	Notices, etc
	7
	

	9.
	Execution in counterparts
	7
	

	10.
	Governing law; submission to jurisdiction
	7
	

	11.
	No proceeding; limited recourse
	8
	

Exhibits
EXHIBIT A    Address and Notice Information
EXHIBIT B    Facility Accounts and Account Banks
EXHIBIT C    Excluded Obligors

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THIS TWELFTH AMENDMENT TO THE RECEIVABLES TRANSFER AGREEMENT (this “Amendment”) is dated October 31, 2017 and made among:
		
	(1)
	BUNGE SECURITIZATION B.V., a private limited liability company organized under the laws of the Netherlands, as Seller (the “Seller”);

		
	(2)
	KONINKLIJKE BUNGE B.V., a private limited liability company organized under the laws of the Netherlands, as Master Servicer (the “Master Servicer”);

		
	(3)
	the Conduit Purchasers party hereto (the “Conduit Purchasers”);

		
	(4)
	the Committed Purchasers party hereto (the “Committed Purchasers”);

		
	(5)
	the Purchaser Agents party hereto (the “Purchaser Agents”); 

		
	(6)
	COÖPERATIEVE RABOBANK U.A., as Administrative Agent (the “Administrative Agent”); and

		
	(7)
	BUNGE LIMITED, a company formed under the laws of Bermuda, as Performance Undertaking Provider (the “Performance Undertaking Provider”),

the Seller, the Master Servicer, the Conduit Purchasers, the Committed Purchasers, the Purchaser Agents, the Administrative Agent and the Performance Undertaking Provider are hereinafter collectively referred to as the “Parties” and each of them a “Party”.
BACKGROUND:
		
	(A)
	This Amendment is supplemental to and amends the receivables transfer agreement dated June 1, 2011 (as amended and restated on May 26, 2016, as further amended on June 30, 2016, October 11, 2016 and on May 31, 2017) made among the Parties to this Amendment (the "Receivables Transfer Agreement").

		
	(B)
	The Parties have agreed to further amend the Receivables Transfer Agreement on the terms set out below. 

		
	(C)
	This Amendment is a Transaction Document as defined in the Receivables Transfer Agreement. 

IT IS AGREED that:
		
	1.
	DEFINITIONS AND INTERPRETATION

Unless otherwise defined herein, capitalized terms which are used herein shall have the meanings assigned to such terms in Section 1.1 (Certain defined terms) of the Receivables Transfer Agreement.  The principles of interpretation set forth in Section 1.2 (Other terms) and Section 1.3 (Computation of time periods) of the Receivables Transfer Agreement shall apply to this Amendment as if fully set forth herein.

1

		
	2.
	AMENDMENT OF THE RECEIVABLES TRANSFER AGREEMENT

With effect from the Amendment Effective Date (as such term is defined in Clause 6 (Conditions Precedent)), the Receivables Transfer Agreement shall be amended as follows:
(a)    In Section 1.1 (Definitions) the definition of “Account Security Agreements” shall be deleted and replaced with the following:
“Account Security Agreements” means, as the context requires, all or any one of the Canadian Account Security Agreements, the German Account Security Agreements, the Dutch Account Security Agreements, the Hungarian Account Security Agreements, the Italian Account Security Agreements, the Portuguese Account Security Agreements, the Spanish Account Security Agreements and the U.S. Account Security Agreements.
(b)    In Section 1.1 (Definitions) the definition of “Approved Originator Jurisdiction” shall be deleted and replaced with the following:
“Approved Originator Jurisdiction” means Canada, Germany, Hungary, Italy, The Netherlands, Portugal, Spain and any State of the U.S. and any other jurisdiction approved in writing by the Administrative Agent and each Purchaser Agent; provided that a jurisdiction shall not be an Approved Originator Jurisdiction unless all authorizations and approvals by all Official Bodies required in connection with this Agreement and the other Transaction Documents have been obtained and all opinions, certificates, amendments to the Transaction Documents and other documentation reasonably requested by the Administrative Agent or any Purchaser Agent have been delivered (such documentation anticipated to be substantially similar to the documentation required for Originators on the Closing Date, with any necessary country–specific adjustments).
(c)    In Section 1.1 (Definitions) the following definition of “Bail-In Action” shall be inserted:
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
(c)    In Section 1.1 (Definitions) the following definition of “Bail-In Legislation” shall be inserted:
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time that is described in the EU Bail-In Legislation Schedule.

2

(e)    In Section 1.1 (Definitions) the definition of “Collection Accounts” shall be deleted and replaced with the following:
“Collection Accounts” means, as the context requires, all or any one of the Canadian Collection Accounts, Dutch Collection Accounts, German Collection Accounts, Hungarian Collection Accounts, Italian Collection Accounts, Portuguese Collection Accounts, Spanish Collection Accounts or U.S. Collection Accounts.
(f)    In Section 1.1 (Definitions) the following definition of “Dutch Account Security Agreement” shall be inserted:
“Dutch Account Security Agreement” has the meaning specified in the Dutch RPA.
(g)    In Section 1.1 (Definitions) the following definition of “Dutch Collection Account” shall be inserted:
“Dutch Collection Account” means any account set forth on Schedule 5 (Facility Accounts and Account Banks) hereto under the heading “Dutch Collection Accounts”, as such Schedule may be amended from time to time in accordance herewith.
(h)    In Section 1.1 (Definitions) the following definition of “Dutch Collection Account Bank” shall be inserted:
“Dutch Collection Account Bank” means any bank or other financial institution set forth on Schedule 5 (Facility Accounts and Account Banks) under the heading “Dutch Collection Account Banks”, as such Schedule may be amended from time to time in accordance herewith.
(i)    In Section 1.1 (Definitions) the following definition of “Dutch Originator” shall be inserted:
“Dutch Originator” has the meaning assigned to the term “Seller” in the Dutch RPA.
(j)    In Section 1.1 (Definitions) the following definition of “Dutch RPA” shall be inserted:
“Dutch RPA” means the Dutch Receivables Purchase Agreement among the Dutch Originators, the Dutch Seller Agent and the Seller.  It being understood and agreed that this agreement shall be entered into after the Amendment Effective Date.
(k)    In Section 1.1 (Definitions) the following definition of “Dutch Seller Agent” shall be inserted:
“Dutch Seller Agent” has the meaning assigned to the term “Seller Agent” in the Dutch RPA.

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(l)    In Section 1.1 (Definitions) the following definition of “EEA Financial Institution” shall be inserted:
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
(m)    In Section 1.1 (Definitions) the following definition of “EEA Member Country” shall be inserted:
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.
(n)    In Section 1.1 (Definitions) the following definition of “EEA Resolution Authority” shall be inserted:
 “EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
(o)    In Section 1.1 (Definitions) clause (d) of the definition of "Eligible Receivable" shall be deleted and replaced with the following:
		
	(d)
	which has been billed to the relevant Obligor and, (i) according to the terms thereof and any Contract related thereto, is required to be paid in full (subject to any contractual rebate or discount) within 240 days from the original billing date therefor and (ii) would not cause the weighted average payment term of all Eligible Receivables to be greater than 70 days;

(p)    In Section 1.1 (Definitions) the following definition of “EU Bail-In Legislation Schedule” shall be inserted:
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
(q)    In Section 1.1 (Definitions) the definition of "Loss Horizon Ratio" shall be deleted and replaced with the following:
“Loss Horizon Ratio” means, as of any Monthly Reporting Date and continuing until (but not including) the next Monthly Reporting Date, the amount equal to (a) the aggregate amount of all sales (in U.S. Dollars or the Dollar Equivalent) which gave rise to 

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Portfolio Receivables that were generated during the prior 4 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of less than or equal to 30 days) or 4.25 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of greater than 30 days but less than or equal to 40 days) or 4.50 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of greater than 40 days but less than or equal to 50 days) or 4.75 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of greater than 50 days but less than or equal to 60 days) or 5.25 Calculation Periods (where the Portfolio Receivables have weighted average payment terms of greater than 60 days but less than or equal to 70 days) divided by (b) the Net Eligible Receivables Balance as of the end of the Calculation Period immediately preceding such earlier Monthly Reporting Date.
(r)    In Section 1.1 (Definitions) the definition of "Originator" shall be deleted and replaced with the following:
“Originator” means any Canadian Originator, Dutch Originator, German Originator, Hungarian Originator, Italian Originator, Portuguese Originator, Spanish Originator or U.S. Originator.
(s)    In Section 1.1 (Definitions) the definition of "Originator Sale Agreement" shall be deleted and replaced with the following:
“Originator Sale Agreement” means any of the Canadian RPA, the Dutch RPA, the German RPA, the Hungarian RPA, the Italian RPA, the Portuguese RPA, the Spanish RPA and the U.S. RPA.
(t)    In Section 1.1 (Definitions) the following definition of “Write-Down and Conversion Powers” shall be inserted:
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
(u)    In Article 11 (Miscellaneous) the following provision shall be added as Section 11.18:
“Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among the parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

5

		
	(a)
	the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder that may be payable to it by any party hereto that is an EEA Financial Institution; and

		
	(b)
	the effects of any Bail-in Action on any such liability, including, if applicable:

		
	(i)
	a reduction in full or in part or cancellation of any such liability;

		
	(ii)
	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or

		
	(iii)
	the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.”

(v)    Schedule 2 (Address and Notice Information) shall be deleted and replaced with Exhibit A hereto.
(w)    Schedule 5 (Facility Accounts and Facility Account Banks) shall be deleted and replaced with Exhibit B hereto.
(x)    Schedule 9 (Excluded Obligors) shall be deleted and replaced with Exhibit C hereto.
		
	3.
	REPRESENTATIONS

Each of the Seller, the Master Servicer and the Performance Undertaking Provider represents and warrants to the other Parties hereto that, after giving effect to this Amendment, each of its representations and warranties set forth in the Receivables Transfer Agreement, as such representations and warranties apply to such Person, is true and correct in all material respects on and as of the date hereof as though made on and as of such date except for representations and warranties stated to refer to a specific earlier date, in which case such representations and warranties are true and correct as of such earlier date.
		
	4.
	HUNGARIAN RECEIVABLES PURCHASE AGREEMENT

The Parties hereby consent to the Hungarian RPA.
		
	5.
	CONTINUANCE

The Parties hereby confirm that the provisions of the Receivables Transfer Agreement and the other Transaction Documents shall continue in full force and effect, subject only to the amendments effected thereto by this Amendment.

6

		
	6.
	FURTHER ASSURANCE

The Parties shall, upon request of the Administrative Agent, and at the cost of the Seller, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected by this Amendment.  Each of the Parties thereto hereby ratifies and confirms each of the Transaction Documents to which it is a party. 
		
	7.
	CONDITIONS PRECEDENT

This Amendment shall become effective as of the date first written above upon the Administrative Agent’s receipt of counterparts of this Amendment duly executed by each of the Parties (the “Amendment Effective Date”).
		
	8.
	NOTICES, ETC.

All communications and notices provided for hereunder shall be provided in the manner described in Schedule 2 (Address and Notice Information) to the Receivables Transfer Agreement.
		
	9.
	EXECUTION IN COUNTERPARTS

This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by electronic file in a format that is accessible by the recipient shall be effective as delivery of a manually executed counterpart of this Amendment.
		
	10.
	GOVERNING LAW; SUBMISSION TO JURISDICTION

		
	(a)
	THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

		
	(b)
	Each of the Parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment.  Each party hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

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	11.
	NO PROCEEDING; LIMITED RECOURSE

		
	(a)
	Each of the Parties hereto hereby agrees that (i) it will not institute against any Conduit Purchaser any proceeding of the type referred to in the definition of Event of Bankruptcy until there shall have elapsed two years plus one day since the Final Payout Date and (ii) notwithstanding anything contained herein or in any other Transaction Document to the contrary, the obligations of the Conduit Purchasers under the Transaction Documents are solely the corporate obligations of the Conduit Purchasers and shall be payable solely to the extent of funds which are received by the Conduit Purchasers pursuant to the Transaction Documents and available for such payment in accordance with the terms of the Transaction Documents and shall be non-recourse other than with respect to such available funds and, without limiting this Section 10, if ever and until such time as any Conduit Purchaser has sufficient funds to pay such obligation shall not constitute a claim against such Conduit Purchaser.

		
	(b)
	No recourse under any obligation, covenant or agreement of any Conduit Purchaser contained in this Amendment or any other Transaction Document shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of such Conduit Purchaser by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Amendment and the other Transaction Documents are solely a corporate obligation of such Conduit Purchaser, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of such Conduit Purchaser or any of them under or by reason of any of the obligations, covenants or agreements of such Conduit Purchaser contained in this Amendment or any other Transaction Document, or implied therefrom, and that any and all personal liability for breaches by such Conduit Purchaser of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Amendment; provided that the foregoing shall not relieve any such Person from any liability it might otherwise have as a result of fraudulent actions taken or fraudulent omissions made by them.

[Signature pages follow.]

8

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the day and year first above written.
BUNGE SECURITIZATION B.V., as Seller

By:  /s/ Pravien Mahabier    
Name:   Pravien Mahabier
Title:     Proxy Holder A

By: /s/ Wouter Swierstra    
Name:   Wouter Swierstra
                                             Title:     Proxy Holder B

KONINKLIJKE BUNGE B.V., as Master Servicer

By: /s/ A.J. de Lange    
Name:    A.J. de Lange
Title:      Director
    

By: /s/ J.J. Kloet    
Name:   J.J. Kloet
Title:     Director 

BUNGE LIMITED, as Performance Undertaking Provider

By: /s/ Carla Heiss    
Name:   Carla Heiss
Title:     Secretary

By: /s/ Rajat Gupta    
Name:   Rajat Gupta
Title:     Treasurer

[Signature to Twelfth Amendment to the Receivables Transfer Agreement]

COÖPERATIEVE RABOBANK U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent

By: /s/ Jennifer Vervoorn    
Name:   Jennifer Vervoorn
      Title:     Director

By: /s/ E. van Esveld    
Name:   E. van Esveld
Title:     Managing Director 

NIEUW AMSTERDAM RECEIVABLES CORPORATION B.V., as Conduit Purchaser

By: /s/ E.M. van Arkeren    
Name:   E.M. van Ankeren
Title:     Managing Director 

By: /s/ R. Geerts    
Name:   R. Geerts
Title:     Proxy Holder 

[Signature to Twelfth Amendment to the Receivables Transfer Agreement]

CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK, as Purchaser Agent and Committed Purchaser

By: /s/ Frédéric Mazet    
Name:   Frédéric Mazet
Title:   

By: /s/ Cyril Lesage    
Name:    Cyril Lesage
Title:

[Signature to Twelfth Amendment to the Receivables Transfer Agreement]

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Purchaser Agent

By: /s/ Mark Escott    
Name:   Mark Escott
Title:     Head of Securitisation 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Committed Purchaser

By: /s/ Mark Escott    
Name:   Mark Escott
Title:     Head of Securitisation

ALBION CAPITAL CORPORATION S.A., as Conduit Purchaser

By: /s/ Salvatore Rosato    
Name:   Salvatore Rosato
Title:     Director

   By: /s/ Catherine Trapani     
Name:   Catherine Trapani 
Title:     Director

[Signature to Twelfth Amendment to the Receivables Transfer Agreement]

BNP PARIBAS, LONDON BRANCH, as Purchaser Agent

By: /s/ Hadrien Schmidt    
Name:   Hadrien Schmidt
Title:     Authorised Signatory 

MATCHPOINT FINANCE PLC, as Committed Purchaser and Conduit Purchaser

By: /s/ Brian McDonagh    
Name:   Brian McDonagh
Title:     Director

[Signature to Twelfth Amendment to the Receivables Transfer Agreement]

Exhibit A 

10

SCHEDULE 2
ADDRESS AND NOTICE INFORMATION

11    

12    

Exhibit B

13    

SCHEDULE 5
Facility Accounts and Account Banks

14    

Exhibit C

15    

Schedule 9
EXCLUDED OBLIGORS

16Exhibit

Exhibit 10.41

BUNGE LIMITED
2017 NON-EMPLOYEE DIRECTORS EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AGREEMENT
1.    General.  Unless otherwise defined herein, the terms defined in the Bunge Limited 2017 Non-Employee Directors Equity Incentive Plan (the “Plan”) shall have the same defined meanings in this Restricted Stock Unit Agreement (this “Agreement”).  The Plan, which is incorporated by reference, and this Agreement constitutes the entire understanding and agreement between you and Bunge Limited (the “Company”) regarding the Restricted Stock Units (“RSUs”) specified in your account.  

2.    Grant of RSUs.  Subject to the terms and conditions of the Plan and this Agreement, effective as of the date specified in your account (the “Date of Grant”), the Company grants you the number of RSUs specified in your account.  Each RSU is equivalent to one Share for purposes of determining the number of Shares subject to the RSU.

3.    Vesting of RSUs.  Subject to the terms and conditions of the Plan and this Agreement, the RSUs and related accrued Dividend Equivalents shall vest on the [       ] anniversary of the Date of Grant (the “Vesting Date”), provided that you continue to serve as a member of the Board from the Date of Grant up to and including the Vesting Date.

4.    Form and Timing of Payment.  Subject to the terms and conditions of the Plan and this Agreement, each vested RSU, plus related Dividend Equivalents, will be paid as soon as practical after the Vesting Date, but in no event later than sixty (60) days following the Vesting Date; provided, however, that you will not be permitted, directly or indirectly, to designate the taxable year of the distribution.  

5.    Dividend Equivalents.  If the Board declares a cash dividend on the Shares, you will be entitled to a Dividend Equivalent, to be credited to your account on the dividend payment date established by the Company, equal to the cash dividends payable on the same number of Shares as the number of unvested RSUs credited to your account on the dividend record date established by the Company.  Any Dividend Equivalent will be in the form of additional whole RSUs, will be subject to the same terms and Vesting Dates as the corresponding RSUs, and will be paid at the same time and in the same manner as the corresponding RSUs. The number of additional RSUs credited to your account on the dividend payment date (rounded down to the nearest whole RSU) will be determined by (x) multiplying the number of unvested RSUs as of the dividend record date (including any unvested RSUs previously credited to your account as a result of Dividend Equivalents) by (y) the quotient of the cash dividend to be paid per Share, divided by the Fair Market Value per Share on the dividend payment date.  Dividend Equivalents will vest at the same time as their corresponding RSUs and convert into the right to receive Shares only to the extent the underlying RSUs vest and become payable.

6.    Effect of Termination of Service.

6.1    Termination of Service for any Reason other than Disability, death, Retirement, or Failure to be Re-elected.  If your service as a member of the Board terminates for any reason other than death, Disability, Retirement, or by reason of failure by the Company’s shareholders to reelect you after you were nominated for re-election by the Board, any unvested RSUs (and related Dividend Equivalents) will immediately be cancelled and forfeited without payment.

    

6.2    Termination of Service on Account of Disability, death, Retirement or Failure to be Re-elected.  If your service as a member of the Board terminates on account of death, Disability, Retirement, or by reason of failure by the Company’s shareholders to reelect you after you were nominated for re-election by the Board, any unvested RSUs (and related Dividend Equivalents) will become fully and immediately vested (to the extent not already vested) and will be payable as soon as practical following your termination of service, provided that in no event will payment be made later than sixty (60) days following such termination.     

6.3    Change in Control.  Unless specifically prohibited by the Plan or unless the Committee provides otherwise prior to a Change in Control, upon the occurrence of a Change in Control and 
either (i) the successor entity fails to assume, substitute or replace the RSUs or (ii) your termination of service with the Company or a Subsidiary on or before the occurrence of the first anniversary of the occurrence of a Change in Control any restrictions imposed on any outstanding and unvested RSUs shall be deemed to have expired.

6.4    Specified Employees.  Notwithstanding anything herein to the contrary, if you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), as determined under the Company’s established methodology for determining specified employees, at the time of your separation from service, any payment hereunder that provides for a “deferral of compensation” within the meaning of Section 409A shall not be paid or commence to be paid on any date prior to the first business day after the date that is six months following your separation from service; provided, however, that a payment delayed pursuant to this Section 6.4 shall commence earlier in the event of your death prior to the end of the six-month period.

7.    Tax Withholding.

7.1    The Company shall have the authority and the right to deduct or withhold, or to require you to remit to the Company, an amount (if any) sufficient to satisfy the obligation for Tax-Related Items with respect to any taxable or tax withholding event concerning you arising as a result of your participation in the Plan or to take such other action as may be necessary or appropriate in the opinion of the Company to satisfy withholding obligations for the payment of Tax-Related Items by one or a combination of the following: (x) withholding from your cash compensation; (y) withholding from the proceeds of sale of Shares underlying the RSUs, either through a voluntary sale or a mandatory sale arranged by the Company on your behalf, without need of further authorization; or (z) in the Committee’s discretion, by withholding Shares otherwise issuable under the RSU (or allowing the return of Shares) sufficient, as determined by the Committee, in its discretion, to satisfy such Tax-Related Items.  No Shares shall be delivered pursuant to the RSUs to you or any other person until you or such other person has made arrangements acceptable to the Committee to satisfy the obligations for Tax-Related Items with respect to any taxable or tax withholding event concerning you or such other person arising as a result of the RSUs.

7.2    Regardless of any action of the Company, you acknowledge that the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the amount (if any) actually withheld by the Company.  You further acknowledge that the Company (x) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs; and (y) does not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result.

2

8.    Acknowledgements and Agreements.  You agree, accept and acknowledge the following:

(a)The delivery of the Plan, this Agreement, the Plan’s prospectus and any reports of the Company provided generally to the Company’s shareholders, may be made by electronic delivery.  Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.  By electronically accepting this Agreement, you agree to the following: “This electronic contract contains my electronic signature, which I have executed with the intent to sign this Agreement.”

(b)All decisions or interpretations of the Committee regarding the Plan, this Agreement and the RSUs shall be binding, conclusive and final on you and all other interested persons. 

(c)The Plan is established voluntarily by the Company, it is discretionary in nature, and may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan.

(d)The grant of RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past. 

(e)All decisions regarding future Awards, if any, will be at the discretion of the Board.

(f)Nothing in the Plan shall be deemed to create any obligation on the part of the Board to nominate you for re-election by the Company’s shareholders, nor confer upon you the right to remain a member of the Board for any period of time, or at any particular rate of compensation.

9.    No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares.  

10.    Compensation Recovery Policy.  The RSUs are subject to the terms of any compensation recovery policy or policies established by the Company as may be amended from time to time (“Compensation Recovery Policy”).  The Company hereby incorporates into this Agreement the terms of the Compensation Recovery Policy.  

11.    Section 409A Compliance.  To the extent applicable, the Plan and this Agreement shall be interpreted in accordance with Section 409A.  Notwithstanding any contrary provision in the Plan, this Agreement or the RSUs, if any provision of the Plan, this Agreement or the RSUs contravenes any regulations or guidance promulgated under Section 409A or would cause any person to be subject to additional taxes, interest and/or penalties under Section 409A, such provision of the Plan, this Agreement or the RSUs may be modified by the Committee without notice and consent of any person in any manner the Committee deems reasonable or necessary.  In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A.  Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable to RSUs that are subject to Section 409A to the extent such discretionary authority would contravene Section 409A.  If any amount owed to you is considered for purposes of Section 409A to be owed by virtue of your termination of service, such amount shall be paid if 

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and only if such termination of service constitutes a “separation from service” with the Company, determined using the default provisions set forth in Treasury Regulation §1.409A-1(h) or any successor regulation thereto.  Nothing herein shall be construed as a guarantee of any particular tax treatment.  The Company makes no representation that this Agreement or the RSUs comply with Section 409A and in no event shall the Company be liable for the payment of any taxes and penalties that you may incur under Section 409A.

12.    Rights as Shareholder.  Neither you nor any person claiming under or through you will have any of the rights or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until Shares have been issued and recorded on the records of the Company or its transfer agents or registrars.

13.    Notices.  Any notice to be given under this Agreement to the Company will be addressed to: Bunge Limited, 50 Main Street, 6th Floor, White Plains, New York 10606, Attention:  Chief Human Resources Officer.  Any notice to be given under this Agreement to you will be provided to the physical or electronic mail address maintained in the Company’s records; or in either case, at such other address as the Company or you, as the case may be, may hereafter designate in writing.

14.    Governing Law; Venue.  To the extent not preempted by federal law, the RSUs and this Agreement will be governed by and construed in accordance with the laws of the State of New York, without regard to its conflicts of law provisions.  The parties agree that any legal action, suit or proceeding arising from or related to this Agreement shall be instituted exclusively in the state courts of New York located in New York County or in the federal courts for the United States for the Southern District of New York and no other courts.  The parties consent to the personal jurisdiction of such courts over them, waive all objections to the contrary, and waive any and all objections to the exclusive location of legal proceedings in New York County or in the federal courts for the U.S. for the Southern District of New York.

15.    RSUs Not Transferable.  The RSUs and the rights and privileges conferred by the RSUs may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will or by the laws of descent or distribution.  The terms of the Plan and this Agreement shall be binding upon your executors, administrators, heirs, successors and assigns.

16.    Additional Conditions to Issuance of Stock.  If at any time the Company determines, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any foreign, state, federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to you (or your estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company.

17.    Imposition of Other Requirements.  The Company reserves the right to impose other requirements on your participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

18.    Insider-Trading/Market-Abuse Laws.  You acknowledge that you may be subject to insider-trading restrictions and/or market-abuse laws, which may affect your ability to acquire or sell Shares acquired under the Plan during such times as you are considered to have “inside information” regarding the Company.  You are responsible for complying with any applicable restrictions and are encouraged to speak to your personal legal advisor for further details regarding any applicable insider-trading and/or market-abuse laws.

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19.    Severability.  In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

20.    Modifications to this Agreement.  Amendments or modifications to this Agreement that adversely affect the RSUs in any material way may only be made with your written consent.   Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in its discretion and without your consent, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to the RSUs, or to comply with other applicable laws.

21.    Waiver.  You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent breach of this Agreement.

33033216.2

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