Document:

Exhibit 10.2

 

GUARANTY

This Guaranty (as amended,
supplemented, restated or otherwise modified in accordance with the terms hereof and in effect from time to time, this “Guaranty”)
is made as of October 29, 2021 by Bunge Limited, a company incorporated under the laws of Bermuda (together with any successors or assigns
permitted hereunder, “BL” or “Guarantor”), to CoBank, ACB, a federally chartered instrumentality
of the United States (“CoBank”), in its capacity as the administrative agent (together with its successors and assigns,
the “Administrative Agent”) under the Credit Agreement of even date herewith (as amended, restated, supplemented or
otherwise modified from time to time in accordance with the terms thereof, the “Credit Agreement”), among Bunge Limited
Finance Corp., a Delaware corporation (“BLFC”), the Administrative Agent and the financial institutions from time to
time party thereto (each a “Lender” and collectively, the “Lenders”), for the benefit of the Lenders.
This Guaranty amends and restates the Guaranty dated September 6, 2017 by BL to the Administrative Agent.

WITNESSETH:

WHEREAS, pursuant to the
Credit Agreement the Lenders have agreed to make credit extensions (the “Loans”) to BLFC from time to time; and

WHEREAS, the execution
and delivery of this Guaranty is a condition precedent to the effectiveness of the Credit Agreement.

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein, the parties hereby agree as follows:

Section 1.      Definitions.

(a)       For
all purposes of this Guaranty, except as otherwise expressly provided in Annex A hereto or unless the context otherwise requires, capitalized
terms used herein shall have the meanings assigned to such terms in the Credit Agreement.

(b)       Notwithstanding
any other provision contained herein or in the other Loan Documents, all terms of an accounting or financial nature used herein and in
the other Loan Documents shall be construed, and all computations of amounts and ratios referred to herein and in the other Loan Documents
shall be made, and prepared:

(i)       in
accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings
ascribed to such terms by GAAP; provided, however, that all accounting terms used in Section 8.2 below (and all defined terms used in
the definition of any accounting term used in Section 8.2 below) shall have the meaning given to such terms (and defined terms) under
GAAP as in effect on the date hereof applied on a basis consistent with those used in preparing the financial statements referred to in
Section 7(a) below. In the event of any change after the date hereof in GAAP, and if such change would affect the computation of any of
the financial covenants set forth in Section 8.2 below, then the parties hereto agree to endeavor, in good faith, to agree upon an amendment
to this Guaranty that would adjust such financial covenants in a manner that would preserve the original intent thereof, but would allow
compliance therewith to be determined in accordance with the Guarantor’s financial statements at that time, provided that, until
so amended such financial covenants shall continue to be computed in accordance with GAAP prior to such change therein; and

    	 	 	 

     

    

(ii)       without
giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having
a similar result or effect) to value any Indebtedness or other liabilities of BLFC, the Guarantor or any of their Subsidiaries at “fair
value”, as defined therein.

Notwithstanding
any other provision contained herein, all obligations of the Guarantor, BLFC and any of their respective Subsidiaries that are or would
be characterized as an operating lease as determined in accordance with GAAP as in effect on December 14, 2018 (whether or not
such operating lease was in effect on such date) shall continue to be accounted for as an operating lease (and not as a capital lease)
for purposes of the Loan Documents regardless of any change in GAAP following December 14, 2018 (or any change in the implementation
in GAAP for future periods that are contemplated as of December 14, 2018) that would otherwise require such obligation to be
re characterized as a capital lease and the Guarantor, BLFC and their respective Subsidiaries shall continue to provide financial reporting
which differentiates between operating leases and capital leases in accordance with GAAP as in effect on December 14, 2018.

Section 2.      Guaranty.
Subject to the terms and conditions of this Guaranty, the Guarantor hereby unconditionally and irrevocably guarantees (collectively, the
“Guaranty Obligations”) the prompt and punctual payment of all Obligations due and owing (whether at the stated maturity,
by acceleration, or otherwise) under the Credit Agreement and the other Loan Documents whether direct or indirect, absolute or contingent,
due or to become due, or now existing or hereafter incurred. This Guaranty is a guaranty of payment and not of collection. All payments
by the Guarantor under this Guaranty shall be made in Dollars and (i) with respect to Loans, shall be made to the Administrative
Agent for disbursement pro rata (determined at the time such payment is sought) to the Lenders in accordance with their respective Aggregate
Exposure Percentages, (ii) with respect to fees, expenses and indemnifications owed to the Lenders, shall be made to the Administrative
Agent for disbursement pro rata (determined at the time such payment is sought) to the Lenders in accordance with their respective Aggregate
Exposure Percentages (except as otherwise provided in the Credit Agreement with respect to Defaulting Lenders), and (iii) with respect
to fees, expenses and indemnifications owed to the Administrative Agent in its capacity as such, shall be made to the Administrative Agent.
This Guaranty shall remain in full force and effect until the Guaranty Obligations are paid in full and the Commitments are terminated,
notwithstanding that from time to time prior thereto BLFC may be free from any payment obligations under the Loan Documents.

Section 3.      Guaranty
Absolute. The Guarantor guarantees that the Guaranty Obligations will be paid, regardless of any applicable law, regulation or order
now or hereinafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or any Lender with
respect thereto. The liability of the Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective of,
and the Guarantor hereby irrevocably waives any defenses it may now or hereafter acquire in any way relating to, any or all of the following:

(a)       Any
lack of validity or enforceability of or defect or deficiency in the Credit Agreement, any Transaction Document or Loan Document or any
other agreement or instrument executed in connection with or pursuant thereto;

(b)       Any
change in the time, manner, terms or place of payment of, or in any other term of, all or any of the Guaranty Obligations, or any other
amendment or waiver of or any consent to departure from the Credit Agreement, any Transaction Document or Loan Document or any other agreement
or instrument relating thereto or executed in connection therewith or pursuant thereto;

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(c)       Any
sale, exchange or non-perfection of any Property standing as security for the liabilities hereby guaranteed or any liabilities incurred
directly or indirectly hereunder or any setoff against any of said liabilities, or any release or amendment or waiver of or consent to
departure from any other guaranty, for all or any of the Guaranty Obligations;

(d)       The
failure of the Administrative Agent or a Lender to assert any claim or demand or to enforce any right or remedy against BLFC or any other
Person hereunder or under the Credit Agreement or any Transaction Document or any Loan Document;

(e)       Any
failure by BLFC in the performance of any obligation with respect to the Credit Agreement or any other Loan Document;

(f)       Any
change in the corporate existence, structure or ownership of BLFC, or any insolvency, bankruptcy, reorganization or other similar proceeding
affecting BLFC or its assets or resulting release or discharge of any of the Guaranty Obligations;

(g)       Any
other circumstance which might otherwise constitute a defense available to, or a discharge of, the Guarantor, BLFC or any other Person
(including any other guarantor) that is a party to any document or instrument executed in respect of any Guaranty Obligations;

(h)       Any
limitation of BLFC’s obligations pursuant to subsection 8.16(b) of the Credit Agreement; or

(i)       Any
law, regulation, decree or order of any jurisdiction, or any other event, affecting any term of any Guaranty Obligations or the Administrative
Agent’s or any Lender’s rights with respect thereto, including, without limitation: (A) the application of any such law,
regulation, decree or order, including any prior approval, which would prevent the exchange of a currency other than Dollars for Dollars
or the remittance of funds outside of such jurisdiction or the unavailability of Dollars in any legal exchange market in such jurisdiction
in accordance with normal commercial practice; or (B) a declaration of banking moratorium or any suspension of payments by banks
in such jurisdiction or the imposition by such jurisdiction or any Governmental Authority thereof of any moratorium on, the required rescheduling
or restructuring of, or required approval of payments on, any indebtedness in such jurisdiction; or (C) any expropriation, confiscation,
nationalization or requisition by such country or any Governmental Authority that directly or indirectly deprives BLFC of any assets or
their use or of the ability to operate its business or a material part thereof; or (D) any war (whether or not declared), insurrection,
revolution, hostile act, civil strife or similar events occurring in such jurisdiction which has the same effect as the events described
in clause (A), (B) or (C) above (in each of the cases contemplated in clauses (A) through (D) above, to the extent occurring or existing
on or at any time after the date of this Guaranty).

The obligations of the
Guarantor under this Guaranty shall not be affected by the amount of credit extended to BLFC, any repayment by BLFC to the Administrative
Agent or the Lenders (in each case, other than the indefeasible full and final payment of all of the Guaranty Obligations), the allocation
by the Administrative Agent or the Lenders of any repayment, any compromise or discharge of the Guaranty Obligations, any application,
release or substitution of collateral or other security therefor, the release of any guarantor, surety or other Person obligated in connection
with any document or instrument executed in respect of the Guaranty Obligations, or any further advances to BLFC.

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Without limiting the generality
of the foregoing, the Guarantor guarantees that it shall pay the Administrative Agent strictly in accordance with the express terms of
any document or agreement evidencing any Guaranty Obligation.

It is the intent of this
Section 3 that the Guaranty Obligations hereunder are and shall be irrevocable, continuing, absolute and unconditional under any and all
circumstances.

Section 4.      Waiver.
The Guarantor hereby waives (a) promptness, diligence, notice of acceptance, presentment, demand, protest, notice of protest and
dishonor, notice of default, notice of intent to accelerate, notice of acceleration and any other notice with respect to any of the Guaranty
Obligations and this Guaranty, (b) any requirement that the Administrative Agent or the Lenders protect, secure, perfect or insure
any security interest or Lien on any property subject thereto or exhaust any right or take any action against BLFC or any other Person
or entity or any collateral or that BLFC or any other Person or entity be joined in any action hereunder, (c) the defense of the
statute of limitations in any action under this Guaranty or for the collection or performance of the Guaranty Obligations, (d) any
defense arising by reason of any lack of corporate authority, (e) any defense based upon any guaranteed party’s errors or omissions
in the administration of the Guaranty Obligations except to the extent that any error or omission is caused by such guaranteed party’s
bad faith, gross negligence or willful misconduct (as finally determined by a court of competent jurisdiction), (f) any rights to
set-offs and counterclaims and (g) any defense based upon an election of remedies which destroys or impairs the subrogation rights
of the Guarantor or the right of the Guarantor to proceed against BLFC or any other obligor of the Guaranty Obligations for reimbursement.
All dealings between BLFC or the Guarantor, on the one hand, and the Administrative Agent or the Lenders, on the other hand, shall likewise
be conclusively presumed to have been had or consummated in reliance upon this Guaranty. Should the Administrative Agent seek to enforce
the obligations of the Guarantor hereunder by action in any court, the Guarantor waives any necessity, substantive or procedural, that
a judgment previously be rendered against BLFC or any other Person, or that any action be brought against BLFC or any other Person, or
that BLFC or any other Person should be joined in such cause. Such waiver shall be without prejudice to the Administrative Agent at its
option to proceed against BLFC or any other Person, whether by separate action or by joinder. The Guarantor further expressly waives each
and every right to which it may be entitled by virtue of the suretyship law of the State of New York or any other applicable jurisdiction.

Section 5.      Several
Obligations; Continuing Guaranty. The obligations of the Guarantor hereunder are separate and apart from BLFC or any other Person
(other than the Guarantor), and are primary obligations concerning which the Guarantor is the principal obligor. The Guarantor agrees
that this Guaranty is a continuing guaranty and that it shall not be discharged except by payment in full of the Guaranty Obligations,
termination of the Commitments and complete performance of the obligations of the Guarantor hereunder. The obligations of the Guarantor
hereunder shall not be affected in any way by the release or discharge of BLFC from the performance of any of the Guaranty Obligations,
whether occurring by reason of law or any other cause, whether similar or dissimilar to the foregoing.

Section 6.      Subrogation
Rights. If any amount shall be paid to the Guarantor on account of subrogation rights at any time when all the Guaranty Obligations
shall not have been paid in full, such amount shall be held in trust for the benefit of the Administrative Agent and shall forthwith be
paid to the Administrative Agent to be applied to the Guaranty Obligations as specified in the Loan Documents. If (a) the Guarantor
makes a payment to the Administrative Agent of all or any part of the Guaranty Obligations and (b) all the Guaranty Obligations have
been paid in full and the Commitments have terminated, the Administrative Agent will, at the Guarantor’s request, execute and deliver
to the Guarantor appropriate documents, without recourse and without representation or warranty of any kind whatsoever, necessary to evidence
the transfer by subrogation to the Guarantor of any interest in the Guaranty Obligations resulting from such payment by the Guarantor.
The Guarantor hereby agrees that it shall have no rights of subrogation, reimbursement, exoneration, contribution or indemnification or
any right to participate in any claim or remedy of the Administrative Agent or any Lender against BLFC with respect to amounts due to
the Administrative Agent or the Lenders until such time as all obligations of BLFC to the Lenders and the Administrative Agent have been
paid in full, the Commitments have been terminated and the Credit Agreement has been terminated.

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Section 7.      Representations
and Warranties. The Guarantor hereby represents and warrants as follows:

(a)       Financial
Condition.

(i)       The
consolidated balance sheet of the Guarantor and its consolidated Subsidiaries as at December 31, 2020 and the related consolidated statements
of income for the fiscal year ended on such date, reported on by the Guarantor’s independent public accountants, copies of which
have heretofore been furnished to the Administrative Agent, are complete and correct, in all material respects, and present fairly the
financial condition of the Guarantor and its consolidated Subsidiaries as at such date, and the results of operations for the fiscal year
then ended. Such financial statements, including any related schedules and notes thereto, have been prepared in accordance with GAAP applied
consistently throughout the periods involved (except as approved by the external auditors and as disclosed therein, if any).

(ii)       Except
as disclosed in Schedule V attached hereto, neither the Guarantor nor its consolidated Subsidiaries had, at the date of the most recent
balance sheet referred to above, any material guarantee obligation, contingent liability (as defined in accordance with GAAP), or any
long-term lease or unusual forward or long-term commitment, including, without limitation, any interest rate or foreign currency swap
or exchange transaction, which is not reflected in the foregoing statements or in the notes thereto, except for guarantees, indemnities
or similar obligations of the Guarantor or a consolidated Subsidiary supporting obligations of one Subsidiary to another Subsidiary.

(iii)       During
the period from December 31, 2020 to and including the date hereof, except as disclosed in Schedule V attached hereto, neither the Guarantor
nor its consolidated Subsidiaries has sold, transferred or otherwise disposed of any material part of its business or Property, nor has
it purchased or otherwise acquired any business or Property (including any capital stock of any other Person) material in relation to
the consolidated financial condition of the Guarantor and its consolidated Subsidiaries at December 31, 2020.

(b)       No
Change. Since December 31, 2020, except as disclosed in Schedule I hereof, there has been no development or event which has had or
could, in the Guarantor’s good faith reasonable judgment, reasonably be expected to have a Material Adverse Effect.

(c)       Corporate
Existence; Compliance with Law. The Guarantor and each of its Subsidiaries (i) is duly organized and validly existing under the
laws of the jurisdiction of its incorporation, (ii) has the corporate power and authority, and the legal right, to own and operate
its Property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (iii) is
duly qualified under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business
requires such qualification, except where the failure to be so duly qualified could not reasonably be expected to have a Material Adverse
Effect, and (iv) is in compliance with all Requirements of Law and Contractual Obligations, except any non-compliance which could
not reasonably be expected to have a Material Adverse Effect.

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(d)       Corporate
Power; Authorization; Enforceable Obligations. The Guarantor and each of its Subsidiaries has the corporate power and authority, and
the legal right, to make, deliver and perform this Guaranty and each of the other Loan Documents and Transaction Documents to which such
Person is a party and to borrow thereunder and has taken all necessary corporate action to authorize (i) the borrowings on the terms
and conditions of the Loan Documents and Transaction Documents to which such Person is a party, (ii) the execution, delivery and
performance of this Guaranty and each of the other Loan Documents and Transaction Documents to which such Person is a party and (iii) the
remittance of payments in the applicable currency of all amounts payable hereunder and thereunder. No consent or authorization of, filing
with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings
under the Loan Documents or Transaction Documents, the remittance of payments in the applicable currency in accordance with the terms
hereof and thereof or with the execution, delivery, performance, validity or enforceability of this Guaranty and each of the other Loan
Documents and Transaction Documents. This Guaranty and each of the other Loan Documents and Transaction Documents to which the Guarantor
and/or any of its Subsidiaries are a party have been duly executed and delivered on behalf of the Guarantor and each of such Subsidiaries.
Each of this Guaranty and each of the other Loan Documents and Transaction Documents to which the Guarantor and/or any of its Subsidiaries
are a party constitutes a legal, valid and binding obligation of the Guarantor and each of such Subsidiaries enforceable against the Guarantor
and each of such Subsidiaries in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or law).

(e)       No
Legal Bar. The execution, delivery and performance by the Guarantor of this Guaranty, and by it and each of its Subsidiaries of the
other Loan Documents and Transaction Documents to which each such entity is a party, the borrowings thereunder and the use of the proceeds
thereof will not violate any Requirement of Law or Contractual Obligation to which the Guarantor or any of its Subsidiaries are a party
or by which it or they are bound and will not result in, or require, the creation or imposition of any Lien on any of the Properties or
revenues of any of the Guarantor or its Subsidiaries pursuant to any such Requirement of Law or Contractual Obligation.

(f)       No
Material Litigation. Except as disclosed in Schedule VI attached hereto, no litigation, investigation or proceeding of or before any
arbitrator or Governmental Authority is pending or, to the knowledge of the Guarantor, threatened by or against the Guarantor or any of
its Subsidiaries or against any of their respective Properties or revenues (a) with respect to this Guaranty or the other Loan Documents
or Transaction Documents or any of the transactions contemplated hereby or thereby or (b) which could reasonably be expected to have
a Material Adverse Effect.

(g)       Ownership
of Property; Liens. The Guarantor and each of its Subsidiaries has good record and marketable title in fee simple to, or a valid leasehold
interest in, all its material real property, and good title to, or a valid leasehold interest in, all its other material property except
for defects in title which would not have a Material Adverse Effect, and none of the property is subject to any Lien that secures Secured
Indebtedness, other than a Lien that secures Permitted Secured Indebtedness or any other Secured Indebtedness permitted under Section 8.2(a)(iii)
of this Guaranty.

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(h)       Environmental
Matters. The Guarantor and its Subsidiaries have obtained all permits, licenses and other authorizations that are necessary to operate
their respective business and required under all applicable Environmental Laws, except where the failure to do so would not reasonably
be expected to have a Material Adverse Effect. Except as set forth on Schedule II attached hereto, (i) Hazardous Materials have not
at any time been generated, used, treated or stored on, released or disposed of on, or transported to or from, any property owned, leased,
used, operated or occupied by the Guarantor or any of its Subsidiaries or, to the best of the Guarantor’s knowledge, any property
adjoining or in the vicinity of any such property except in compliance with all applicable Environmental Laws other than where the failure
to do so would not reasonably be expected to have a Material Adverse Effect and (ii) there are no past, pending or threatened (in
writing) Environmental Claims against the Guarantor or any of its Subsidiaries or any property owned, leased, used, operated or occupied
by the Guarantor or any of its Subsidiaries that individually or in the aggregate would reasonably be expected to have a Material Adverse
Effect. The operations of the Guarantor and its Subsidiaries are in compliance in all material respects with all terms and conditions
of the required permits, licenses, certificates, registrations and authorizations, and are also in compliance in all material respects
with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained
in the Environmental Laws, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

(i)       No
Default. Except with respect to the Indebtedness set forth on Schedule III attached hereto, neither the Guarantor nor any of its Subsidiaries
is in default under or with respect to any agreement, instrument or undertaking to which it is a party or by which it is bound in any
respect which could reasonably be expected to have a Material Adverse Effect. No Series 2002-1 Early Amortization Event, Potential Series
2002-1 Early Amortization Event, Event of Default or Default has occurred and is continuing.

(j)       Taxes.
Under the laws of Bermuda, the execution, delivery and performance by the Guarantor of this Guaranty and by it and each of its Subsidiaries
(as the case may be) of the other Loan Documents and Transaction Documents to which they are a party and all payments of principal, interest,
fees and other amounts hereunder and thereunder are exempt from all income or withholding taxes, stamp taxes, charges or contributions
of Bermuda or any political subdivision or taxing authority thereof, irrespective of the fact that the Administrative Agent or any of
the Lenders may have a representative office or subsidiary in Bermuda. Except as otherwise provided herein or therein, the Guarantor is
validly obligated to make all payments due under this Guaranty free and clear of any such tax, withholding or charge so that the Administrative
Agent and the Lenders shall receive the amounts due as if no such tax, withholding or charge had been imposed.

(k)       Pari
Passu Status. The obligations of the Guarantor hereunder constitute direct, general obligations of the Guarantor and rank at least
pari passu (in priority of payment) with all other unsecured, unsubordinated Indebtedness (other than any such Indebtedness that is preferred
by mandatory provisions of law) of the Guarantor.

(l)       Purpose
of Loans. The proceeds of the Loans under the Credit Agreement were and shall be used by BLFC as set forth in Section 3.12 of the
Credit Agreement. Notwithstanding the foregoing, any other use of the proceeds of the Loans under the Credit Agreement shall not affect
the obligations of the Guarantor hereunder.

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(m)       Information.
All information (including, with respect to the Guarantor, without limitation, the financial statements required to be delivered pursuant
hereto), which has been made available to the Administrative Agent or any Lender by or on behalf of the Guarantor in connection with the
transactions contemplated hereby and the other Loan Documents and Transaction Documents is complete and correct in all material respects
and does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
contained therein not materially misleading in light of the circumstances under which such statements were made; provided, that, with
respect to projected financial information provided by or on behalf of the Guarantor, the Guarantor represents only that such information
was prepared in good faith by management of the Guarantor on the basis of assumptions believed by such management to be reasonable as
of the time made. As of the date hereof, the information included in the Beneficial Ownership Certification of BLFC is true and correct.

(n)       Designated
Obligors. On the date hereof, BL directly or indirectly owns the percentage of the voting stock of each Designated Obligor (other
than BL) set forth on Schedule IV attached hereto.

(o)       Restrictions
on Designated Obligors. There is no legal or regulatory restriction on the ability of any Designated Obligor to pay dividends to the
Guarantor out of earnings at such times as such Designated Obligor is not deemed to be insolvent pursuant to the laws of its jurisdiction
of incorporation nor any legal or regulatory restriction preventing the Guarantor from converting such dividend payments to Dollars.

(p)       Federal
Regulations. No part of the proceeds of any advances under the Investor Certificates will be used for “purchasing” or
“carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of
the Board of Governors of the Federal Reserve System of the United States as now and from time to time hereafter in effect.

(q)       Investment
Company Act. The Guarantor is not an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended.

(r)       Solvency.
The Guarantor is, individually and together with its Subsidiaries, Solvent.

(s)       Consideration.
The Guarantor has received, or will receive, direct or indirect benefit from the making of this Guaranty. The Guarantor has, independently
and without reliance upon the Administrative Agent or any Lender and based on such documents and information it has deemed appropriate,
made its own credit analysis and decision to enter into this Guaranty.

(t)       Transaction
Documents. Each of the Series 2002-1 Supplement, Pooling Agreement, Servicing Agreement, Sale Agreement and Series 2002-1 VFC (each
as defined in the Credit Agreement without giving effect to any amendment, restatement, supplement or other modification thereto) is in
full force and effect as of the date hereof and has not been amended, restated, supplemented or otherwise modified since the date such
agreement or instrument was signed by the party or parties thereto.

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(u)       Sanctions.

(i)       To
the best of the knowledge of the Responsible Officers of the Guarantor, the Guarantor and its Subsidiaries are, to the extent applicable,
in compliance in all material respects with Sanctions and Anti-Corruption Laws.

(ii)       To
the best of the knowledge of the Responsible Officers of the Guarantor, the Guarantor is not, and no Subsidiary and no director or senior
officer of the Guarantor or any Subsidiary, is any of the following:

(A)       a
Restricted Party;

(B)       a
Person owned fifty percent (50%) or more or controlled by, or acting on behalf of, any Restricted Party; or

(C)       a
Person that commits, threatens or conspires to commit or support “terrorism” as defined in the Executive Order.

(iii)       The
Guarantor has implemented and maintains in effect policies and procedures designed to promote and achieve continued compliance by the
Guarantor, its Subsidiaries and their respective directors, officers and employees with applicable Anti-Corruption Laws and Sanctions.

(v)       Financial
Institution. Neither the Guarantor nor any Group Member is an Affected Financial Institution or the subject of a Bail-In Action.

The Guarantor agrees that the foregoing
representations and warranties shall be deemed to have been made by the Guarantor on the date hereof and the date of each borrowing by
BLFC under the Credit Agreement, on and as of all such dates.

Section 8.      Covenants.

8.1      Affirmative
Covenants. The Guarantor hereby agrees that, so long as (i) any Loan remains outstanding and unpaid or any other amount is owing
to the Administrative Agent or any Lender under the Credit Agreement or (ii) the Commitments have not been terminated:

(a)       Financial
Statements. The Guarantor shall furnish to the Administrative Agent (who shall furnish a copy to each Lender):

(i)       promptly
after each annual meeting of the Guarantor, but in any event within one hundred and twenty (120) days after the end of each fiscal year
of the Guarantor, a copy of the audited consolidated balance sheet of the Guarantor and its consolidated Subsidiaries at the end of such
year and related audited consolidated statements of income and retained earnings and of cash flows for such year, setting forth in each
case in comparative form the figures for the previous year, certified by independent public accountants reasonably acceptable to the Administrative
Agent;

(ii)       as
soon as available, but in any event not later than sixty (60) days after the end of each of the first three quarters of each fiscal year
of the Guarantor, the unaudited consolidated balance sheet of the Guarantor as at the end of such quarter and the related unaudited consolidated
statement of income for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in
comparative form the figures for the previous year, each in the form reasonably acceptable to the Administrative Agent, certified by the
chief financial officer of the Guarantor; and

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(iii)       such
additional financial and other information as the Administrative Agent (at the request of any Lender or otherwise) may from time to time
reasonably request;

all such financial statements furnished
under clause (i) above to be complete and correct in all material respects and prepared in reasonable detail in accordance with GAAP applied
consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the
case may be, and disclosed therein); provided, however, that the Guarantor shall not be required to deliver the financial
statements described under clauses (i) and (ii) above if such statements are available within the time period required by applicable Requirements
of Law on EDGAR or from other public sources.

(b)       Quarterly
Compliance Certificates. The Guarantor shall, within sixty (60) days after the end of each of the first three fiscal quarters of each
fiscal year and one hundred and twenty (120) days after the end of each fiscal year, furnish to the Administrative Agent its certificate
signed by its chief financial officer, treasurer or controller stating that, to the best of such officer’s knowledge, during such
period each of the Guarantor and BLFC has observed or performed all of its covenants and other agreements, and satisfied every condition
contained in this Guaranty and the other Loan Documents and Transaction Documents and any other related documents to be observed, performed
or satisfied by each of them, and that such officer has obtained no knowledge of any Series 2002-1 Early Amortization Event, Potential
Series 2002-1 Early Amortization Event, Event of Default or Default except as specified in such certificate and showing in reasonable
detail the calculations evidencing compliance with the covenants in subsection 8.2(a).

(c)       Conduct
of Business and Maintenance of Existence. The Guarantor shall, and shall cause each of the Designated Obligors to: (i) except
as permitted by subsection 8.2(b), preserve, renew and keep in full force and effect its corporate existence; and (ii) take all reasonable
action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except where the
failure to maintain the same would not have a Material Adverse Effect.

(d)       Compliance
with Laws and Contractual Obligations; Authorization. The Guarantor shall, and shall cause each of its Subsidiaries to, comply in
all respects with all Requirements of Law and Contractual Obligations, except where failure to so comply would not have a Material Adverse
Effect, and the Guarantor shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all
authorizations, approvals, licenses and consents required in or by any applicable laws and regulations to enable it lawfully to enter
into and perform its obligations under this Guaranty or to ensure the legality, validity, enforceability or admissibility in evidence
of this Guaranty and the other Loan Documents and Transaction Documents.

(e)       Maintenance
of Property; Insurance. The Guarantor shall, and shall cause each of its Subsidiaries to, keep all Property useful and necessary in
its business in good working order and condition, except where failure to do so would not have a Material Adverse Effect; and maintain
with financially sound and reputable insurance companies insurance on all its Property in at least such amounts and against at least such
risks as are customary for the Guarantor’s type of business.

    	 	-10- 	 

     

    

(f)       Inspection
of Property; Books and Records. The Guarantor shall, and shall cause each of the Designated Obligors to, keep proper books of records
and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings
and transactions in relation to its business and activities; and permit representatives of the Administrative Agent and each Lender to
visit and inspect any of its properties and examine and make abstracts from any of its books and records at any time and as often as may
reasonably be desired, provided that the Administrative Agent and each Lender has given reasonable prior written notice and the Administrative
Agent and each Lender has executed a confidentiality agreement reasonably satisfactory to the Guarantor.

(g)       Notices.
The Guarantor shall give notice to the Administrative Agent promptly after becoming aware of the same, of (i) the occurrence of any
Series 2002-1 Early Amortization Event, Potential Series 2002-1 Early Amortization Event, Event of Default or Default, including any steps
taken to remedy or mitigate the effect of such default; (ii) any changes in taxes, duties or other fees of Bermuda or any political
subdivision or taxing authority thereof or any change in any laws of Bermuda, in each case, that may affect any payment due under this
Guaranty or the other Loan Documents and Transaction Documents; (iii) any change in the Guarantor’s, BLFC’s or the Master
Trust’s public or private rating by S&P or Moody’s; (iv) any development or event which has had, or which the Guarantor
in its good faith judgment believes will have, a Material Adverse Effect; and (v) any change in the information provided in the Beneficial
Ownership Certification of BLFC provided to the Administrative Agent or any Lender that would result in a change to the list of beneficial
owners identified in Section III, parts (b), (c) or (d) of such certification.

(h)       Pari
Passu Obligations. The Guarantor shall ensure that its obligations hereunder at all times constitute direct, general obligations of
the Guarantor ranking at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness (other than
Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.

(i)       Maintenance
of Designated Obligors. The Guarantor will not and will not permit any of its Subsidiaries directly or indirectly to convey, sell,
transfer or otherwise dispose of, or grant any Person an option to acquire, in one transaction or a series of transactions more than fifty
percent (50%) of the voting stock of a Designated Obligor (other than BL) unless such conveyance, sale, transfer or disposition does not
cause a Series 2002-1 Early Amortization Event, Potential Series 2002-1 Early Amortization Event, Event of Default or Default and either
(i) such conveyance, sale, transfer or disposition is among the Guarantor and its Subsidiaries or (ii) (A) the Guarantor
or such Subsidiary uses the net proceeds of such stock conveyance, sale, transfer or disposition to repay in full the aggregate principal
and interest due and owing with respect to all Intercompany Loans outstanding as to which the Designated Obligor is the Obligor and (B) to
the extent such net proceeds exceed the amounts required to be paid pursuant to clause (A), the Guarantor or such Subsidiary either (1) reinvests
or enters into a contract to reinvest all such excess net proceeds in productive replacement fixed assets of a kind then used or usable
in the business of the Guarantor or any of its Subsidiaries or (2) uses such excess net proceeds to make payments on the Guarantor’s
or its Subsidiaries’ other Indebtedness.

(j)       Payment
of Taxes. The Guarantor shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case
may be, all taxes, assessments and similar governmental charges imposed on it, its incomes, profits or Properties, except where (i) the
amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves to the extent required by
GAAP with respect thereto have been provided on the books of the Guarantor or (ii) the nonpayment of all such taxes, assessments
and charges in the aggregate would not reasonably be expected to have a Material Adverse Effect.

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(k)       Environmental
Laws. Unless, in the good faith judgment of the Guarantor, the failure to do so would not reasonably be expected to have a Material
Adverse Effect, the Guarantor will comply in all material respects, and cause each of its Subsidiaries to comply in all material respects,
with the requirements of all applicable Environmental Laws and will immediately pay or cause to be paid all costs and expenses incurred
in such compliance, except such costs and expenses which are being contested in good faith by appropriate proceedings if the Guarantor
or such Subsidiary, as applicable, is maintaining adequate reserves (in the good faith judgment of the management of the Guarantor) with
respect thereto in accordance with GAAP. Unless the failure to do so would not reasonably be expected to have a Material Adverse Effect,
the Guarantor shall not, nor shall it permit or suffer any of its Subsidiaries to, generate, use, manufacture, refine, transport, treat,
store, handle, dispose of, transfer, produce or process Hazardous Materials other than in the ordinary course of business and in material
compliance with all applicable Environmental Laws, and shall not, and shall not permit or suffer any of its Subsidiaries to, cause or
permit, as a result of any intentional or unintentional act or omission on the part of the Guarantor or any Subsidiary thereof, the installation
or placement of Hazardous Materials in material violation of or actionable under any applicable Environmental Laws onto any of its property
or suffer the material presence of Hazardous Materials in violation of or actionable under any applicable Environmental Laws on any of
its property without having taken prompt steps to remedy such violation. Unless its failure to do so would not reasonably be expected
to have a Material Adverse Effect, the Guarantor shall, and shall cause each of its Subsidiaries to, promptly undertake and diligently
pursue to completion any investigation, study, sampling and testing, as well as any cleanup, removal, remedial or other action required
of the Guarantor or any Subsidiary under any applicable Environmental Laws in the event of any release of Hazardous Materials.

(l)       ERISA.
The Guarantor shall give to the Administrative Agent the following notices and documents (provided that, solely with respect to clauses
(i), (ii) and (iii) below, the Guarantor shall only be obligated to provide such notices and documents to the extent that any of the events
or occurrences described in such clauses is reasonably expected to result in a material liability):

(i)       ERISA
Events. Promptly and in any event within ten (10) days after the Guarantor or any of its ERISA Affiliates knows or has reason to know
that any ERISA Event has occurred, a statement of the chief financial officer of the Guarantor or such ERISA Affiliate describing such
ERISA Event and the action, if any, that the Guarantor or such ERISA Affiliate has taken and proposes to take with respect thereto;

(ii)       Plan
Terminations. Promptly and in any event within two (2) Business Days after receipt thereof by the Guarantor or any of its ERISA Affiliates,
copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan;

(iii)       Multiemployer
Plan Notices. Promptly and in any event within five (5) Business Days after receipt thereof by the Guarantor or any of its ERISA Affiliates
from the sponsor of a Multiemployer Plan, copies of each notice concerning (A) the imposition of Withdrawal Liability by any such
Multiemployer Plan, (B) the reorganization or termination, within the meaning of Title IV of ERISA, of any such Multiemployer Plan
or (C) the amount of liability incurred, or that may be incurred, by the Guarantor or any of its ERISA Affiliates in connection with
any event described in clause (A) or (B) above; and

    	 	-12- 	 

     

    

(iv)       Additional
Multiemployer Plan Notices. Promptly upon request, copies of (A) any documents described in Section 101(k) of ERISA that the Guarantor
or any of its ERISA Affiliates may request with respect to any Multiemployer Plan, and (B) any notices described in Section 101(l) of
ERISA that the Guarantor or any of its ERISA Affiliates may request with respect to any Multiemployer Plan; provided, that if the Guarantor
or the applicable ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer
Plan, upon the request of the Administrative Agent, which request shall not be more frequent than once during any twelve (12) month period,
the Guarantor or applicable ERISA Affiliate shall promptly make a request for such documents or notices and shall provide copies of such
documents and notices promptly and in any event within five (5) Business Days after receipt thereof.

(m)       Sanctions
Actions or Investigations. Promptly upon a Responsible Officer of the Guarantor becoming aware that the Guarantor or any of its Subsidiaries
has received a formal notice that the Guarantor or such Subsidiary has become the subject of any material action or investigation under
any Sanctions, the Guarantor shall, to the extent permitted by law, supply to the Administrative Agent details of any such material action
or investigation.

(n)       Anti-Corruption
and Sanctions Compliance Policies and Procedures. The Guarantor will maintain in effect policies and procedures designed to promote
and achieve continued compliance by the Guarantor, its Subsidiaries and their respective directors, officers and employees with applicable
Anti-Corruption Laws and Sanctions.

8.2      Negative Covenants.
The Guarantor hereby agrees that, so long as (i) any Loan remains outstanding and unpaid or any other amount is owing to the Administrative
Agent or any Lender under the Credit Agreement or (ii) the Commitments have not been terminated:

(a)       Financial
Covenants. The Guarantor shall not at any time permit:

(i)         the
ratio of its Total Consolidated Current Assets to Adjusted Total Consolidated Current Liabilities, each as calculated at the end of each
fiscal quarter of the Guarantor, to be less than 1.1 to 1.0 (to be tested quarterly);

(ii)       the
ratio of its consolidated Adjusted Net Debt to consolidated Adjusted Capitalization (each as calculated at the end of each fiscal quarter
of the Guarantor) to be greater than 0.635:1.0 (to be tested quarterly); and

(iii)      the
aggregate outstanding principal balance of all Secured Indebtedness (excluding any Permitted Secured Indebtedness) incurred by the Guarantor
and its Subsidiaries to be greater than an amount equal to seven and one half percent (7.5%) of the Total Tangible Assets of the Guarantor
and its Subsidiaries, as calculated at the end of each fiscal quarter of the Guarantor and as determined in accordance with GAAP (to be
tested quarterly).

(b)       Limitation
of Fundamental Changes. The Guarantor shall not enter into any transaction of merger, consolidation or amalgamation (other than any
merger or amalgamation of any Subsidiary with and into the Guarantor so long as the Guarantor shall be the surviving, resulting or continuing
company) or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer
or otherwise dispose of, all or substantially all of its Property, business or assets.

    	 	-13- 	 

     

    

(c)       Restrictions
on Dividends or Loans by Designated Obligors. The Guarantor shall not permit any Designated Obligor to enter into any agreement restricting
the payment of dividends or the making of loans by it to the Guarantor or to any other Designated Obligor, except that the Guarantor
may permit a Designated Obligor to be party to agreements (i) limiting the payment of dividends by such Designated Obligor following
a default or an event of default under such agreement and (ii) requiring the compliance by such Designated Obligor with specified
net worth, working capital or other similar financial tests and (iii) restricting loans to be made by such Designated Obligor to
any other Obligor or the Guarantor to such loans which accrue interest at a rate greater than or equal to such lending Designated Obligor’s
average cost of funds as determined in good faith by the Board of Directors of such Designated Obligor.

(d)       Intercompany
Loans. Notwithstanding any provision to the contrary set forth in the Transaction Documents (including, without limitation, clause
(s) of the definition of “Eligible Loan” in Annex X), the Guarantor (i) shall not permit any Seller to sell, transfer,
assign or otherwise convey any Intercompany Loan to Bunge Funding under the Sale Agreement that has a maturity in excess of six (6) years
and (ii) shall either cause a Seller, Bunge Funding or the Trustee to demand repayment of all outstanding principal and accrued interest
under each Intercompany Loan or cause a Seller to refinance such amounts by making a new Intercompany Loan to the applicable Obligor within
six (6) years from the date of such Intercompany Loan.

(e)       Anti-Money
Laundering. The Guarantor will not knowingly conduct its operations in violation of any applicable financial recordkeeping and reporting
requirements of the U.S. Bank Secrecy Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any applicable authority (collectively,
the “Money Laundering Laws”), and no action or inquiry by or before any authority involving the Guarantor with respect
to Money Laundering Laws is pending or, to the best of the knowledge of the Responsible Officers of the Guarantor, is threatened.

(f)       Sanctions
and Anti-Corruption. The Guarantor will not knowingly use, or permit any of its Subsidiaries to use, any funds derived from any activity
that would violate Sanctions or any Anti-Corruption Laws to pay any of the obligations under the Loan Documents.

8.3      Use of Websites.

(a)       The
Guarantor may satisfy its obligation to deliver any public information to the Lenders by posting this information onto an electronic website
designated by the Guarantor and the Administrative Agent (the “Designated Website”) by notifying the Administrative
Agent (i) of the address of the website together with any relevant password specifications and (ii) that such information has been
posted on the website; provided, that in any event the Guarantor shall supply the Administrative Agent with one copy in paper form of
any information which is posted onto the website.

(b)       The
Administrative Agent shall supply each Lender with the address of and any relevant password specifications for the Designated Website
following designation of that website by the Guarantor and the Administrative Agent.

    	 	-14- 	 

     

    

(c)       The
Guarantor shall promptly upon becoming aware of its occurrence notify the Administrative Agent if:

(i)       the
Designated Website cannot be accessed due to technical failure;

(ii)       the
password specifications for the Designated Website change;

(iii)       any
new information which is required to be provided under this Guaranty is posted onto the Designated Website;

(iv)       any
existing information which has been provided under this Guaranty and posted onto the Designated Website is amended; or

(v)       the
Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.

If the Guarantor notifies the Administrative
Agent under Section 8.3(c)(i) or Section 8.3(c)(v) above, all information to be provided by the Guarantor under this Guaranty after the
date of that notice shall be supplied in paper form unless and until the Administrative Agent is satisfied that the circumstances giving
rise to the notification are no longer continuing.

Section 9.      Amendments.
No amendment or waiver of any provision of this Guaranty nor consent to any departure by the Guarantor therefrom shall in any event be
effective unless such amendment, waiver or consent shall be in writing and signed by the Guarantor and the Administrative Agent. Such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

Section 10.      Notices,
Etc. All notices, demands, instructions and other communications required or permitted to be given to or made upon any Person pursuant
hereto shall be in writing and shall be personally delivered or sent by registered, certified or express mail, postage prepaid, return
receipt requested, by recognized overnight courier service or by facsimile transmission, and shall be deemed to be given for purposes
of this Guaranty, in the case of a notice sent by registered, certified or express mail, or by recognized overnight courier service, on
the date that such writing is actually delivered to the intended recipient thereof in accordance with the provisions of this Section 10,
or in the case of facsimile transmission, when received and telephonically confirmed. Unless otherwise specified in a notice sent or delivered
in accordance with the foregoing provisions of this Section 10, notices, demands, instructions and other communications in writing shall
be given to or made upon the subject parties at their respective Notice Addresses (or to their respective facsimile transmission numbers)
or at such other address or number as any party may notify to the other parties in accordance with the provisions of this Section 10.

Section 11.      No
Waiver; Remedies. No failure on the part of the Administrative Agent to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by
law.

Section 12.      Costs
and Expenses. The Guarantor agrees to pay, and cause to be paid, on demand all costs and expenses actually incurred by the Administrative
Agent in connection with the enforcement of this Guaranty including, without limitation, the fees and out-of-pocket expenses of outside
counsel to the Administrative Agent with respect thereto. The agreements of the Guarantor contained in this Section 12 shall survive the
payment of all other amounts owing hereunder or under any of the other Guaranty Obligations.

    	 	-15- 	 

     

    

Section 13.      Separability.
Should any clause, sentence, paragraph, subsection or Section of this Guaranty be judicially declared to be invalid, unenforceable or
void, such decision will not have the effect of invalidating or voiding the remainder of this Guaranty, and the parties hereto agree that
the part or parts of this Guaranty so held to be invalid, unenforceable or void will be deemed to have been stricken herefrom and the
remainder will have the same force and effectiveness as if such part or parts had never been included herein.

Section 14.      Captions.
The captions in this Guaranty have been inserted for convenience only and shall be given no substantive meaning or significance whatever
in construing the terms and provisions of this Guaranty.

Section 15.      Successors
and Assigns. This Guaranty shall (a) be binding upon the Guarantor and its successors and assigns and (b) inure to the benefit of
and be enforceable by the Administrative Agent and its successors, transferees and assigns; provided, however, that any
assignment by the Guarantor of its obligations hereunder shall (i) be subject to the prior written consent of the Administrative
Agent, with the written concurrence of all of the Lenders at their complete discretion, and (ii) only be made to a one hundred percent
(100%) owned Affiliate of the Guarantor.

Section 16.      Limitation
by Law. All rights, remedies and powers provided in this Guaranty may be exercised only to the extent that the exercise thereof does
not violate any applicable provision of law, and all the provisions of this Guaranty are intended to be subject to all applicable mandatory
provisions of law which may be controlling and to be limited to the extent necessary so that they will not render this Guaranty invalid,
unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.

Section 17.      Substitution
of Guaranty. Subject to the prior written consent of the Administrative Agent, with the written concurrence of all of the Lenders
at their complete discretion, the Guarantor shall, during the term of this Guaranty, be permitted at its option to provide collateral
to the Administrative Agent or another form of credit support as a substitute for its obligations under this Guaranty. The Guarantor agrees
to execute whatever security or credit support documents the Administrative Agent reasonably requests in order to effectuate the provisions
of this Section 17.

Section 18.      GOVERNING
LAW; FOREIGN PARTY PROVISIONS.

(a)       THIS
GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

(b)       Consent
to Jurisdiction. The Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York state or U.S. federal court sitting
in the Borough of Manhattan, The City of New York, in any action or proceeding relating to its obligations, liabilities or any other matter
arising out of or in connection with this Guaranty or the other Loan Documents and Transaction Documents. The Guarantor hereby irrevocably
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York state or U.S. federal
court. The Guarantor also hereby irrevocably waives, to the fullest extent permitted by law, any objection to venue or the defense of
an inconvenient forum to the maintenance of any such action or proceeding in any such court.

    	 	-16- 	 

     

    

(c)       Appointment
of Agent for Service of Process. The Guarantor hereby (i) irrevocably designates and appoints its chief financial officer (from
time to time) at its principal executive offices at 1391 Timberlake Manor Parkway, Chesterfield, Missouri 63017 (the “Authorized
Agent”), as its agent upon which process may be served in any suit, action or proceeding related to this Guaranty and represents
and warrants that the Authorized Agent has accepted such designation and (ii) agrees that service of process upon the Authorized
Agent and written notice of said service to the Guarantor mailed or delivered by a recognized international courier service (with proof
of delivery) to its Secretary or any Assistant Secretary at its registered office at 1391 Timberlake Manor Parkway, Chesterfield, Missouri
63017, shall be deemed in every respect effective service of process upon the Guarantor in any such suit or proceeding. The Guarantor
further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be
necessary to continue such designation and appointment of the Authorized Agent in full force and effect so long as the Guaranty is in
existence.

(d)       Waiver
of Immunities. To the extent that the Guarantor or any of its Properties, assets or revenues may have or may hereafter become entitled
to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from
set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from
attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any
relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to
its obligations, liabilities or any other matter under or arising out of or in connection with this Guaranty or any other Loan Documents
and Transaction Documents, the Guarantor hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and
agrees not to plead or claim any such immunity and consents to such relief and enforcement.

(e)       Taxes.

(i)       Any
payments by or on behalf of the Guarantor to the Administrative Agent hereunder shall be made free and clear of, and without deduction
or withholding for or on account of, any Taxes; provided, that if any Taxes are required to be deducted or withheld from any amounts payable
to the Administrative Agent, as determined in good faith by the applicable Withholding Agent, (x) the applicable Withholding Agent shall
be entitled to make such deduction or withholding and shall timely pay the amount deducted or withheld to the relevant Governmental Authority
in accordance with applicable law and (y) if such Tax is an Indemnified Tax, then the sum payable by the Guarantor to the Administrative
Agent shall be increased to the extent necessary so that after such deduction or withholding has been made (including such deductions
and withholdings applicable to additional sums payable under this Section), the Administrative Agent receives an amount equal to the sum
it would have received had no such withholding or deduction been made.

(ii)       Whenever
any Indemnified Taxes are payable by the Guarantor, as promptly as possible thereafter the Guarantor shall send to the Administrative
Agent for its own account or for the account of the relevant Lender, as the case may be, a certified copy of an original official receipt
received by the Guarantor showing payment thereof, a copy of the tax return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent. The Guarantor shall indemnify the Administrative Agent (for its own benefit or for the benefit
of any Lender), within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section) payable or paid by the Administrative Agent or any Lender
or required to be withheld or deducted from a payment to the Administrative Agent or any Lender and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Guarantor by the Administrative Agent on its own
behalf or on behalf of a Lender, shall be conclusive absent manifest error.

    	 	-17- 	 

     

    

(iii)       If
any Lender (or Participant) is entitled to an exemption from or reduction of withholding Tax with respect to payments made hereunder,
the Administrative Agent shall obtain from such Lender and shall deliver to the Guarantor, at the time or times prescribed by applicable
law or reasonably requested by the Guarantor, such properly completed and executed documentation prescribed by applicable law as will
permit such payments to be made without withholding or at a reduced rate provided that such Lender (or Participant) is legally entitled
to complete, execute and deliver such documentation and in such Lender’s (or Participant’s) judgment such completion, execution
or submission would not materially prejudice the legal or commercial position of such Lender (or Participant).

(iv)       If
the Administrative Agent or a Lender determines, in its sole good faith discretion, that it has received a refund of any Indemnified Taxes
as to which it has been indemnified by the Guarantor or with respect to which the Guarantor has paid additional amounts pursuant to this
Section 18(e), it shall pay to the Guarantor an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by the Guarantor under this Section 18(e) with respect to Indemnified Taxes giving rise to such refund), net of all out-of-pocket
expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund); provided, that the Guarantor agrees to pay, upon the request of the Administrative Agent or such Lender,
the amount paid over to the Guarantor pursuant to this Section 18(e)(iv) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to the Administrative Agent or such Lender in the event that the Administrative Agent or such Lender
is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 18(e)(iv), in
no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 18(e)(iv) the payment
of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been in if
the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts giving rise to such refund had never been paid. This Section 18(e)(iv) shall not be construed to require
the Administrative Agent or a Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential)
to the Guarantor.

(f)       Judgment
Currency. The obligations of the Guarantor in respect of any sum due to the Administrative Agent or any Lender hereunder or any holder
of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the
“Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement
Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum
adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant
jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less
than the sum originally due to the Applicable Creditor in the Agreement Currency, the Guarantor as a separate obligation and notwithstanding
any such judgment, agrees to indemnify the Applicable Creditor against such loss. The obligations of the Guarantor contained in this Section
shall survive the termination of this Guaranty and the Credit Agreement and the payment of all other amounts owing hereunder and thereunder.

    	 	-18- 	 

     

    

Section 19.      WAIVER
OF JURY TRIAL. THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR FOR ANY TRANSACTIONS CONTEMPLATED BY THIS GUARANTY AND FOR ANY COUNTERCLAIM THEREIN. THE
GUARANTOR ACKNOWLEDGES THAT (A) THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS GUARANTY, (B) THE ADMINISTRATIVE AGENT
AND THE LENDERS HAVE RELIED ON THIS WAIVER IN ENTERING INTO THIS GUARANTY AND (C) THE ADMINISTRATIVE AGENT AND THE LENDERS WILL CONTINUE
TO RELY ON THIS WAIVER IN FUTURE DEALINGS RELATED TO THIS GUARANTY. THE GUARANTOR REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS
LEGAL ADVISERS AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS AFTER CONSULTATION WITH ITS LEGAL ADVISERS. IN THE EVENT
OF ANY LEGAL PROCEEDING RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR FOR ANY TRANSACTIONS CONTEMPLATED BY THIS GUARANTY, THIS
GUARANTY MAY BE FILED AS EVIDENCE OF THE GUARANTOR’S WAIVER OF A TRIAL BY JURY. 

Section 20.      Reinstatement.
This Guaranty shall be reinstated to the extent of payments made to the Guarantor as reimbursement of amounts advanced by the Guarantor
hereunder. The Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time
any part of any payment of principal of, or interest on, the Guaranty Obligations is stayed, rescinded or must otherwise be restored by
the Administrative Agent upon the bankruptcy or reorganization of BLFC or any other Person.

Section 21.      CoBank
Conflict Waiver. CoBank acts as Administrative Agent and Lender and may provide other services or facilities from time to time (the
“CoBank Roles”). The Guarantor and each other party hereto acknowledges and consents to any and all CoBank Roles, waives
any objections it may have to any actual or potential conflict of interest caused by CoBank acting as Administrative Agent or as Lender
hereunder and acting as or maintaining any of the CoBank Roles, and agrees that in connection with any CoBank Role, CoBank may take, or
refrain from taking, any action which it in its discretion deems appropriate.

Section 22.      Setoff.
In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence
of an Event of Default or a Series 2002-1 Early Amortization Event, each Lender is hereby authorized at any time or from time to time,
without notice to the Guarantor or to any other Person, any such notice being hereby expressly waived to the extent permitted by applicable
law, to set off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or
owing by such Lender, to or for the credit or the account of the Guarantor against and on account of the obligations and liabilities of
the Guarantor to such Lender, as applicable, under this Guaranty or any other Loan Document, including, without limitation, all claims
of any nature or description arising out of or connected with this Guaranty or any other Loan Document, irrespective of whether or not
such Lender shall have made any demand hereunder and although said obligations, liabilities or claims, or any of them, shall be contingent
or unmatured.

    	 	-19- 	 

     

    

If any Lender, whether
by setoff or otherwise, has payment made to it under this Guaranty or any other Loan Document upon its Loans in a greater proportion than
that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Loans held by the other Lenders
so that after such purchase each Lender will hold its ratable proportion of Loans.

Section 23.      Amendment
and Restatement. This Guaranty amends and restates in its entirety that certain Guaranty dated September 6, 2017 by the Guarantor
to the Administrative Agent (as amended to date, the “Prior Guaranty”). This Guaranty renews and continues the Prior
Guaranty without any novation, discharge, release or satisfaction of the underlying obligations, indebtedness, or any guaranty therefor,
all of which obligations, indebtedness and guaranty remain outstanding hereunder, under the Credit Agreement and under the other Loan
Documents.

Signature page follows.

    	 	-20- 	 

     

    

IN WITNESS WHEREOF, the
Guarantor has caused this Guaranty to be duly executed by its officers thereunto duly authorized, as of the date first written above.

	 	GUARANTOR:
	 	 
	 	BUNGE LIMITED,
	 	a Bermuda company
	 	 
	 	 
	 	By	/s/ Rajat Gupta
	 	Name: Rajat Gupta
	 	Title: Treasurer
	 	 
	 	 
	 	By	/s/ Lisa Ware-Alexander
	 	Name: Lisa Ware-Alexander
	 	Title: Secretary

 

 

Signature Page to Guaranty

    	 	 	 

     

    

Schedule I

Material Adverse Effect

None.

 

 

 

 

 

 

 

Schedule I - 1

    	 	 	 

     

    

Schedule II

Environmental Matters

This Schedule II to the Guaranty hereby
incorporates by reference all disclosures related to environmental matters set forth in (i) the Guarantor’s Annual Report on Form
10-K for the fiscal year ended December 31, 2020, which was filed by the Guarantor on February 19, 2021, and (ii) the Guarantor’s
Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021, which was filed by the Guarantor on July 28, 2021.

 

 

 

 

 

 

Schedule II - 1

    	 	 	 

     

    

Schedule III

Defaulted Facilities

None.

 

 

 

 

 

 

 

 

Schedule III - 1

    	 	 	 

     

    

Schedule IV

Designated Obligors

 

	Name	
    Percentage Directly or Indirectly

    Owned by BL

	Bunge Limited	--
	Bunge Global Markets Inc.	100%
	Bunge N.A. Holdings, Inc.	100%
	Bunge North America, Inc.	100%
	Koninklijke Bunge B.V.	100%
	Bunge Alimentos S.A.	100%
	Bunge Argentina S.A.	100%
	Bunge S.A.	100%
	Bunge Fertilizantes S.A. (Brazil)	100%
	Bunge International Commerce Ltd.	100%
	Bunge Trade Limited (successor to Bunge Fertilizantes International Limited)	100%

 

 

 

 

 

 

 

Schedule IV - 1

    	 	 	 

     

    

Schedule V

Material Contingent Liabilities and Material
Disposition or Acquisition of Assets

This Schedule V to the Guaranty hereby incorporates
by reference all disclosures set forth in (i) the Guarantor’s Annual Report on Form 10-K for the fiscal year ended December 31,
2020, which was filed by the Guarantor on February 19, 2021, and (ii) the Guarantor’s Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 2021, which was filed by the Guarantor on July 28, 2021.

 

 

 

 

 

 

 

 

Schedule V - 1

    	 	 	 

     

    

Schedule VI

Material Litigation

This Schedule VI to the Guaranty hereby
incorporates by reference all disclosures related to legal proceedings set forth in (i) the Guarantor’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2020, which was filed by the Guarantor on February 19, 2021, and (ii) the Guarantor’s
Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021, which was filed by the Guarantor on July 28, 2021.

 

 

 

 

 

 

 

Schedule VI - 1

    	 	 	 

     

    

ANNEX A

“Adjusted Capitalization”: the sum of the Guarantor’s Consolidated Net Worth and the Guarantor’s consolidated
Adjusted Net Debt.

“Adjusted Net Debt”: with
respect to any Person on any date of determination, (a) the aggregate principal amount of Indebtedness of such Person on such date (including,
without limitation, letter of credit obligations of such Person) minus (b) the sum of all cash, time deposits, marketable securities and
Liquid Inventory of such Person on such date.

“Adjusted Total Consolidated Current
Liabilities”: (a) the total consolidated current liabilities of the Guarantor and its consolidated Subsidiaries determined on
a consolidated basis in accordance with GAAP minus (b) the total letter of credit obligations under any trade structured finance program
of the Guarantor and its consolidated Subsidiaries minus (c) the total sum of all drawings under any revolving credit facility that has
a maturity, as of any test date, greater than or equal to twelve (12) months from such test date minus (d) any drawings under a commercial
paper program, including the Commercial Paper (as defined in Annex X), so long as the drawn portion thereunder is supported by undrawn
commitments under a revolving credit facility, including the Liquidity Agreement (as defined in Annex X) that has a maturity, as of any
test date, greater than or equal to twelve (12) months from such test date.

“Agreement Currency”: as
defined in Section 18(f).

“Anti-Corruption Laws”:
all laws, rules and regulations of any jurisdiction applicable to the Guarantor or any of its Subsidiaries from time to time concerning
or relating to bribery or corruption.

“Applicable Creditor”: as
defined in Section 18(f).

“Authorized Agent”: as defined
in Section 18(c).

“BL”: as defined in the
preamble hereto.

“BLFC”: as defined in the
preamble hereto.

“Bunge Funding”: Bunge Funding,
Inc., a Delaware corporation, and its successors and permitted assigns.

“CoBank”: as defined in
the preamble hereto.

“CoBank Roles”: as defined
in Section 21.

“Consolidated Net Worth”:
the Net Worth of the Guarantor and its consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP, plus minority
interests in Subsidiaries.

“Credit Agreement”: as defined
in the preamble hereto.

“Designated Website”: as
defined in Section 8.3(a).

“EDGAR”: the Electronic
Data-Gathering, Analysis and Retrieval system, which performs automated collection, validation, indexing and forwarding of submissions
by Persons who are required by law to file forms with the U.S. Securities and Exchange Commission.

 

Annex A – 1

    	 	 	 

     

    

“Environmental Claim”: any
and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of non-compliance or violation,
investigations or proceedings relating in any way to any Environmental Law or any permit issued under any such law (hereinafter “Claims”),
including, without limitation, (a) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response,
remedial or other actions or damages pursuant to any applicable Environmental Law and (b) any and all Claims by any third party seeking
damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting or arising from alleged or actual injury
or threat of injury to the environment by reason of a violation of or liability arising under any Environmental Law.

“Excluded Taxes”: has the
meaning assigned to such term in the Credit Agreement, provided, however, that, for the avoidance of doubt, such term shall include the
Taxes set forth in such definition that are imposed on, or required to be withheld or deducted from a payment to, the Administrative Agent
or any Lender under any Loan Document.

“Guarantor”: as defined
in the preamble hereto.

“Guaranty”: as defined in
the preamble hereto.

“Guaranty Obligations”:
as defined in Section 2.

“Hazardous Materials”: (a)
any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable, urea formaldehyde foam
insulation, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated biphenyls, and radon gas;
(b) any chemicals, materials or substances defined as or included in the definition of “hazardous substances,” “hazardous
waste,” “hazardous materials,” “extremely hazardous waste,” “restricted hazardous waste,” “toxic
substances,” “toxic pollutants,” “contaminants,” or “pollutants,” or words of similar import,
under any applicable Environmental Law; and (c) any other chemical, material or substance, exposure to which is prohibited, limited or
regulated by any governmental authority having jurisdiction over the Guarantor or its Subsidiaries and the manufacturing, trading or extraction
of which constitutes a material portion of the business of the Guarantor or any of its Subsidiaries.

“Indemnified Taxes”: (a)
Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of BLFC or the Guarantor
under any Loan Document, and (b) to the extent not otherwise described in clause (a), Other Taxes.

“Intercompany Loans”: Loans,
as defined in Annex X to the Pooling Agreement.

“Investor Certificates”:
as defined in Annex X to the Pooling Agreement.

“Judgment Currency”: as
defined in subsection 18(f).

“Liquid Inventory”: as to
the Guarantor and its consolidated Subsidiaries at any time, its inventory at such time of commodities which are traded on any recognized
commodities exchange, valued depending on the type of such commodity at either (a) the lower of cost or the market value at such time
or (b) the market value at such time.

“Net Worth”: with respect
to any Person, the sum of such Person’s capital stock, capital in excess of par or stated value of shares of its capital stock,
retained earnings and any other account which, in accordance with GAAP, constitutes stockholders’ equity, excluding any treasury
stock.

 

Annex A – 2

    	 	 	 

     

    

“Notice Address”:

	Administrative Agent:	
    CoBank, ACB

    6340 South Fiddlers Green Circle

    Greenwood Village, CO 80111

    Attention: Credit Information Services

    Facsimile: (303) 224-6101

    Email: CIServices@cobank.com

	Guarantor:	
    Bunge Limited

    1391 Timberlake Manor Parkway

    Chesterfield, Missouri 63017

    Attention: Treasurer

    Telephone No.: (636) 292-3029

    Telecopy No.: (636) 292-4029

 

“Permitted Secured Indebtedness”:
any Secured Indebtedness that:

(a)      is
secured by any mechanic, laborer, workmen, repairmen, materialmen, supplier, carrier, warehousemen, landlord or vendor Lien or any other
Lien provided for by mandatory provisions of law, any order, attachment or similar legal process arising in connection with a court or
other similar proceeding, any tax, charge or assessment ruling or required by any Governmental Authority under any other similar circumstances;

(b)       is
incurred or assumed solely for the purpose of financing all or any part of the cost of constructing or acquiring Property, and any Secured
Indebtedness extending, renewing or replacing, in whole or in part Secured Indebtedness permitted pursuant to this clause (b), so long
as the principal amount of the Secured Indebtedness secured by such Lien does not exceed its original principal amount;

(c)       is
secured by Property existing prior to the acquisition of such Property or the acquisition of any Subsidiary that is the owner of such
Property and is not incurred in contemplation of such acquisition and any Secured Indebtedness extending, renewing or replacing, in whole
or in part Secured Indebtedness permitted pursuant to this clause (c), so long as the principal amount of the Secured Indebtedness secured
by such Lien does not exceed its original principal amount;

(d)       is
owed by any Subsidiary to the Guarantor or any other Subsidiary;

(e)      is
secured by any accounts receivable from or invoices to export customers (including, but not limited to, Subsidiaries), any contracts to
sell, purchase or receive commodities to or from export customers and any cash collateral and proceeds thereof;

(f)       is
incurred pursuant to the Loan Documents or Transaction Documents;

(g)       is
secured by accounts receivable and other related assets arising in connection with transfers thereof to the extent such transfers are
treated as true sales;

(h)       is
secured by a Lien on any checking account, saving account, clearing account, futures account, deposit account, securities account, brokerage
account, custody account or other account (or on any assets held in such account), securing obligations under any agreement or arrangement
related to the opening of or provision of clearing, pooling, zero-balancing, brokerage, settlement, margin or other services related to
such account (or on any assets held in such account), which customarily exist on similar accounts (or on any assets held in such accounts)
of corporations in connection with the opening of, or provision of clearing, pooling, zero-balancing, brokerage, settlement, margin or
other services related, to such accounts; or

 

Annex A – 3

    	 	 	 

     

    

(i)       is
incurred in connection with letters of credit or other similar instruments issued in the normal course of business of the Guarantor or
any Subsidiary, including without limitation, obligations under reimbursement agreements.

“Property”: any of the Guarantor’s
or any Subsidiary’s present or future property including any asset, revenue, or right to receive income or any other property, whether
tangible or intangible, real or personal.

“Restricted Party”: any
person listed:

(a)        in
the Annex to the Executive Order;

(b)        on
the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC; or

(c)       in
any successor list to either of the foregoing.

“Secured Indebtedness”:
all Indebtedness incurred by the Guarantor and any of its Subsidiaries (without duplication) which is secured by Property pledged by the
Guarantor or any Subsidiary.

“Seller”: as defined in
Annex X to the Pooling Agreement.

“Total Consolidated Current Assets”:
(a) the total consolidated current assets of the Guarantor and its consolidated Subsidiaries determined on a consolidated basis in
accordance with GAAP, minus (b) the total time deposits under any trade structured finance program of the Guarantor and its
consolidated Subsidiaries.

“Total Tangible Assets”:
at any date of determination, the total amount of assets of the Guarantor and its Subsidiaries (without duplication and excluding any
asset owned by the Guarantor or any Subsidiary that represents an obligation of the Guarantor or any other Subsidiary to such Subsidiary
or Guarantor) after deducting therefrom all goodwill, trade names, trademarks, patents, licenses, copyrights and other intangible assets.

 

Annex A – 4EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
 COMMERCIAL FRAMEWORK AGREEMENT 

between 
 DELL TECHNOLOGIES INC.

 and 
 VMWARE, INC. 

Dated as of November 1, 2021 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 1.
	 	Definitions; Construction	  	 	1	 
				
		 	1.1.	  	Definitions	  	 	1	 
				
		 	1.2.	  	Construction	  	 	4	 
			
	 2.
	 	Purpose and Effect of the Agreement	  	 	6	 
				
		 	2.1.	  	Purpose	  	 	6	 
				
		 	2.2.	  	Conflicts; Order of Precedence	  	 	6	 
			
	 3.
	 	Product, Service, and Strategic Collaborations	  	 	6	 
				
		 	3.1.	  	Covered Solutions	  	 	6	 
				
	       
	 	3.2.	  	Covered Solutions SOWs	  	 	6	 
				
		 	3.3.	  	Strategic Solutions	  	 	6	 
				
		 	3.4.	  	Existing Strategic Collaborations	  	 	6	 
				
		 	3.5.	  	Team Members	  	 	7	 
				
		 	3.6.	  	Other Collaborations	  	 	7	 
			
	 4.
	 	Sales	  	 	7	 
				
		 	4.1.	  	Annual Operating Plan	  	 	7	 
				
		 	4.2.	  	Dell Sales	  	 	7	 
				
		 	4.3.	  	Sales Incentives	  	 	7	 
				
		 	4.4.	  	Dell Incentives	  	 	7	 
				
		 	4.5.	  	VMware Investments	  	 	7	 
				
		 	4.6.	  	Customer Support	  	 	7	 
			
	 5.
	 	Pricing	  	 	8	 
				
		 	5.1.	  	Pricing	  	 	8	 
				
		 	5.2.	  	Fiscal Year	  	 	8	 
			
	 6.
	 	Governance and Unforeseen Circumstances	  	 	8	 
				
		 	6.1.	  	Governance Procedures	  	 	8	 
				
		 	6.2.	  	Unforeseen Circumstances	  	 	8	 
			
	 7.
	 	Confidentiality	  	 	8	 
				
		 	7.1.	  	Mutual Non-Disclosure Agreement	  	 	8	 
			
	 8.
	 	Term and Termination	  	 	8	 
				
		 	8.1.	  	Term	  	 	8	 
				
		 	8.2.	  	Termination for Cause	  	 	9	 

  
 i 

									
		 	 8.3.
	  	 Termination of Covered Solutions SOWs
	  	 	9	 
				
		 	 8.4.
	  	 Other Termination Rights
	  	 	9	 
				
		 	 8.5.
	  	 Effect of Termination or Expiration
	  	 	9	 
				
	       
	 	 8.6.
	  	 Survival
	  	 	10	 
			
	 9.
	 	 Representations and Warranties
	  	 	10	 
				
		 	 9.1.
	  	 Mutual Representations and Warranties
	  	 	10	 
				
		 	 9.2.
	  	 Disclaimer
	  	 	10	 
			
	 10.
	 	 Limitations of Liability
	  	 	11	 
				
		 	 10.1.
	  	 Exclusion of Damages
	  	 	11	 
				
		 	 10.2.
	  	 Applicability
	  	 	11	 
			
	 11.
	 	 Intellectual Property and Data Privacy
	  	 	11	 
				
		 	 11.1.
	  	 Ownership
	  	 	11	 
				
		 	 11.2.
	  	 Data Protection
	  	 	11	 
			
	 12.
	 	 Dispute Resolution
	  	 	11	 
			
	 13.
	 	 Assignment
	  	 	12	 
			
	 14.
	 	 General Terms
	  	 	12	 
				
		 	 14.1.
	  	 Notices
	  	 	12	 
				
		 	 14.2.
	  	 Compliance with Laws
	  	 	12	 
				
		 	 14.3.
	  	 Counterparts
	  	 	13	 
				
		 	 14.4.
	  	 Costs and Expenses
	  	 	13	 
				
		 	 14.5.
	  	 Third-Party Beneficiaries
	  	 	13	 
				
		 	 14.6.
	  	 Governing Law; Jurisdiction
	  	 	13	 
				
		 	 14.7.
	  	 Waiver of Jury Trial
	  	 	13	 
				
		 	 14.8.
	  	 Specific Performance
	  	 	14	 
				
		 	 14.9.
	  	 Severability
	  	 	14	 
				
		 	 14.10.
	  	 Amendment; Waiver
	  	 	14	 
				
		 	 14.11.
	  	 Entire Agreement
	  	 	15	 

  
 ii 

			
	SCHEDULES:
		
	Schedule A	  	Existing Covered Solutions and In-Flight Covered Solutions
	Schedule B	  	Strategic Solutions
	Schedule C	  	Minimum Required Elements for a Covered Solutions SOW
	Schedule D	  	Team Members
	Schedule E	  	Notice Addresses
	
	EXHIBITS:
		
	Exhibit 1	  	Covered Solutions
	Exhibit 2-A	  	DFS Amendment
	Exhibit 2-B	  	DTS Agreement
	Exhibit 3	  	Team Member Bonus Metrics
	Exhibit 4	  	Annual Operating Plan
	Exhibit 5	  	VMware Investments and Sales Incentives
	Exhibit 6	  	Pricing
	Exhibit 7	  	Governance
	Exhibit 8	  	Mutual Non-Disclosure Agreement
	Exhibit 9	  	Data Protection Agreement
	
	SCHEDULES TO EXHIBITS:
		
	Schedule 4.1	  	AOP Model
	Schedule 4.2	  	Industry Growth Rate
	Schedule 4.3	  	Field Bookings Report
	Schedule 4.4	  	Field Bookings Reconciliation

  
 iii 

 COMMERCIAL FRAMEWORK AGREEMENT 

THIS COMMERCIAL FRAMEWORK AGREEMENT (together with all schedules and exhibits hereto, and as may be amended or modified from time to time, this
“Agreement”), dated as of November 1, 2021 (the “Effective Date”) is by and between Dell Technologies Inc., a Delaware corporation (“Dell”) and VMware, Inc., a Delaware corporation
(“VMware”). Dell and VMware are hereinafter referred to together as the “Parties” and individually as a “Party.” 

WHEREAS, pursuant to that certain Separation and Distribution Agreement, dated as of April 14, 2021 (the “SDA”), Dell
and VMware will consummate the Transactions (as defined in the SDA) in order to effect the separation of Dell and VMware; 
 WHEREAS, the
Parties wish to formalize the commercial relationship between the Parties in order to maintain the mutual strategic advantage between Dell and VMware following the Transactions, and to affirm the Parties’ interest in continuing to collaborate
on solutions and a go-to-market strategy (“GTM”); 

WHEREAS, the Parties recognize that, with respect to certain technologies and GTM activities, the Parties’ respective products and
services work better together to create advantages and value for customers; and 
 WHEREAS, the Parties recognize that it may be in the
Parties’ continued mutual interests to pursue joint opportunities with respect to certain products and services subject to the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, the Parties agree as follows: 
  

	1.	 DEFINITIONS; CONSTRUCTION 

 

	 	1.1.	 Definitions. Capitalized terms used and not otherwise defined in this Agreement have the meanings given
below. 

 “AOP” has the meaning set forth in Section 4.1. 

“Business Day” means any day on which commercial banks are generally open for business in New York, New York, other
than a Saturday, a Sunday or a day observed as a holiday under the Laws of the State of New York or under the federal Laws of the United States of America. 

“CEO” means chief executive officer. 

“Change in Control” means, with respect to a Party, (a) the consummation by such Party of a consolidation, merger,
amalgamation, share exchange, equity contribution, reorganization or other business combination or transaction (in one or a series of related transactions) involving such Party in which, immediately following such transaction, either (i) less
than 50 percent of the directors of such Party were directors of such Party immediately prior to the consummation of such transaction or (ii) the holders (excluding the acquiror and persons acting with the acquiror) in such transaction) of
the voting securities of such Party outstanding immediately prior to such transaction cease to hold at least 50% of the combined voting power of the securities of such Party or the surviving Person or any parent thereof outstanding immediately after
such merger of consolidation); (b) the acquisition by a Person, or group of Persons acting in concert, of Control of such Party (including by means of merger, consolidation, business combination, share exchange or other reorganization in one or a
series of related transactions) (provided, that the entry into, or consummation of, a bona fide internal restructuring or reorganization of any kind by such Party shall not be deemed to be the acquisition of Control of such Party for purposes of
this clause (b)); or (c) the direct or indirect sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of such Party and its subsidiaries’ assets (determined on a consolidated basis)
(including by means of merger, consolidation, other business combination, exclusive license of all rights, share exchange or other reorganization); provided, that in each case, any transaction solely between and among such Party and one or more of
its wholly-owned subsidiaries shall not be considered a Change in Control hereunder. For purposes of this definition, “Control” means, with respect to a Person, the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of a majority of the voting securities of such Person or the right to nominate or appoint a majority of the directors of such Person; provided ̧ however, that the existence of any approval or consent
rights shall not be taken into account for purposes of determining the existence of Control. 

 “Chosen Courts” has the meaning set forth in
Section 14.6. 
 “Covered Solution” means a project designed to accelerate the growth of an
industry, product, service or platform or that may provide one or both Parties a strategic market opportunity benefiting mutual customers of the Parties that are the subject of a Covered Solutions SOW. 

“Covered Solutions Executive” means the CEO or, if designated by the CEO, the COO of each Party, as applicable. 

“Covered Solutions Review Activities” means the Parties’ respective obligations related to the review of Covered
Solutions under this Agreement, including the Parties’ obligations (a) to review and update strategic plans and signed Covered Solutions SOWs, (b) to identify areas of potential collaboration and (c) to determine future
collaboration projects, in each case in accordance with the terms and conditions in Exhibit 7. 
 “Covered
Solutions SOW” means (a) any In-Flight Covered Solutions SOW that has been executed by the Parties, (b) any Future Covered Solutions SOW that has been executed by the Parties and
(c) any Existing Covered Solutions SOW. 
 “Customer Support Agreement” has the meaning set forth in
Section 4.6. 
 “DFS Agreement” means that certain Global Operating and Purchase Agreement
by and between VMware, Inc. and Dell Financial Services, L.L.C. effective as of July 18, 2016, as amended by that certain Amendment No. 1 dated as of May 30, 2018. 

“DPA” means that certain Data Protection Agreement between the Parties dated on or about November 1, 2021 and attached
hereto as Exhibit 9, as may be amended from time to time. 
 “DTS Agreement” has the meaning set forth in
Section 3.4(b). 
 “Existing Covered Solution” means each project listed in
Schedule A designated as an “Existing Covered Solution.” 

  
 2 

 “Existing Covered Solutions SOW” means (a) an executed statement of
work under the TCA that relates to an Existing Covered Solution or (b) any other written agreement executed by the Parties prior to the Effective Date that relates to an Existing Covered Solution. 

“Fiscal Quarter” means a fiscal quarter of VMware or Dell as of the Effective Date, unless otherwise agreed by the Parties in
writing and subject to Section 5.2. 
 “Fiscal Year” means a fiscal year of VMware or Dell as of
the Effective Date, unless otherwise agreed by the Parties in writing and subject to Section 5.2. 

“Future Covered Solutions SOW” means a written agreement of the Parties that relates to a Potential Covered Solution and
includes the minimum elements identified in Section 3.2. 
 “Governmental Authority” means any
government, court of competent jurisdiction, regulatory or administrative agency, commission or other governmental authority or instrumentality, whether Federal, state, local, domestic, foreign or multinational. 

“GTM” has the meaning set forth in the Recitals. 

“In-Flight Covered Solution” means each project designated as an “In-Flight Covered Solution” in Schedule A. 
 “In-Flight Covered Solutions SOW” means a written agreement of the Parties that relates to an In-Flight Covered Solution and includes the minimum elements identified
in Section 3.2. 
 “Initial Term” has the meaning set forth in
Section 8.1. 
 “Law” means all U.S. and non-U.S. laws
(including common law), statutes, ordinances, rules, regulations, declarations, decrees, directives, codes, treaties, legislative enactments, executive orders, circulars and court (or other governmental, administrative or regulatory) orders issued,
promulgated or entered into by or with any Governmental Authority. 
 “NDA” has the meaning set forth in
Section 7. 
 “Obligations” means (a) all of the obligations of the Parties set forth in
Section 3 and all of the obligations of the Parties to participate in Covered Solutions Review Activities (collectively, the “Product Obligations”), (b) all of the obligations of the Parties set forth in
Section 4 (collectively, the “Sales Obligations”), and (c) all of the obligations of the Parties set forth in Section 5 (collectively, the “Pricing
Obligations”), in each case, including any rights associated with the foregoing clauses (a), (b) and (c). 

“Person” means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated
organization, a limited liability entity, or any other legal entity, including any Governmental Authority. 
 “Potential Covered
Solution” means a Covered Solution identified by the Parties during the Term of the Agreement that is not an In-Flight Covered Solution or an Existing Covered Solution. 

  
 3 

 “Principles” means the Parties’ core goals in connection with this
Agreement, namely: (a) continuing the Parties’ mutually beneficial preferred sales engagement with respect to the Parties’ respective GTM activities, (b) pursuing mutually beneficial Covered Solutions, and (c) continuing the
Parties’ “Better Together” messaging, in each case subject to the terms and conditions of this Agreement. 
 “Renewal
Term” has the meaning set forth in Section 8.1. 
 “Strategic Solutions” means the
products and services listed on Schedule B, as such schedule may be updated from time to time during the Term in accordance with this Agreement. 

“TCA” means the Technology Collaboration Agreement by and between VMware and EMC Corporation dated as of February 2,
2009, and to which Dell is bound as an affiliate of EMC Corporation (as amended and as may be amended from time to time, and together with all statements of work thereunder). 

“Team Member” has the meaning set forth in Section 3.5. 

“Team Member Bonus Metrics” has the meaning set forth in Section 3.5. 

“Term” has the meaning set forth in Section 8.1. 

“Unforeseen Circumstances” means a hurricane, earthquake, global pandemic (except for existing governmental regulations and
restrictions relating to the Covid-19 pandemic), act of God, act of war, terrorism, riot, rebellion, revolution or civil disorders. 

“VMware Board of Directors” means the board of directors of VMware. 

“VMware Related Persons Transactions Committee” has the meaning set forth in the SDA. 

 

	 	1.2.	 Construction. In this Agreement, unless a clear contrary intention appears: 

 

	 	(a)	 references to this Agreement include the Schedules and Exhibits hereto, and references to the Covered Solutions
SOWs include the attachments, exhibits and schedules thereto; 

  

	 	(b)	 except where otherwise indicated, references in this Agreement (exclusive of the Schedules and Exhibits) to
Sections, Schedules or Exhibits are to Sections of, Schedules to or Exhibits to, this Agreement (exclusive of the Schedules and Exhibits); 

  

	 	(c)	 the singular number includes the plural number and vice versa; 

 

	 	(d)	 reference to any Person includes such Person’s successors and assigns but, if applicable, only if such
successors and assigns are not prohibited by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually; 

  
 4 

	 	(e)	 references to any gender includes any other gender; 

 

	 	(f)	 reference to any agreement, document or instrument means such agreement, document or instrument as amended,
modified, supplemented or restated, and in effect from time to time in accordance with the terms thereof subject to compliance with the requirements set forth herein; 

 

	 	(g)	 reference to any applicable Law means such applicable Law as amended, modified, codified, replaced or
reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section or other provision of any applicable Law means that provision of such applicable Law from time to
time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision; 

  

	 	(h)	 “herein,” “hereby,” “hereunder,” “hereof,” “hereto” and words
of similar import shall be deemed references to this Agreement, as applicable, and not to any particular article, section or other provision hereof or thereof; 

 

	 	(i)	 the word “or” is not exclusive; 

 

	 	(j)	 references to and mentions of the word “including” (and with correlative meaning “include”)
or the phrases “e.g.” or “such as” means including, without limiting the generality of, any description preceding such term; 

  

	 	(k)	 the headings are for convenience of reference only and shall not affect the construction or interpretation
hereof or thereof; 

  

	 	(l)	 with respect to the determination of any period of time, “from” means “from and including”
and “to” means “to and including;” 

  

	 	(m)	 references to documents, instruments or agreements shall be deemed to refer as well to all addenda, exhibits,
schedules or amendments thereto; 

  

	 	(n)	 any consent required herein from a Party may be given or withheld in such Party’s sole discretion, unless
otherwise indicated; and 

  

	 	(o)	 this Agreement shall be deemed to be the joint work product of the Parties and any rule of construction that a
document shall be interpreted or construed against a drafter of such document shall not be applicable. 

  

	2.	 PURPOSE AND EFFECT OF THE AGREEMENT 

 

	 	2.1.	 Purpose. This Agreement establishes the terms and conditions applicable to the Parties’ strategic
commercial relationship and advancement of the Principles. 

  
 5 

	 	2.2.	 Conflicts; Order of Precedence. In the event of a conflict between the terms and conditions of any
Schedule or Exhibit to this Agreement and the terms and conditions of this Agreement, the terms and conditions of the Schedule or Exhibit will govern. In the event of a conflict between the terms and conditions of this Agreement and the terms and
conditions of any Covered Solutions SOW, the terms and conditions of the Covered Solutions SOW will govern; provided that, in the event of a conflict between the terms and conditions of any of Section 8.2,
Section 8.4(c), Section 9.2, Section 10 or Section 13 on the one hand, and terms and conditions of any Covered Solutions SOW on the other hand,
the terms and conditions of Section 8.2, Section 8.4(c), Section 9.2, Section 10 and Section 13 will govern; provided,
further, that in the event any wind-down provision exists in a Covered Solutions SOW, such provision will remain in effect notwithstanding anything herein to the contrary. For the avoidance of doubt, Section 9.2 shall not
limit any express representations or warranties set forth in a Covered Solutions SOW. 

  

	3.	 PRODUCT, SERVICE, AND STRATEGIC COLLABORATIONS 

 

	 	3.1.	 Covered Solutions. The Parties shall cooperate (a) to identify in good faith Potential Covered
Solutions and (b) to negotiate diligently in good faith In-Flight Covered Solutions SOWs and Future Covered Solutions SOWs, in each case in accordance with the terms and conditions set forth in
Exhibit 1. 

  

	 	3.2.	 Covered Solutions SOWs. Each In-Flight Covered Solutions SOW and
Future Covered Solutions SOW will address the elements set forth in Schedule C. Each In-Flight Covered Solutions SOW and Future Covered Solutions SOW will be effective when executed
by an authorized representative of VMware and an authorized representative of Dell. 

  

	 	3.3.	 Strategic Solutions. The Covered Solutions Executives shall review and agree on any applicable changes
to the Strategic Solutions at least annually in accordance with the terms and conditions set forth in Exhibit 7, and the Parties shall update Schedule B accordingly, as applicable.

  

	 	3.4.	 Existing Strategic Collaborations. 

 

	 	(a)	 The Parties shall enter into an amendment to the DFS Agreement in the form attached hereto as
Exhibit 2-A. 

  

	 	(b)	 The Parties shall enter into a contract formalizing the Parties’ relationship with respect to Dell
Technologies Select, in the form attached hereto as Exhibit 2-B (the “DTS Agreement”). 

  
 6 

	 	3.5.	 Team Members. Each Party’s executives responsible for implementing the Principles on behalf of such
Party are set forth on Schedule D (each such executive, a “Team Member”). Each Party may update the list of Team Members in Schedule D from time to time upon notice to the other Party, and the
Parties shall review and update Schedule D in accordance with their terms and conditions set forth in Exhibit 3. Subject to applicable Law, a portion of each Team Member’s executive bonus
shall be calculated in accordance with the terms and conditions set forth in Exhibit 3 (the “Team Member Bonus Metrics”), unless otherwise agreed by the Parties. The Parties shall amend and maintain each
Team Member’s executive bonus structure in accordance with the terms and conditions set forth in Exhibit 3, as applicable. 

  

	 	3.6.	 Other Collaborations. Except as expressly set forth in this Agreement, nothing in this Agreement limits
the ability of either Party to collaborate or enter into any agreements with any third Person. 

  

	4.	 SALES 

  

	 	4.1.	 Annual Operating Plan. The Parties shall develop and update, no less frequently than annually, an annual
operating plan in accordance with the terms and conditions set forth in Exhibit 4 (such annual operating plan, the “AOP”). 

 

	 	4.2.	 Dell Sales. Dell shall use commercially reasonable efforts to meet the Overall Annual Bookings Target
and the Strategic Solutions Annual Bookings Target, in each case as defined and determined in accordance with the terms and conditions set forth in Exhibit 4 and subject to the terms and conditions of
Exhibit 5 (including Section 5 of Exhibit 5). 

  

	 	4.3.	 Sales Incentives. The Parties shall implement sales incentives to support the AOP in accordance with the
terms and conditions set forth in Exhibit 4. 

  

	 	4.4.	 Dell Incentives. Dell shall design and implement incentive plans for Dell sales personnel in connection
with achievement of the targets detailed in the applicable AOP, in accordance with the terms and conditions set forth in Exhibit 4. 

  

	 	4.5.	 VMware Investments. VMware shall maintain investment levels in connection with achievement of the
targets detailed in the applicable AOP, in accordance with the terms and conditions set forth in Exhibit 5. 

  

	 	4.6.	 Customer Support. Regarding instances in which a customer is jointly using a VMware and a Dell product
and each Party may have support services obligations to such customer, the Parties shall work in good faith to complete a Customer Support Agreement (“Customer Support Agreement”) by the Effective Date based upon each Party’s
generally-available service offerings as well as any mutually agreed-upon new service offerings. By way of description and not limitation, such a Customer Support Agreement may include topics such as respective rights and obligations regarding
support services delivery SLAs, appropriate access to knowledge base and service request-related systems and tools, and other topics the Parties deem appropriate. In consideration of the Principles, the Parties will discuss and evaluate creating new
service offerings. Any cost of additional mutually agreed-upon service offerings is expected to be borne by the Party requesting the implementation of such offering. 

  
 7 

	5.	 PRICING 

  

	 	5.1.	 Pricing. With respect to pricing, the Parties shall comply with the terms and conditions set forth in
Exhibit 6. 

  

	 	5.2.	 Fiscal Year. After the Effective Date, neither Party will change its respective fiscal year without the
prior written consent of the other Party. 

  

	6.	 GOVERNANCE AND UNFORESEEN CIRCUMSTANCES 

 

	 	6.1.	 Governance Procedures. The Parties shall comply with the governance procedures set forth in
Exhibit 7. 

  

	 	6.2.	 Unforeseen Circumstances. To the extent performance by a Party of its obligations under this Agreement
is prevented, hindered or delayed by Unforeseen Circumstances, such Party shall be excused for such non-performance, hindrance or delay solely as expressly set forth in this Agreement and solely for so long as
such Unforeseen Circumstances continue; provided that: (a) such Unforeseen Circumstances are beyond the reasonable control of the applicable Party and could not be prevented by appropriate precautions; (b) such Party is diligently
attempting to work around or mitigate the Unforeseen Circumstances; and (c) the Party claiming Unforeseen Circumstances shall promptly notify the other Party of the occurrence of Unforeseen Circumstances and describe the Unforeseen
Circumstances in reasonable detail. 

  

	7.	 CONFIDENTIALITY 

  

	 	7.1.	 Mutual Non-Disclosure Agreement. The Parties shall comply with
the terms and conditions of the Non-Disclosure Agreement set forth in Exhibit 8 (the “NDA”). 

  

	8.	 TERM AND TERMINATION 

 

	 	8.1.	 Term. This Agreement commences on the Effective Date and continue for five years (the “Initial
Term”), and thereafter will automatically renew for additional one-year terms (each, a “Renewal Term,” and together with the Initial Term, the “Term”), unless earlier
terminated in accordance with this Agreement. Either Party may terminate this Agreement by providing at least 180 days’ written notice to the other Party prior to the end of the Initial Term or the then-current Renewal Term. Subject to the
termination rights set forth in Section 8.2 and Section 8.4(c), the term of any Covered Solutions SOW shall be expressly set forth in such Covered Solutions SOW, as applicable.

  
 8 

	 	8.2.	 Termination for Cause. Either Party may terminate this Agreement or any category of Obligations (e.g.,
the Product Obligations), in each case, upon written notice to the other Party (including such Party’s Covered Solutions Executive) if such other Party (a) materially breaches an Obligation under this Agreement and fails to cure such
breach within 30 days after receipt of notice of such breach by the non-breaching Party or (b) commits a series of non-material breaches under this Agreement that
collectively constitute a material breach; provided that a Party’s right to terminate this Agreement for any breach of Section 7 or Section 13 is governed by
Section 8.4(a). The cure period set forth in this Section 8.2 does not apply to, and will not prejudice, a specific right in another Section of this Agreement to terminate this Agreement or any
Obligations. If either Party has the right to terminate this Agreement (or any portion thereof), such Party may also elect to terminate one or more Covered Solutions SOWs (or any portion thereof). 

 

	 	8.3.	 Termination of Covered Solutions SOWs. Notwithstanding anything to the contrary in
Section 8.2, a Covered Solutions SOW may be terminated in accordance with the terms of any such Covered Solutions SOW. 

  

	 	8.4.	 Other Termination Rights. 

 

	 	(a)	 Termination for Breaches of Confidentiality and Assignment Obligations. Either Party may terminate this
Agreement immediately upon notice to the other Party in the event of (i) a material breach of such other Party’s obligations under Section 7 hereof or (ii) an attempted assignment, transfer or other action by
such other Party in contravention of Section 13 hereof. 

  

	 	(b)	 Termination for Deterioration of Financial Condition. Either Party may immediately terminate this
Agreement upon written notice to the other Party: (i) upon the filing by or with respect to the other Party of a petition in bankruptcy or insolvency under the Laws of any jurisdiction; (ii) a final adjudication that the other Party is
bankrupt or insolvent; (iii) the filing or making of any statement or admission that the other Party is unable to pay its debts as they become due or that it is insolvent; or (iv) the making of any assignment for the benefit of creditors
or similar process. 

  

	 	(c)	 Other VMware Termination Rights. VMware may terminate Covered Solutions SOWs and Obligations as
expressly set forth in Section 4(c) and Section 4(d) of Exhibit 5. 

  

	 	(d)	 Termination for Change in Control. Either Party may terminate this Agreement upon 60 days’ written
notice in the event of a Change in Control of the other Party. 

  

	 	8.5.	 Effect of Termination or Expiration. 

 

	 	(a)	 Effect on Covered Solutions SOWs. Upon the termination or expiration of this Agreement, all Covered
Solutions SOWs then in effect will continue in accordance with their terms, except where such Covered Solutions SOW (or portion thereof) has been earlier or simultaneously terminated in accordance with Section 8.2 or
Section 4(c) of Exhibit 5 of this Agreement or in accordance with the terms and conditions of such Covered Solutions SOW. 

  
 9 

	 	(b)	 Upon the termination or expiration of this Agreement, except as set forth in
Section 8.6, all rights and obligations of the Parties under this Agreement will immediately cease and terminate, and neither Party shall have any further obligation to the other Party with respect to this Agreement, except
that VMware shall pay the VMware Investments (as defined in Exhibit 5) to Dell in accordance with the terms and conditions of Exhibit 5. 

 

	 	(c)	 Expiration or termination of this Agreement or any Covered Solutions SOW will not act as a waiver of any breach
of this Agreement and will not act as a release of either Party from any liability or obligation incurred under this Agreement through the effective date of such expiration or termination, including with respect to any fees or expenses that accrued
on or before the effective date of such expiration or termination. 

  

	 	8.6.	 Survival. The following provisions shall survive any termination or expiration of this Agreement:
Section 1 (Definitions and Construction), Section 7 (Confidentiality), Section 8.5 (Effect of Termination), Section 8.6
(Survival), Section 9.2 (Representations and Warranties Disclaimer), Section 10 (Limitations of Liability), Section 11.1 (IP Ownership),
Section 12 (Dispute Resolution) and Section 14 (General Terms), and any term in an Exhibit to this Agreement that expressly states it will survive the expiration or termination of the
Agreement. 

  

	9.	 REPRESENTATIONS AND WARRANTIES 

 

	 	9.1.	 Mutual Representations and Warranties. Each Party hereby represents and warrants to the other Party
that, as of the Effective Date: (i) it is duly incorporated and validly existing or registered as applicable under applicable Laws of the relevant jurisdiction; (ii) it has the full power and authority to execute, deliver, and perform
under this Agreement; (iii) it has taken all requisite actions and obtained all consents, approvals, authorizations, and permits necessary for the execution, delivery and performance of its obligations under this Agreement; (iv) this
Agreement constitutes a legal, valid, and binding obligation of such Party enforceable against it in accordance with its terms; and (v) the execution, delivery, and performance of this Agreement will not violate such Party’s articles of
incorporation, any other agreements or obligations of such Party or, to the best of such Party’s knowledge, Laws applicable to such Party. 

  

	 	9.2.	 Disclaimer. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES OR GIVES ANY EXPRESS
REPRESENTATION, WARRANTY, OR COVENANT OF ANY KIND IN CONNECTION WITH THIS AGREEMENT. WITHOUT LIMITING THE FOREGOING, AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY
REPRESENTATIONS AND WARRANTIES, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, NON-INFRINGEMENT, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE, AND ANY REPRESENTATION, WARRANTY, OR COVENANT BASED ON
COURSE OF DEALING OR USAGE IN TRADE. 

  
 10 

	10.	 LIMITATIONS OF LIABILITY 

 

	 	10.1.	 Exclusion of Damages. EXCEPT FOR A BREACH OF A PARTY’S OBLIGATIONS UNDER
SECTION 7 (CONFIDENTIALITY) AND NOTWITHSTANDING ANY TERMS IN A COVERED SOLUTIONS SOW TO THE CONTRARY, NEITHER PARTY SHALL BE LIABLE UNDER THIS AGREEMENT OR ANY COVERED SOLUTIONS SOW FOR ANY INDIRECT, INCIDENTAL, SPECIAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES, OR DAMAGES BASED ON LOST REVENUE, LOST PROFITS, LOSS OF INCOME, OR LOSS OF BUSINESS ADVANTAGE DAMAGES, IN ALL CASES WHETHER OR NOT FORESEEABLE, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES. 

  

	 	10.2.	 Applicability. THE LIMITATIONS OF LIABILITY STATED IN THIS SECTION 10 WILL APPLY REGARDLESS OF
WHETHER A PARTY’S REMEDIES IN THIS AGREEMENT ARE DETERMINED TO HAVE FAILED OF THEIR ESSENTIAL PURPOSE. THIS SECTION 10 DOES NOT LIMIT EITHER PARTY’S PAYMENT OBLIGATIONS UNDER THIS AGREEMENT. 

 

	11.	 INTELLECTUAL PROPERTY AND DATA PRIVACY 

 

	 	11.1.	 Ownership. Neither Party shall acquire any rights, title, or interest in or to any of the intellectual
property of the other Party as a result of this Agreement. No rights or licenses to intellectual property are granted by either Party under this Agreement, whether by implication, estoppel or otherwise. 

 

	 	11.2.	 Data Protection. Where any activities of the Parties under this Agreement involve the processing of
Personal Data (as defined in the DPA), the DPA will govern the Parties’ obligations in processing such Personal Data, and the Parties shall comply with the terms and conditions of same. The Parties shall complete the Annexes and any other
required information to be included in the DPA to accurately reflect the processing activities of the Parties under this Agreement and shall update the DPA as required from time to time to comply with applicable Law or to reflect any new or modified
processing activities contemplated under this Agreement. 

  

	12.	 DISPUTE RESOLUTION 

  

	 	12.1.	 A dispute arising under this Agreement that is not resolved in the ordinary course of business shall be
considered in person or by telephone by the Covered Solutions Executives within five Business Days after receipt of a notice from either Party specifying the details of the dispute to be escalated to the Covered Solutions Executives.

  

	 	12.2.	 If the Covered Solutions Executives are unable to resolve the dispute within 15 Business Days after escalation
(or are unable to meet within such period), then either Party may pursue its rights and remedies under this Agreement, including by initiating judicial proceedings. 

  
 11 

	 	12.3.	 The foregoing shall not prevent or delay either Party from seeking equitable remedies available under Law.

  

	 	12.4.	 All negotiations, conferences, and discussions pursuant to this Section 12 shall be
confidential and shall be treated as compromise and settlement negotiations and shall be governed by Rule 408 of the Federal Rules of Evidence and any applicable similar state rule. Nothing said or disclosed, nor any document produced, in the course
of such negotiations, conferences, and discussions that is not otherwise independently discoverable shall be offered or received as evidence or used for impeachment or for any other purpose in any current or future litigation. 

 

	13.	 ASSIGNMENT 

Neither Party shall assign (including by operation of law) any of its rights or obligations under this Agreement or any Covered Solutions SOW without the prior
written consent of the other Party, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, a Party may freely assign this Agreement to a successor entity resulting from an internal corporate
reorganization to a wholly owned affiliate of such Party. Any permitted assignee of this Agreement must assume the assigning Party’s obligations under this Agreement in writing. In the event of a permitted assignment, this Agreement shall be
binding upon and inure to the benefit of the Party’s permitted successors and assigns. Any attempted assignment or transfer in violation of this Section 13 will be null and void ab initio. 

 

	14.	 GENERAL TERMS 

  

	 	14.1.	 Notices. All notices or other communications under this Agreement shall be in writing and shall be
deemed to be duly given (a) when delivered personally by hand (with written confirmation of receipt), (b) when sent by e-mail (with written confirmation of receipt, by other than automatic means, whether
electronic or otherwise) or (c) one Business Day following the day sent by an internationally recognized overnight courier (with written confirmation of receipt), to the addresses of the Parties as set forth in Schedule E or to such other
address(es) as shall be furnished in writing by any such party to the other parties hereto in accordance with the provisions of this Section 14.1. 

 

	 	14.2.	 Compliance with Laws. Each Party shall comply with the Laws applicable to it in connection with this
Agreement. 

  

	 	14.3.	 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties thereto and delivered to the other Party. Copies of executed counterparts transmitted by electronic signature
(including by means of e-mail in .pdf format) shall be considered original executed counterparts for purposes of this Section 14.3. 

 

	 	14.4.	 Costs and Expenses. Except as otherwise expressly provided in this Agreement, all costs and expenses of
the Parties in connection with the Agreement shall be paid by the Party incurring such costs or expenses. 

  
 12 

	 	14.5.	 Third-Party Beneficiaries. The provisions of this Agreement are solely for the benefit of the Parties
and their respective successors and permitted assigns and are not intended to confer upon any Person, except the Parties and their respective successors and permitted assigns, any rights or remedies hereunder; and there are no third-party
beneficiaries of this Agreement; and this Agreement shall not provide any third party with any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement.

  

	 	14.6.	 Governing Law; Jurisdiction. This Agreement will be governed by and construed and interpreted in
accordance with the internal Laws of the State of Delaware, irrespective of the choice of Laws principles of the State of Delaware, as to all matters, including matters of validity, construction, effect, enforceability, performance, and remedies.
Except as set forth in Section 12, each Party agrees that it shall bring any action, claim, or proceeding between the Parties arising out of or related to this Agreement (exclusively in the Delaware Court of Chancery or,
only if the Delaware Court of Chancery lacks or declines to accept jurisdiction over a particular matter, any appropriate state or federal court within the State of Delaware (the “Chosen Courts”)), and with respect to any such
action, claim, or proceeding (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any such claim in the Chosen Courts, (iii) waives any objection that the Chosen
Courts are an inconvenient forum or do not have jurisdiction over any Party and (iv) agrees that service of process or summons upon such Party in any such action, claim, or proceeding will be effective if notice is given in accordance with
Section 14.1. 

  

	 	14.7.	 Waiver of Jury Trial. THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, EXECUTION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE
TRIAL BY JURY AND THAT ANY ACTION OR PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

 

	 	14.8.	 Specific Performance. The Parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, subject to the provisions of Section 12, the Parties shall be entitled to an
injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement 

  
 13 

	 	
without proof of actual damages or otherwise (and each Party hereby waives any requirement for the securing or posting of any bond in connection with such remedy) in the Chosen Courts and agrees
not to assert and hereby waives any defense to the effect that a remedy of injunctive relief or specific performance is unenforceable, invalid or contrary to Law or that a remedy of monetary damages would provide an adequate remedy, this being in
addition to any other remedy to which they are entitled at law or in equity. 

  

	 	14.9.	 Severability. If any provision of this Agreement or the application thereof to any Person or
circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which
it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner adverse to any Party. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the Parties. 

 

	 	14.10.	 Amendment; Waiver. 

 

	 	(a)	 This Agreement may be amended, supplemented, or otherwise modified only by a written instrument executed by
both Parties. No waiver by either Party of any of the provisions hereof will be effective unless explicitly set forth in writing and executed by the Party so waiving. Notwithstanding the foregoing, to the extent any such any amendment, supplement,
modification or waiver by VMware or the VMware Board of Directors materially and adversely affects VMware, such amendment, supplement, modification or waiver by VMware or the VMware Board of Directors shall require the prior written consent of the
VMware Related Persons Transactions Committee. 

  

	 	(b)	 Waiver by any Party of any default by the other Party of any provision of this Agreement shall not be deemed a
waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of any Party. Except as provided in Section 14.10(a), no action taken pursuant to this Agreement, including any investigation
by or on behalf of any Party, or a failure or delay by any Party in exercising any right, power or privilege hereunder, will operate as a waiver thereof, nor will any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. 

  

	 	14.11.	 Entire Agreement. This Agreement and the Schedules, Exhibits and Annexes hereto and the specific
agreements contemplated hereby contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, oral or written, negotiations, discussions, writings, understandings, commitments and
conversations with respect to such subject matter. 

 [Signature Page Follows] 

  
 14 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the
Effective Date by their duly authorized representatives. 
  

	
	DELL TECHNOLOGIES INC
	
	 /s/ Robert Potts

Name: Robert Potts

	Title:   Senior Vice President and Assistant Secretary
	
	VMWARE, INC.
	
	 /s/ Zane Rowe

Name: Zane Rowe

	 Title:   Executive Vice President and

            Chief Financial Officer

 [Signature Page to Commercial Framework Agreement]

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