Document:

Exhibit 10.3

      

       

      SECOND AMENDED AND RESTATED ETHANOL PURCHASE AGREEMENT

       

      THIS SECOND AMENDED AND RESTATED ETHANOL PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of January 1, 2020 (the “Effective Date”) by and between Southwest Iowa
        Renewable Energy, LLC, an Iowa limited liability company (“Producer”), and Bunge North America, Inc., a New York corporation (“Bunge”) (each of Producer and Bunge, a “Party” and collectively, the “Parties”).

       

      Producer owns and operates an ethanol plant located near Council Bluffs, Iowa (the “Facility”). Producer and Bunge entered into an Ethanol Purchase
        Agreement as of January 1, 2012 (as subsequently amended, the “Original Agreement”) whereby Producer sells and Bunge purchases all ethanol and Green Attributes (as defined below) produced by the Facility (the ethanol and Green Attributes,
        together “Ethanol”). The Parties now desire to amend and restate the Original Agreement on the terms and conditions set forth herein.

       

      Therefore, the Parties agree as follows:

       

      
        
          
            1.              Ethanol Purchase/Sale.

          

        

      

       

      1.1         Exclusive Purchaser. Subject to the terms of this Agreement, Producer agrees to sell to Bunge all Ethanol produced during the Term (as
        defined in Section 6.1 hereof) by the Facility, other than (a) 190 proof unfinished ethanol that Producer sells to Golden Triangle Energy, LLC or similar entities, and (b) Ethanol sold directly to fuel retailers for further sale as higher
        ethanol blends (E15, E30, E85) to consumers. With the exception noted in the prior sentence, Bunge agrees that it will be obligated to purchase all Ethanol produced by the Facility during the Term under the conditions herein set forth.

       

      1.2         Title. Title, risk of loss and full shipping responsibility shall pass to Bunge upon loading of the Ethanol into trucks, rail cars or
        pipeline at the Delivery Location (as defined below) and delivery to Bunge of a bill of lading for each shipment. Bunge and Producer shall agree upon documented inspection, loading and sealing procedures. For loading of Ethanol into trucks, Bunge
        agrees that its customers will be provided Producer’s Fuel Ethanol Truck Loadout Standard Operating Procedures (the “SOP”), as the same may be provided to Bunge from time to time.

      

      

      1.3        Location. The place of delivery by Producer for all Ethanol sold to Bunge pursuant to this Agreement shall be the Facility or as otherwise
        agreed by the Parties (the “Delivery Location”). For shipments by rail, Bunge will provide loading instructions to Producer designating the shipment date and amount of Ethanol to be shipped with enough advance notice such that Producer can
        direct the loading of all Ethanol delivered hereunder in a commercially reasonable manner. For shipments by truck, Bunge will provide instructions to Producer designating the shipment date and amount of Ethanol to be shipped with enough advance
        notice such that Producer accommodate the loading of all Ethanol delivered hereunder in a commercially reasonable manner.  Loading of shipments by truck will be the responsibility of Bunge’s customers, in accordance with the SOP. Producer shall
        give Bunge and Bunge’s agents access to the Facility, in such a manner and at all times as shall be commercially reasonably necessary and convenient, in order for Bunge or Bunge’s agents and/or designees to take delivery as provided herein. To the
        extent that Bunge has provided Producer with loading instructions, such instructions are subject to change at the discretion of Bunge upon reasonable notice to Producer. If Producer has delivered Ethanol prior to such notice, Producer will not be
        responsible for any failure of such Ethanol to comply with the changed instructions and Bunge will incur the cost, if any associated with the change of instructions.

       

      
        
          

      

      1.4        Ethanol Marketing Policy. Producer and Bunge will jointly establish an Ethanol marketing policy with respect to Contracts (as defined in Section

          2.1(b)) setting forth how far in advance such Contracts may provide for the sale of Ethanol, referred to as forward contracting limits (the “Ethanol Marketing Policy”). Without limitation, subject to Section 2.2, the Ethanol
        Marketing Policy shall also include obligations of Producer to deliver to Bunge written estimates of Ethanol production at the Facility a reasonable period of time prior to such production. The Ethanol Marketing Policy is subject to approval and
        modification from time-to-time jointly by Bunge and Producer’s risk management committee and/or Board of Managers and may be developed in connection with a comprehensive risk management policy for the marketing of all products produced by the
        Facility. The Ethanol Marketing Policy will be updated by the Parties as necessary. Bunge shall promptly make Producer aware if the Ethanol Marketing Policy is reasonably believed to be limiting Bunge’s ability to market Ethanol in accordance with
        this Agreement.

       

      
        
          
            2.             Obligations of the Parties; Quantity and Weights.

          

        

      

       

      2.1        Bunge’s Obligations.

       

      (a)            Market Information. Bunge will provide Producer with relevant and transparent market information, including bid/ask sheets for Ethanol
        produced at the Facility.

       

      (b)          Ethanol Contracts. Bunge will negotiate and execute contracts, arrangements and agreements on its own behalf for the resale by Bunge of
        Ethanol (“Contracts”), and provide Producer with copies of such Contracts upon request. Bunge will also provide Producer with, or make available to Producer, consolidated daily position reports of delivery dates, volumes and pricing under
        all open Contracts.

       

      (c)            Bunge Re-Sale Efforts. Bunge agrees to use commercially reasonable efforts to market the Ethanol to maximize the sale price and
        minimize related costs, subject to prevailing market conditions; provided that Bunge will have no obligation to enter into any long-term sale agreement with terms outside of the Ethanol Marketing Policy (even if requested to do so by
        Producer) to the extent that Bunge determines, in its sole discretion, that there is a risk that a sufficient quantity of appropriate Ethanol may not be available to satisfy all of Bunge’s obligations under such sale  agreement.  Producer
        acknowledges that Bunge will use its reasonable judgment in making such marketing decisions (due, among other things, to varying freight and other costs).

       

      
        
          

      

      (d)            Shipping Charges. Bunge will schedule and arrange, in conjunction with Producer’s general manager or designee, the loading, shipping
        and delivery of all Ethanol bought by Bunge pursuant to this Agreement. All freight and delivery charges after delivery of the Ethanol by Producer to the Delivery Location will be the responsibility of Bunge or the purchasers of Ethanol from Bunge,
        and will be included in the calculation of Purchase Price to the extent set forth in Section 5.1. With respect to rail freight service to the Facility, Bunge shall be responsible for negotiating with the rail service provider the rates and
        service levels for shipments of Ethanol from the Facility. Bunge shall disclose to Producer any discussions, negotiations, proposals and agreements involving such rail service and rail rates for the Facility and, upon termination of this Agreement,
        Bunge shall assign rights to such rail service and rates to Producer, to the extent agreed by the rail carrier(s). Producer shall buy or lease, and shall maintain and be responsible for, all rail cars used for the loading, shipping and delivery of
        all Ethanol bought by Bunge pursuant to this Agreement.

       

      (e)          Ethanol Marketing Policy; Directions Given by Producer. Subject to the provisions of this Agreement, Bunge will abide by any terms of
        the Ethanol Marketing Policy applicable to Bunge and neither Bunge nor its Affiliates shall be in breach of this Agreement or liable to Producer under this Agreement to the extent Bunge acts in accordance with the Ethanol Marketing Policy or in
        accordance with directions given by Producer’s Board of Managers or general manager.

       

      (f)             Other Activities of Bunge. Producer understands that Bunge is in the business of marketing ethanol for itself and for other third
        parties outside the terms of this Agreement and that Bunge may sell and market Ethanol into the same markets where Bunge sells other parties’ ethanol. If Bunge determines to accept,  for its  own account and at its risk, contracts with terms that
        are outside the parameters of the Ethanol Marketing Policy, Bunge will promptly offer Producer the opportunity to waive or amend the Ethanol Marketing Policy and authorize Bunge to enter into such contract as a Contract subject to this Agreement.
        If Producer elects to accept the contract, the waiver or amendment must be made promptly. If Producer elects not to accept the contract, then Producer understands that Bunge may fulfill the contract with spot market purchases from Producer and such
        spot market purchases shall fulfill Bunge’s obligations to maximize the sale price pursuant to Section 2.1(c). Producer and Bunge may, from time to time, mutually agree that Bunge will purchase certain quantities of Ethanol for its own
        account for resale to third parties in contracts which are not Contracts subject to this Agreement and Bunge will pay to Producer the current fair market value of such Ethanol as determined by the Parties.

       

      
        
          
            2.2        Producer’s Obligations.

          

        

      

       

      (a)          Production Estimates. On or before the first day of each month, Producer will provide Bunge with its updated best estimate of Producer’s
        anticipated monthly Ethanol production for the next twelve months, so that Bunge will have Ethanol production estimates from Producer twelve months into the future during the Term (each such monthly anticipated amount, a “Monthly Estimate”).
        If Producer fails to timely provide a written estimate for a month as required by this Section 2.2, then the Monthly Estimate for such month will be deemed to be the average amount of monthly production of Ethanol over the two months
        immediately preceding the month in question. Producer will notify Bunge of anticipated production downtime or disruption in Ethanol availability at least three months in advance of such outage. In addition to the Monthly Estimates, Producer will
        provide a written estimate to Bunge of the quantity of Ethanol to be produced and delivered by Producer in each given week (each such weekly anticipated amount, a “Weekly Estimate”) during the Term at least five days prior to the beginning
        of such week. Each Weekly Estimate will (a) include a statement of the amount of Ethanol in storage as of such date, and (b) be consistent with the applicable Monthly Estimate.

      
         

        
          
            

        

        (b)           Failure to Produce and Changes to Estimates. Bunge is entitled to rely on Monthly Estimates and Weekly Estimates in marketing
          Ethanol and in entering into Contracts. Producer will immediately notify Bunge of any revisions to such estimates; provided, that, to the extent Bunge has relied upon such estimates, such estimates may not be revised and shall be deemed fixed in
          determining any amounts payable by Producer in this Section. Bunge will utilize commercially reasonable efforts to adjust its Ethanol marketing and sales strategy according to any such revised estimates; provided that Producer will bear all costs
          incurred by Bunge to attempt to meet such revised quantities. To the extent that Bunge is able to obtain Substitute Ethanol to meet such revised quantities and the price paid by Bunge to procure the Substitute Ethanol (including transportation,
          handling, or other charges related to the procurement and/or delivery of the Substitute Ethanol) was less than the price at which Bunge sold ethanol in such sale commitments, then Bunge shall retain the Cover Amount. To the extent that Bunge is
          able to obtain Substitute Ethanol to meet such revised quantities and the price paid by Bunge to procure the Substitute Ethanol (including transportation, handling, or other charges related to the procurement and/or delivery of the Substitute
          Ethanol) was greater than the price at which Bunge sold ethanol in such sale commitments, then Producer will pay to Bunge an amount equal to (i) the Cover Amount for the Substitute Ethanol. The “Substitute Ethanol” means the volume of
          ethanol procured by Bunge to meet ethanol sale commitments due to Producer’s failure to supply the amount of Ethanol in the applicable Monthly Estimate or Weekly Estimate. The “Cover Amount” is the difference between the price paid by
          Bunge to procure the Substitute Ethanol (including transportation, handling, or other charges related to the procurement and/or delivery of the Substitute Ethanol) and the price at which Bunge sold ethanol in such sale commitments.

         

        (c)           Excess Ethanol Production. If Producer produces Ethanol in excess of the Monthly Estimate for a given month or Weekly Estimate for a
          given week, then Producer acknowledges that any sale by Bunge of such excess volume of Ethanol on the spot market will fulfill Bunge’s obligation in Section 2.1(c) to maximize the sale price that it receives for such excess volume of
          Ethanol.

         

         (d)          Handling and Shipping. In connection with this Agreement, Producer will:

      

      

      

      (i)           Determine the volume of all Ethanol delivered to Bunge as provided in Section 3;

      

      

      (ii)          Load the Ethanol for shipment in accordance with the loading instructions from Section 1.3 to rail cars or pipeline with Ethanol in a timely manner, which shall include
        supplying adequate labor and equipment necessary for such loading;

       

      
        
          

      

      (iii)          With respect to shipment of Ethanol by truck, coordinate loading by Bunge’s purchaser in accordance with the SOP;

       

      
        
          
            (iv)          Handle Ethanol in a good and workmanlike manner;

          

        

      

       

      (v)           Maintain the truck/rail/pipeline loading facilities in safe operating condition;

       

      (vi)          Supply all product description tags, certificates of analysis, bills of lading and/or material safety data sheets applicable to Ethanol shipments;

       

      (vii)        Comply with all federal, state and local rules, regulations regarding the production and shipment of Ethanol from the Facility, including but not limited to all U.S.
        Department of Transportation requirements relating to shipment of hazardous materials; and

       

      
        
          
            (viii)       Abide by the Ethanol Marketing Policy.

          

        

      

       

      (e)            Storage. Storage space for not less than 3 million gallons of Ethanol shall be reserved by Producer at the Facility, which shall be
        continuously available for storage of Ethanol to be purchased by Bunge from Producer.

       

      (f)            Storage Purchase. Bunge may from time to time notify Producer (a “Storage Notice”) that Bunge proposes to place a certain
        quantity of Ethanol in storage at a location away from the Facility for some period of time before purchase by Bunge for resale to end customers. Unless Producer notifies Bunge within 24 hours after receiving a Storage Notice that Producer agrees
        to the storage proposal, then Producer shall be deemed to have rejected such proposal and Bunge will not place Ethanol in storage pursuant to the Storage Notice. If Producer accepts such storage proposal, then Producer will bear the cost related to
        such storage.

       

      
        
          
            2.3        Contract Commitments.

          

        

      

       

      (a)            Subject to the terms of this Agreement, all Contracts negotiated by Bunge shall be consistent with the Ethanol Marketing Policy unless the
        general manager of the Facility, or his designee, approves in advance any Contract terms inconsistent with the Ethanol Marketing Policy.

       

      
        
          

      

      (b)          Producer will not be a party to, or have any liability or obligation to any purchaser or to Bunge under Contracts except as provided in Sections 2.1, 2.2
        and 2.3. Producer acknowledges that in order to maximize the total revenue to be generated through the sale of the Ethanol, Bunge may take positions by selling Ethanol in anticipation of Producer providing the Ethanol, subject to the terms
        of the Ethanol Marketing Policy. Notwithstanding the fact that Producer’s obligation is to provide Bunge with the Ethanol output of the Facility, the Parties acknowledge that Bunge may suffer losses as a result of positions taken by Bunge if
        Producer discontinues operations for any reason whatsoever including Force Majeure. Producer shall indemnify, defend and hold Bunge and its Affiliates (as defined below) harmless from all liabilities, costs and expenses (including, without
        limitation, attorney’s fees) that Bunge or its Affiliates may suffer, sustain or become subject to as a result of any sale or purchase of Ethanol taken by Bunge which is consistent with the Ethanol Marketing Policy in anticipation of Producer
        delivering the Ethanol hereunder, provided Bunge has taken commercially reasonable steps to avoid the loss. Bunge will indemnify, defend and hold harmless Producer and its Affiliates, employees and agents from and against any and all liabilities,
        costs and expenses (including, without limitation, attorney’s fees) arising out of, relating to or resulting from any failure of Ethanol to comply with the Production Standards or degrading the quality of Ethanol which results from causes or
        conditions arising after title passes to Bunge, except to the extent such liabilities, costs and expenses arise out of the gross negligence or intentional misconduct of Producer or a breach of this Agreement by Producer.

       

      
        
          
            3.              Quantity and Volume.

          

        

      

      

      

      3.1         Meters. Producer will determine the quantity of Ethanol (expressed in both gross and net 60° Fahrenheit temperature compensated gallons)
        delivered to Bunge from the Facility using meters at the Facility. Producer will maintain (at its expense) the accuracy of such meters and ensure that they are inspected and certified as required by applicable law. Upon Bunge’s request, Producer
        will promptly provide Bunge with copies of all meter certifications. Bunge may, at its sole expense, test the accuracy of such meters. Producer will maintain all meter certificates for at least two years after their creation and provide copies of
        such meter certificates to Bunge upon request. If the meters are found to be inaccurate, the Parties will negotiate in good faith a reasonable adjustment for Ethanol sales reasonably believed to have been affected.

       

      3.2          Meter Certificates. The net 60° Fahrenheit temperature compensated gallon volumes of Ethanol recorded on outbound meter certificates
        generated pursuant to Section 3.1 will determine the quantity of Ethanol for which Bunge is obligated to  pay  pursuant  to  Section 5.1, in the absence of manifest error (greater than 0.5% variation). Producer will provide a copy
        of each such meter certificate to Bunge at the same time that a truck, rail car or pipeline is loaded and a certificate is produced for such loading.

       

      
        
          
            4.              Quality; Sampling; Rejection; Disposition.

          

        

      

       

      4.1         Quality. Producer agrees and warrants that the Ethanol produced at the Facility and delivered to Bunge at the Delivery Location shall
        meet the minimum quality standards outlined in Exhibit A hereto and such other quality standards set forth in this Agreement (the “Production Standards”). Producer will not be responsible for any failure of Ethanol to comply with the
        Production Standards or degrading the quality of Ethanol which results from causes or conditions arising after title passes to Bunge. Producer will provide a certificate of analysis to Bunge for each shipment of Ethanol under this Agreement, and
        Bunge will have the right (but not the obligation) to test each such shipment to determine whether the Production Standards are being met. In addition, from time to time as requested by Bunge, Producer will provide Bunge samples of Ethanol for
        Bunge to test.

       

      

      
        
          

      

      4.2         Non-Conforming Ethanol. If any Ethanol does not conform to the Production Standards when crossing the Delivery Location, or when unloaded
        at an end customer’s facility (other than due to actions or inactions by Bunge), Bunge may, in its sole discretion, reject such Ethanol and require Producer to promptly replace such non-conforming Ethanol with Ethanol that complies with the
        Production Standards. In addition to other obligations under this Agreement or at law, Producer will promptly reimburse Bunge for all out-of-pocket costs reasonably incurred by Bunge in storing, transporting, returning and disposing of rejected
        Ethanol in accordance with this Agreement.

       

      4.3          Samples. Producer will take and analyze representative (a) origin samples of Ethanol before loading it into any truck, rail car or
        pipeline and (b) samples of Ethanol after it is loaded into each truck, rail car or pipeline before it leaves the Facility (any sample under this Section 4.3, a “Sample”), and Bunge will have the right to witness the
        taking of the Samples. Each Sample will be no less than 250 milliliters in amount. Producer will label each Sample to indicate the (i) date of shipment, (ii) truck, rail car or pipeline from which the Sample was taken or into which the Ethanol was
        loaded, and (iii) order/shipment number. Producer will retain such Samples for not less than 60 days in a manner that preserves the integrity of each Sample, and will send any Sample to Bunge immediately upon Bunge’s request. Producer will prepare
        a certificate of analysis in accordance with industry standards for every truck, rail car or pipeline loaded at the Facility.

       

      
        
          
            5.              Price/Payment.

          

        

      

       

      
        
          
            5.1        Purchase Price.

          

        

      

       

      (a)            Subject to the terms and conditions set forth in this Agreement, Bunge shall pay Producer the Purchase Price for Ethanol within ten (10)
        business days following Bunge’s receipt of (A) meter certificates for loaded  Ethanol  in  accordance  with  Section 3.2, and (B) a bill of lading providing for shipment of such Ethanol to a  customer.

       

      
        
          
            (b)        The following definitions shall apply to any given gallon of Ethanol:

          

        

      

       

      (i)             The “Purchase Price” shall be equal to the Sale Price minus the applicable Transportation Costs (if any).

       

      (ii)           The “Sale Price” shall be equal to: (A) with respect to Ethanol that Bunge purchases to fulfill its commitments to third party
        purchasers under agreements consistent with this Agreement, the sale price received by Bunge from such purchasers; and (B) with respect to Ethanol purchased by Bunge on the spot market, the spot price for such Ethanol agreed upon by Bunge and
        Producer.

       

      (iii)           “Transportation Costs” shall be equal to: (A) with respect to Ethanol delivered via rail, all rail freight charges, rail and fuel
        surcharges, switching charges, and any other accessorial charges applicable to delivery of the Ethanol; and (B) with respect to Ethanol delivered via truck, pipeline or other conveyance, all freight charges, fuel surcharges, and any other
        accessorial charges applicable to delivery of the Ethanol. There are no Transportation Costs for any Ethanol picked up at the Facility by purchasers. For Ethanol placed in storage under Section 2.2(f), accessorial charges will include all
        charges related to such storage. For purposes of this Section, assessorial charges include all charges related to the movement, offloading and storage of Ethanol.

       

      
        
          

      

      5.2         Payment. Bunge will pay the Purchase Price by wire transfer. Interest will accrue on amounts past due at a rate per annum equal to the
        lesser of (a) the prime rate, as reported from time to time by the Wall Street Journal plus 2%, and (b) the highest rate permitted by law.  Bunge will provide Purchaser with a copy of an invoice or bill of lading supporting the Sale Price
        for such Sale upon request.

       

      5.3         Marketing Fee. During the term of this Agreement, Producer shall pay Bunge a marketing fee of One Hundred Twenty-Five Thousand Dollars
        ($125,000) per month (the “Marketing Fee”). Producer shall pay the Marketing Fee by ACH transfer on the tenth day of each calendar month, unless such day is a weekend or holiday, in which case payment shall be made on the next business day.
        Interest will accrue on amounts past due at a rate per annum equal to the lesser of (a) the prime rate, as reported from time to time by the Wall Street Journal plus 2%, and (b) the highest rate permitted by law.

       

      5.4          Tax. For purposes of personal property taxation and/or assessment or other taxation, if any, any tax assessed on Ethanol produced under
        this Agreement will be the responsibility of Producer, and at no time will Bunge be responsible for the payment of any such tax.

       

      
        
          
            6.              Term and Termination.

          

        

      

      

      

      6.1          Term. The initial term of this Agreement will begin on the Effective Date, and, unless earlier terminated in accordance with the terms
        hereof, will expire on December 31, 2026 (the “Term”).

       

      
        
          
            6.2        Termination Rights.

          

        

      

       

      (a)          Either Party may terminate this Agreement immediately upon notice to the other Party if such other Party has (i) materially breached any
        representation, warranty, or obligation under this Agreement, and (ii) failed to remedy such breach within 30 days after the terminating Party has given notice of such breach, or if such breach cannot reasonably be cured within such 30-day period,
        such other Party has failed to commence and diligently pursue remedy of the breach and failed to remedy such breach not later than 120 days after the terminating Party has given notice of such breach.

       

      (b)          Producer may terminate this Agreement immediately upon notice to Bunge if Bunge fails to pay any amount due under this Agreement within 30 days
        after Producer gives Bunge notice of such nonpayment.

       

      (c)          Bunge may terminate this Agreement immediately upon notice to Producer upon the occurrence of a Dissolution Event (as defined in Article X of
        the Fourth Amended and Restated Operating Agreement of Producer).

       

      

      
        
          

      

      (d)         Either Party may terminate this Agreement immediately upon notice to the other Party if (i) such other Party files a petition for adjudication
        as a bankrupt, for reorganization or for an arrangement under any bankruptcy or insolvency law; (ii) an involuntary petition under such law is filed against such other Party and is not dismissed, vacated or stayed within 60 days thereafter; or
        (iii) such other Party makes an assignment of all or substantially all of its assets for the benefit of its creditors.

       

      6.3          Survival. The provisions of this Agreement which expressly or by their nature survive expiration or termination of this Agreement,
        including, but not limited to, Sections 2.1(d), 2.3(b), 4, 5, 6.3, 8, 9, 13-15, and 17-23, will remain in effect after the expiration or termination of this Agreement.

       

      7.            Representations and Warranties. The parties make the following warranties, representations or guarantees as described below:

       

      (a)          Bunge represents and warrants to Producer that Bunge, either through its own management or through lawful contracts entered into with third
        parties, currently has and shall maintain or cause to be maintained (i) such licenses, permits and/or authorities as may be required to lawfully engage in the purchase and sale of Ethanol, and (ii) commercially reasonable personnel and resources to
        perform its duties under this Agreement.

       

      (b)          Bunge represents and warrants to Producer that: all necessary corporate action has been taken to authorize the execution, delivery and
        performance of this Agreement; the execution, delivery and performance of this Agreement by Bunge does not, and will not, violate or constitute a breach of or default under any Governmental Requirement (as defined in Section 15.3) or any
        indenture, contract or other instrument to which its assets are bound or to which the representing party’s business is subject.

       

      (c)          Producer represents and warrants to Bunge that: all necessary corporate action has been taken to authorize the execution, delivery and
        performance of this Agreement; the execution, delivery and performance of this Agreement by Producer does not, and will not, violate or constitute a breach of or default under any Governmental Requirement or any indenture, contract or other
        instrument to which Producer or its assets are bound or to which Producer’s business is subject.

       

      (d)          Producer warrants that at the time of loading at the Delivery Location the Ethanol will be of merchantable quality, and will be fit for its
        intended purpose, and will meet all applicable ASTM Standards.

       

      (e)          Producer warrants that the Ethanol delivered to Bunge shall be free and clear of liens and encumbrances.

       

      
        
          
            
              
                

            

            8.              Limitation of Liability.

          

        

      

       

      8.1      General Disclaimer. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, PRODUCER MAKES NO STATUTORY, WRITTEN, ORAL, EXPRESSED OR IMPLIED WARRANTIES, REPRESENTATIONS OR GUARANTEES OF
        ANY KIND CONCERNING THE ETHANOL SOLD UNDER THIS AGREEMENT, OR ITS QUALITY SOURCE, OR CHARACTERISTICS, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. EXCEPT AS EXPRESSLY PROVIDED IN THIS
        AGREEMENT, BUNGE MAKES NO STATUTORY, WRITTEN, ORAL, EXPRESSED OR IMPLIED WARRANTIES, REPRESENTATIONS OR GUARANTEES OF ANY KIND CONCERNING THE SERVICES PROVIDED UNDER THIS AGREEMENT OR THE FAILURE TO PROVIDE SERVICES UNDER THIS AGREEMENT, INCLUDING
        WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.

       

      8.2          IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER OR ANY OTHER PERSON OR ENTITY FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES UNDER ANY
        CIRCUMSTANCES.

       

      
        
          
            9.             Remedies.

          

        

      

      

      

      9.1         Specific Enforcement.  The Parties shall have the right and remedy to seek to  have the provisions of this Agreement specifically
        enforced by any court having equity jurisdiction without the necessity of posting any bond, it being acknowledged and agreed by the parties that the scope of the provisions of this Agreement are reasonable under the  circumstances.

       

      9.2          Rights Not Exclusive. No right, power or remedy conferred by this Agreement will be exclusive of any other right, power or remedy now or
        hereafter available to a Party at law, in equity, by statute or otherwise.

       

      10.          Force Majeure. Each Party is excused from performing its obligations under this Agreement to the extent that such performance is prevented by an act or event
        (a “Force Majeure Event”) whether or not foreseen, that: (i) is beyond the reasonable control of, and is not due to the fault or negligence of, such Party, and (ii) could not have been avoided by such Party’s exercise of due diligence,
        including, but not limited to, a labor controversy, strike, lockout, boycott, transportation stoppage, action of a court or public authority, fire, flood, earthquake, storm, war, civil strife, terrorist action, epidemic, or act of God; provided
        that a Force Majeure Event will not include economic hardship, changes in market conditions, or insufficiency of funds. A Party claiming a Force Majeure Event must: (i) use commercially reasonable efforts to cure, mitigate, or remedy the effects of
        its nonperformance; provided that neither Party will have any obligation hereunder to settle a strike or labor dispute; (ii) bear the burden of demonstrating its existence; and (iii) notify the other Party of the occurrence of the Force
        Majeure Event as quickly as reasonably possible. When a Party claiming a Force Majeure Event is able to resume performance of its obligations under this Agreement, it will immediately give the other Party notice to that effect and resume
        performance. During any period that a Party claiming a Force Majeure Event is excused from performance under this Agreement, the other Party may accept performance from other parties as it may reasonably determine under the circumstances. If a
        Party has not performed under this Agreement due to a Force Majeure Event for twelve consecutive months or more, the other Party may terminate this Agreement immediately upon notice to the non-performing Party.

       

      
        
          
            
              
                

            

            11.            Insurance.

          

        

      

      

      
        
          
            11.1      Required Coverage. Each Party shall maintain:

          

        

      

       

      (a)          Workers’ Compensation Insurance required by applicable laws and regulations, with an Alternate Employer Endorsement naming Company as an
        alternate employer, and Employer’s Liability Insurance in an amount of not less than $1,000,000 each accident or occurrence, $1,000,000 policy limit and $1,000,000 each employee. The Employer’s Liability Insurance policy shall not contain an
        exclusion for occupational disease. Each Party shall cause all such policies to contain a provision requiring the insurance carriers to waive all rights of subrogation against the other Party, its parents, subsidiaries and affiliates and its and
        their respective agents and employees.

      

      

      (b)         Automobile Liability Insurance covering owned, hired, and non-owned vehicles against claims for bodily injury, death and property damage, with a
        combined single limit of not less than $1,000,000, or equivalent coverage using split limits. Such insurance will name the other Party, its parents, subsidiaries and Affiliates as additional insureds thereunder, and will be primary and
        non-contributory to any other insurance available to such other Party, its parents, subsidiaries and Affiliates as insureds or otherwise.

      

      

      (c)          Commercial General Liability insurance (including, without limitation, coverage for Contractual Liability and Products/Completed Operations)
        against claims for bodily injury, death and property damage, with limits of not less than $3,000,000 in one accident or occurrence; alternatively, combined single limits of not less than $3,000,000 each accident or occurrence, $3,000,000
        Products/Completed Operations aggregate and $3,000,000 general aggregate. Such insurance will name the other Party, its parents, subsidiaries and Affiliates as additional insureds there under, and will be primary and non-contributory to any other
        insurance available to such other Party, its parents, subsidiaries and Affiliates as insureds or otherwise.

       

      The minimum limits of coverage required by this Agreement may be satisfied by a combination of primary and excess or umbrella insurance policies; provided that any such excess or umbrella insurance policies follow
        the form of the primary insurances and contain a drop down provision in case of exhaustion of underlying limits and/or aggregates.

       

      
        
          
            11.2     Policy Requirements. All insurance policies required by this Agreement will (a) provide coverage on an “occurrence” basis; and (b) be valid and enforceable policies issued by insurers of
              recognized responsibility, properly licensed in Iowa, with an A.M. Best’s Rating of A- or better and Class VII or better. Such insurance policies will not contain a cross-liability exclusion or an exclusion for punitive or exemplary damages
              where insurable under law. Prior to the Effective Date and, thereafter, within five business days of renewal, certificates and endorsements of such insurance will be delivered to the other Party, as appropriate, as evidence of the specified
              insurance coverage. From time to time, upon a Party’s request, the other Party will provide the requesting Party a certified duplicate original of any policy required to be maintained hereunder.

          

        

      

       

      
        
          

      

      12.           Relationship of Parties. This Agreement creates no relationship other than those of producer/seller and purchaser between the Parties hereto. Except as expressly provided herein, there is no
        partnership, joint venture or other joint or mutual enterprise or undertaking created hereby and neither Party, or any of such Party’s representatives, agents or employees, will be deemed to be the representative or employee of the other Party.
        Except as expressly provided herein or as otherwise specifically agreed in writing, neither Party will have authority to act on behalf of or bind the other Party.

       

      
        
          
            13.            Confidentiality.

          

        

      

       

      13.1       Definition of Confidential Information. The term “Confidential Information” means all material or information relating to a Party’s business operations and affairs
        (including trade secrets) that such Party treats as confidential. Without limiting the generality of the foregoing, all information regarding quantities of Ethanol produced and any pricing matter under this Agreement will be deemed to be
        Confidential Information of the appropriate Party; provided, however, that quantities of Ethanol produced and sold, the price at which the Ethanol is sold, and aggregate fees paid to Bunge, on a quarterly and annual basis, shall not be deemed
        “Confidential Information.”

       

      13.2       Use of Confidential Information. During the Term and for three years thereafter, neither Party will (a) use any Confidential Information of the other Party for any purpose other
        than in accordance with this Agreement or for its and its Affiliates internal business purposes, or (b) disclose Confidential Information to any Person, except to its personnel who are subject to nondisclosure obligations comparable in scope to
        this Section 13 and who have a need to know such Confidential Information in order to perform under this Agreement. Notwithstanding the foregoing, the Parties acknowledge that Bunge and/or its Affiliates may perform services for other third
        parties similar to the services provided to Producer hereunder and that the use by Bunge and/or its Affiliates of any Confidential Information regarding the services provided under this Agreement in the course of the provision of such services to
        other third parties and for Bunge’s and its Affiliates’ internal business purposes shall not be considered a violation of this Section 14; provided, that such use of Producer’s Confidential Information may not be to the competitive disadvantage of
        Producer.

       

      13.3      Disclosure of Confidential Information. Notwithstanding Section 13.2, either Party may use for any purpose or disclose any material or information that it can demonstrate
        (i) is or becomes publicly known through no act or fault of such Party; (ii) is developed independently by such Party without reference to the other Party’s Confidential Information; (iii) is known by such Party when disclosed by the other Party,
        and such Party does not then have a duty to maintain its confidentiality; or (iv) is rightfully obtained by such Party from a third party not obligated to preserve its confidentiality who did not receive the material or information directly or
        indirectly from the other Party. A Party also may disclose the other Party’s Confidential Information to the extent required by a court, law, legal or administrative process or by other governmental authority, provided that the disclosing Party (a)
        gives the other Party advance written notice of the disclosure, (b) uses reasonable efforts to resist disclosing the Confidential Information, (c) cooperates with the other Party on request to obtain a protective order or otherwise limit the
        disclosure, and (d) as soon as reasonably possible, provides a letter from its counsel confirming that such Confidential Information is, in fact, required to be disclosed.

       

      

      
        
          

      

      13.4       Injunctive Relief. Each Party acknowledges and agrees that its breach or threatened breach of any provision of this Section 13 would cause the other Party irreparable
        injury for which it would not have an adequate remedy at law. In the event of a breach or threatened breach, the non-breaching Party will be entitled to injunctive relief in addition to all other remedies it may have at law or in equity.

       

      14.           Governing Law; Jurisdictional Matters; Waiver of Jury Trial. This Agreement shall be governed by the laws of the state of Iowa, without regard to principles of conflicts of laws. Any proceeding
        initiated by either Party hereto shall be commenced and prosecuted in the United States District Courts for the Eastern District of Missouri or the Western District of Iowa or the state courts in St. Louis County, Missouri or Des Moines, Iowa, and
        any courts to which an appeal may be taken, and each Party hereby consents to and submits to the personal jurisdiction of each of such courts. EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
        OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

       

      
        
          
            15.            Indemnification.

          

        

      

       

      15.1        Indemnification By Producer. Producer shall indemnify and hold Bunge harmless from any Loss suffered or incurred by Bunge arising out of, or in any way relating to:

       

      (a)          Producer’s use or possession or operations on or at, or any action or failure to act at, the Facility;

       

      (b)          any personal injury or property damage related to the use, possession, condition of, disposal of, physical contact with or exposure to any
        products manufactured at the Facility;

      

      

      (c)          injuries or alleged injuries suffered by Producer’s employees whether at the Facility or elsewhere and whether or not under the direction of
        Bunge and/or the Producer; or

      

      

      (d)        any violation or alleged violation of any Governmental Requirement by Producer, but not to the extent such Loss was caused by Bunge’s gross negligence or willful misconduct.

      

      

      15.2        Indemnification By Bunge. Bunge shall indemnify and hold Producer harmless from any Loss suffered or incurred by Producer arising out of,
        or in any way relating to:

       

      (a)          injuries or alleged injuries suffered by Bunge’s employees, or leased or subcontracted by Bunge, whether at the Facility or elsewhere; or

      

      

      (b)          any violation or alleged violation of  any  Governmental  Requirement  by Bunge, but not to the extent such Loss was directly caused by Producer’s gross negligence or willful misconduct.

       

      

      
        
          

      

      15.3      General. A party’s indemnification of the other party pursuant to this Section 15 will also run in favor of such indemnified party’s managers, officers, directors,
        employees, agents and representatives, and indemnification claims may be made hereunder by any of such parties or by the indemnified party on such third parties’ behalf. In this Agreement: (a) “Governmental Requirement” means all laws,
        statutes, codes, ordinances and governmental rules, regulations and requirements of any governmental authority that are applicable to the Parties, the property of the Parties or activities described in or contemplated by this Agreement; (b) “Loss”
        means any claim, loss, cost, expense, liability, fine, penalty, interest, payment or damage, including but not limited to reasonable attorneys’ fees, accountants’ fees and any cost and expense of litigation, negotiation, settlement or appeal; (c) “Affiliate”
        means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the party specified, with “control” or “controlled” meaning the  possession, directly or indirectly, of
        the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or voting interests, by contract or otherwise; and (d) “Person” means any individual, general
        partnership, limited partnership, limited liability company, joint venture, trust, business trust, cooperative, association or other entity of whatever nature.

       

      16.            Notices. All notices required or permitted under this Agreement will be in writing and will be deemed given and made: (i) if by personal delivery, on the date of such delivery, (ii) if by
        nationally recognized overnight courier, on the next business day following deposit, and (iii) if by certified mail, return receipt requested, postage prepaid, on the third business day following such mailing; in each case addressed to the address
        shown below for such Party, or such other address as such Party may give to the other Party by notice:

       

      	 	
              If to Bunge:

            	
              If to Producer:

            
	 	 	 
	 	
              Bunge North America, Inc.

              

            	
              Southwest Iowa Renewable Energy, LLC

              

            
	 	1391 Timberlake Manor Parkway	10868 189th Street
	 	
              Chesterfield, MO 63017

            	
              Council Bluffs, Iowa 51503

            
	 	
              Attn: Vice President

            	
              Attn: General Manager

            
	 	 	 
	 	
              with copies to:

            	
              with copies to:

            
	 	 	 
	 	
              Bunge North America, Inc.

            	
              David E. Gardels, Esq.

            
	 	
              1391 Timberlake Manor Parkway

            	
              Husch Blackwell LLP

            
	 	
              Chesterfield, MO 63017

            	
              13330 California Street, Suite 200

            
	 	
              Attn:  Deputy General Counsel

            	
              Omaha, Nebraska 68154

            

      

      

      17.            Entire Agreement; No Third Party Beneficiaries. This Agreement amends and restates  the Original Agreement and, with the Related Agreements, constitutes the entire agreement between the Parties with respect to the subject
        matter hereof and supersedes all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof. This Agreement does not, and is not intended to, confer any rights or remedies upon any
        person other than the Parties.

       

      
        
          

      

      18.           Amendments; Waiver. The Parties may amend this Agreement only by a written agreement of the Parties. No provision of this Agreement may be waived, except as expressly provided herein or pursuant
        to a writing signed by the Party against whom the waiver is sought to be enforced. No failure or delay in exercising any right or remedy or requiring the satisfaction of any condition under this Agreement, and no “course of dealing” between the
        Parties, operates as a waiver or estoppel of any right, remedy or condition. A waiver made in writing on one occasion is effective only in that instance and only for the purpose that it is given and is not to be construed as a waiver on any future
        occasion or against any other person.

       

      19.           Assignment. No Party may assign this Agreement, or assign or delegate any of its rights, interests, or obligations under this Agreement, voluntarily or involuntarily, whether by merger,
        consolidation, dissolution, operation of law, or any other manner, without the prior written consent of the other Party, and any purported assignment or delegation without such consent will be void. Despite the prior sentence, Bunge may assign this
        Agreement, or assign or delegate any of its rights, interests, or obligations under this Agreement, to its Affiliates without Producer’s prior written consent, and Producer may assign this Agreement, for collateral purposes, to its lenders, upon
        written notice to Bunge. Subject to the preceding sentences in this Section 19, this Agreement binds and benefits the Parties and their respective permitted successors and assigns.

      

      

      20.          Severability. If a court or arbitrator with proper jurisdiction determines that any provision of this Agreement is illegal, invalid, or unenforceable, the remaining provisions of this Agreement
        remain in full force. The Parties will negotiate in good faith to replace such illegal, invalid, or unenforceable provision with a legal, valid, and enforceable provision that carries out the Parties’ intentions to the greatest lawful extent under
        this Agreement.

       

      21.            Interpretation. Each Party has been represented by counsel during the negotiation of this Agreement and agrees that any ambiguity in this Agreement will not be construed against one of the
        Parties.

       

      22.          Further Assurances. Each Party will execute and cause to be delivered to the other Party such instruments and other documents, and will take such other actions, as the other Party may reasonably
        request for the purpose of carrying out or evidencing any of the transactions contemplated by this Agreement.

       

      23.           Counterparts. This Agreement may be executed by the Parties by facsimile and in separate counterparts, each of which when so executed will be deemed to be an original and all of which together
        will constitute one and the same agreement.

       

      
        
          

      

      24.           Green Attributes. “Green Attributes” means, in respect of Ethanol sold to Bunge under this Agreement, any and all attributes generated or owned by the Producer or in relation to the production
        or use of the Ethanol, including all rights, credits or payments associated with the renewable nature of Ethanol or the reduction in or avoidance of fossil fuel consumption, greenhouse gas emissions or lifecycle greenhouse gas emissions, including
        emission reduction credits, verified emission reductions, voluntary emission reductions, offsets, allowances, voluntary carbon units, avoided compliance costs, emission rights and authorizations, RIN and LCFS registration rights, and CO2 reduction
        and sequestration and any other environmental attributes associated with the use of Ethanol. “LCFS” means the regulatory program and policies established under the California Low Carbon Fuel Standard regulation as set forth in Title 17, California
        Code of Regulations §95480 et seq., as may be amended from time to time. “RIN” means a renewable identification number generated to represent a volume of renewable fuel as set forth in Regulation of Fuels and Fuel Additives: Changes to Renewable
        Fuel Standard Program, 75 Fed. Reg. 16484 (March 26, 2010) (codified at 40 C.F.R. § 80.1400 et seq. (2011)), as amended from time to time.

       

      [Remainder of page intentionally left blank]

       

      

      
        
          

      

      IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed the day and year first above written.

      

      

      	 	 	 	
              SOUTHWEST IOWA RENEWABLE

            
	
              BUNGE NORTH AMERICA, INC.

            	 	
              ENERGY, LLC

            
	 	 	 	 	 
	
              By: 

              

            	/s/ Brett Caplice	 	
              By:

            	/s/ Michael D. Jerke
	 	 	 	 	 
	
              Name:

              

            	Brett Caplice	 	
              Name:

              

            	Michael D. Jerke
	 	 	 	 	 
	
              Title: 

              

            	Vice President	 	
              Title:

              

            	CEO and General Manager

       

      
        
          

      

      EXHIBIT A

      Production Standards

      

      

      The Parties agree that the Production Standards shall be all of the standards and requirements set forth in the current (as of the time of delivery of Ethanol under this agreement) ASTM standard specifications for
        denatured fuel ethanol for blending with gasolines for use as automotive spark ignition engine fuel.EX-4.4

 Exhibit 4.4 

THE CARLYLE GROUP INC. AMENDED AND
RESTATED 
 2012 EQUITY INCENTIVE PLAN 

 

	1.	 Purpose of the Plan 

The Carlyle Group Inc. 2012 Amended and Restated Equity Incentive Plan (as amended through January 1, 2020) (the “Plan”)
is designed to promote the long term financial interests and growth of The Carlyle Group Inc., a Delaware corporation and its Affiliates by (i) attracting and retaining senior professionals, employees, consultants, directors, members, partners
and other service providers of the Company or any of its Affiliates and (ii) aligning the interests of such individuals with those of the Company and its Affiliates by providing them with equity-based awards based on the Company’s shares
of common stock, par value $0.01 per share (the “Shares”). 
  

	2.	 Definitions 

The following capitalized terms used in the Plan have the respective meanings set forth in this Section: 

(a) Act: The U.S. Securities Exchange Act of 1934, as amended, or any successor thereto. 

(b) Administrator: The Compensation Committee of the Board, or a subcommittee thereof, or, if the Board shall so determine, the Board
or other such committee thereof, to whom authority to administer the Plan has been delegated pursuant to Section 4 of the Plan. 
 (c)
Affiliate: With respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, the term
“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

(d) Award: Individually or collectively, any Option, Share Appreciation Right, or Other Share-Based Awards based on or relating to the
Shares issuable under the Plan. 
 (e) Beneficial Owner: A “beneficial owner”, as such term is defined in Rule 13d-3 under
the Act (or any successor rule thereto). 
 (f) Board: The board of directors of the Company. 

(g) Change in Control: (i) The occurrence of any Person, other than an Affiliate of the Company, becoming the “beneficial
owner” (as defined in Rules 13d-3 and l3d-5 under the Act), directly or indirectly, of 50% or more of the total voting power of Shares, including by way of merger, consolidation or otherwise; or (ii) during any period of two consecutive
years, Continuing Directors cease for any reason to constitute a majority of the directors serving on the Board. For purposes of this definition, “Continuing Director” means any member of the Board (a) serving on the Board at
the beginning of the relevant period of two consecutive years referred to in the immediately preceding sentence, (b) appointed or elected to the Board by the members 

 
of the Board or (c) whose appointment or election to the Board by such Board, or nomination for election to the Board by the Company’s shareholders, was approved by a majority of the
directors of the Board then still serving at the time of such approval who were so serving at the beginning of the relevant period of two consecutive years, were so appointed or elected by the members of the Board or whose appointment or election or
nomination for election was so approved. 
 (h) Code: The U.S. Internal Revenue Code of 1986, as amended, or any successor thereto.

 (i) Company: The Carlyle Group Inc., a Delaware corporation, and any successor corporation thereto. 

(j) Disability: The term “Disability” shall have the meaning as provided under Section 409A(a)(2)(C)(i) of the Code.
Notwithstanding the foregoing or any other provision of this Plan, the definition of Disability (or any analogous term) in an Award agreement shall supersede the foregoing definition; provided, however, that if no definition of
Disability or any analogous term is set forth in such agreement, the foregoing definition shall apply. 
 (k) Effective Date:
May 2, 2012. 
 (l) Fair Market Value: Of a Share on any given date means (i) the closing sale price per
Share as quoted on the National Association of Securities Dealers Automated Quotation System (“Nasdaq”) on that date (or, if no closing sale price is reported, the last reported sale price), (ii) if the Shares are
not listed for trading on Nasdaq, the closing sale price (or, if no closing sale price is reported, the last reported sale price) as reported on that date in composite transactions for the principal national securities exchange registered pursuant
to Section 6(g) of the Act on which the Shares are listed, (iii) if the Shares are not so listed on a national securities exchange, the last quoted bid price for the Shares on that date in the over-the-counter market as
reported by OTC Markets Group Inc. or a similar organization, or (iv) if the Shares are not so quoted by OTC Markets Group Inc. or a similar organization, the average of the mid-point of the last bid and ask prices for the Shares
on that date from a nationally recognized independent investment banking firm selected by the Administrator for this purpose. 
 (m)
Option: A nonqualified option to purchase Shares granted pursuant to Section 6 of the Plan. 
 (n) Option Price: The
purchase price per Share of an Option, as determined pursuant to Section 6(a) of the Plan. 
 (o) Other Share-Based Awards:
Awards granted pursuant to Section 8 of the Plan. 
 (p) Participant: A senior professional, employee, consultant, director,
member, partner or other service provider of the Company or of any of its Affiliates who is selected by the Administrator to participate in the Plan. 

(q) Person: A “person”, as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor section
thereto). 

  
 2 

 (r) Plan: The Carlyle Group Inc. Amended and Restated 2012 Equity Incentive Plan.

 (s) Services: Shall be deemed to refer to (i) a Participant’s employment if the Participant is an employee of the
Company or any of its Affiliates, (ii) a Participant’s services as a consultant, member or partner, if the Participant is consultant to, or partner of, the Company or of any of its Affiliates, and (iii) a Participant’s services
as an non-employee director, if the Participant is a non-employee member of the Board; provided, however, that with respect to any Award subject to Section 409A of the Code, a Participant’s termination of Services shall be
deemed to occur upon the date of the Participant’s separation from service within the meaning of Section 409A of the Code. 
 (t)
Share Appreciation Right: A share appreciation right granted pursuant to Section 7 of the Plan. 
  

	3.	 Shares Subject to the Plan 

(a) Subject to Section 9 of the Plan, the total number of Shares which may be issued under the Plan shall be 30,450,000. Notwithstanding
the foregoing, the total number of Shares subject to the Plan shall be increased on the first day of each fiscal year beginning in calendar year 2013 by a number of Shares equal to the positive difference, if any, of (x) 10% of the aggregate
number of Shares outstanding on the last day of the immediately preceding fiscal year minus (y) the aggregate number of Shares which were available for the issuance of future Awards under the Plan on such last day of the immediate preceding
fiscal year, unless the Administrator should decide to increase the number of Shares covered by the Plan by a lesser amount on any such date. 

(b) The issuance of Shares or the payment of cash upon the exercise or vesting of an Award or in consideration of the cancellation or
termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares which are subject to Awards which terminate or lapse without the payment of consideration may be granted again under the Plan. 

 

	4.	 Administration 

(a) The Plan shall be administered by the Administrator. The Administrator may delegate the authority to grant Awards under the Plan to any
employee or group of employees of the Company or of any Affiliate of the Company; provided that such delegation and grants are consistent with applicable law and guidelines established by the Board from time to time. Awards may, in the
discretion of the Administrator, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company, any Affiliate of the Company or any entity acquired by the Company or with which the Company
combines. The number of Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. 

(b) The Administrator is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and
to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Administrator may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the

  
 3 

 
manner and to the extent the Administrator deems necessary or desirable. Any decision of the Administrator in the interpretation and administration of the Plan, as described herein, shall lie
within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). 

(c) The Administrator shall have the full power and authority to establish the terms and conditions of any Award consistent with the
provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any vesting conditions). 

(d) The Administrator may require payment of any amount it may determine to be necessary to withhold for U.S. federal, state, local, foreign
or other taxes or social insurance contributions as a result of the exercise, grant or vesting of an Award (or such other taxable that may be applicable). In connection therewith, the Company or any Affiliate shall have the right to withhold from
any compensation or other amount owing to the Participant, applicable withholding taxes or social insurance contributions with respect to any issuance or transfer under the Plan and to take such action as may be necessary in the opinion of the
Company to satisfy all obligations for the payment of such withholding taxes or social insurance contributions. Additionally, the Administrator may permit or require a Participant to publicly sell, in a manner prescribed by the Administrator, a
sufficient number of Shares in connection with the settlement of an Award (with a remittance of the sale proceeds to the Company) to cover applicable tax withholdings or social insurance contributions. 

 

	5.	 Limitations 

No Award may be granted under the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that
date. 
  

	6.	 Terms and Conditions of Options 

Options granted under the Plan shall be non-qualified options for U.S. federal income tax purposes, and
shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Administrator shall determine: 

(a) Option Price. The Option Price per Share shall be determined by the Administrator; provided that the Option Price per
Share shall not be less than the Fair Market Value of a Share on the applicable date the Option is granted unless the Participant is not subject to Section 409A of the Code or the Option is otherwise designed to be compliant with
Section 409A of the Code. 
 (b) Exercisability. Options granted under the Plan shall be exercisable at such time and upon such
terms and conditions as may be determined by the Administrator, but in no event shall an Option be exercisable more than ten years after the date it is granted. 

(c) Exercise of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or from
time to time any part, of the Shares for which it is then exercisable. For purposes of Section 6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable,

  
 4 

 
the date payment is received by the Company pursuant to the relevant clauses in the following sentence. The purchase price for the Shares as to which an Option is exercised shall be paid to the
Company, and in the manner designated by the Administrator, pursuant to one or more of the following methods: (i) in cash or its equivalent (e.g., by personal check), (ii) in Shares having a Fair Market Value equal to the aggregate Option
Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Administrator, (iii) partly in cash and partly in such Shares, (iv) if the Option relates to Shares and if there is a public market for
the Shares at such time, through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such Sale equal to the aggregate
Option Price for the Shares being purchased, or (v) to the extent permitted by the Administrator, through net settlement in Shares. Unless otherwise provided in an Award agreement, no Participant shall have any rights to distributions or other
rights of a holder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Administrator
pursuant to the Plan. 
 (d) Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to
pay the exercise price of an Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Administrator, satisfy such delivery requirement by presenting proof of
beneficial ownership of such Shares, in which case the Company shall treat the Option as exercised without further payment and/or shall withhold such number of Shares from the Shares acquired by the exercise of the Option, as appropriate. 

(e) Service Recipient Stock. No Option may be granted to a Participant subject to Section 409A of the Code unless (i) the
Shares constitute “service recipient stock” with respect to such Participant (as defined in Section 1.409A-1(b)(5)(iii)) or (ii) the Option is otherwise designed to be compliant with Section 409A of the Code. 

 

	7.	 Terms and Conditions of Share Appreciation Rights 

(a) Grants. The Administrator may grant (i) a Share Appreciation Right independent of an Option or (ii) a Share Appreciation
Right in connection with an Option, or a portion thereof. A Share Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the
exercise or cancellation of the related Option, (B) shall cover the same number of Shares covered by an Option (or such lesser number of Shares as the Administrator may determine) and (C) shall be subject to the same terms and conditions
as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in an Award agreement). 

(b) Terms. The exercise price per Share of a Share Appreciation Right shall be an amount determined by the Administrator;
provided, however, that (y) the exercise price per Share shall not be less than the Fair Market Value of a Share on the applicable date the Share Appreciation Right is granted unless the Participant is not subject to
Section 409A of the Code or the Share Appreciation Right is otherwise designed to be compliant with Section 409A of the Code and (z) in the case of a Share Appreciation Right granted in conjunction with an Option, or

  
 5 

 
a portion thereof, the exercise price may not be less than the Option Price of the related Option. Each Share Appreciation Right granted independent of an Option shall entitle a Participant upon
exercise to an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the exercise price per Share, times (ii) the number of Shares covered by the Share Appreciation Right. Each
Share Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised Option, or any portion thereof, and to receive from the Company in exchange therefore an
amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the Option Price per Share, times (ii) the number of Shares covered by the Option, or portion thereof, which is surrendered.
Payment shall be made in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued at such Fair Market Value), all as shall be determined by the Administrator. Share Appreciation Rights may be exercised from time to time upon
actual receipt by the Company of written notice of exercise stating the number of Shares with respect to which the Share Appreciation Right is being exercised. The date a notice of exercise is received by the Company shall be the exercise date. The
Administrator, in its sole discretion, may determine that no fractional Shares will be issued in payment for Share Appreciation Rights, but instead cash will be paid for a fraction or the number of Shares will be rounded downward to the next whole
Share. 
 (c) Limitations. The Administrator may impose, in its discretion, such conditions upon the exercisability of Share
Appreciation Rights as it may deem fit, but in no event shall a Share Appreciation Right be exercisable more than ten years after the date it is granted. 

(d) Service Recipient Stock. No Share Appreciation Right may be granted to a Participant subject to Section 409A of the Code
unless (i) the Shares constitute “service recipient stock” with respect to such Participant (as defined in Section 1.409A-1(b)(5)(iii)) or (ii) the Share Appreciation Right is otherwise designed to be compliant with
Section 409A of the Code. 
  

	8.	 Other Share-Based Awards 

The Administrator, in its sole discretion, may grant or sell Awards of Shares, restricted Shares, deferred restricted Shares, phantom
restricted Shares or other Share-Based awards based in whole or in part on the Fair Market Value of the Shares (“Other Share-Based Awards”). Such Other Share-Based Awards shall be in such form, and dependent on such conditions, as the
Administrator shall determine, including, without limitation, the right to receive, or vest with respect to, one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an
event and/or the attainment of performance objectives. Other Share-Based Awards may be granted alone or in addition to any other Awards granted under the Plan. Subject to the provisions of the Plan, the Administrator shall determine to whom and when
Other Share-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Share-Based Awards; whether such Other Share-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and
all other terms and conditions of such Awards (including, without limitation, any vesting provisions thereof). 

  
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	9.	 Adjustments Upon Certain Events 

Notwithstanding any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:

 (a) Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share distribution
or split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to holders of Shares other than regular cash distributions or
any transaction similar to the foregoing, the Administrator shall make an equitable substitution or adjustment (subject to Section 17 of the Plan) as to (i) the number or kind of Shares or other securities issued or reserved for issuance
pursuant to the Plan or pursuant to outstanding Awards, (ii) the Option Price or exercise price of any Option or Share Appreciation Right and/or (iii) any other affected terms of such Awards, in each case, to the extent determined by the
Administrator to be necessary to preserve (and not to enlarge) Participants’ rights with respect to Awards outstanding under the Plan; provided, however, that the manner and form of any such equitable adjustments shall be
determined by the Administrator in its sole discretion and without liability to any person. 
 (b) Change in Control. In the event of
a Change in Control after the Effective Date, the Administrator may (subject to Section 17 of the Plan), but shall not be obligated to, (i) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of an Award,
(ii) cancel such Awards for fair value (as determined in the sole discretion of the Administrator) which, in the case of Options and Share Appreciation Rights, may equal the excess, if any, of value of the consideration to be paid in the Change
in Control transaction to holders of the same number of Shares subject to such Options or Share Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such Options or Share
Appreciation Rights) over the aggregate exercise price of such Options or Share Appreciation Rights, (iii) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards
previously granted hereunder as determined by the Administrator in its sole discretion or (iv) provide that for a period of at least 15 days prior to the Change in Control, such Options shall be exercisable as to all shares subject thereto and
that upon the occurrence of the Change in Control, such Options shall terminate and be of no further force and effect. The provisions of this Section 9(b) shall not limit a Participant’s rights, if any, to accelerated vesting of an Award
upon a Change in Control to the extent provided under the terms of any applicable Award agreement. 
  

	10.	 No Right to Continued Service, Employment or Awards 

The granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the Services of a Participant
and shall not lessen or affect the Company’s or Affiliate’s right to terminate the Services of such Participant. No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of
treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Administrator’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether
or not such Participants are similarly situated). 

  
 7 

	11.	 Successors and Assigns 

The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of such
Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 
  

	12.	 Non-transferability of Awards 

Unless otherwise determined or approved by the Administrator, an Award shall not be transferable or assignable by the Participant otherwise
than by will or by the applicable laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. 

 

	13.	 Amendments or Termination 

The Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, without the consent of a
Participant, if such action would materially diminish any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Administrator may amend the Plan in such
manner as it deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws (including, without limitation, to avoid adverse tax consequences to the Company or to Participants). 

Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that any amounts payable hereunder
will be taxable to a Participant under Section 409A of the Code and related U.S. Department of Treasury guidance prior to payment to such Participant of such amount, the Company may (a) adopt such amendments to the Plan and Awards and
appropriate policies and procedures, including amendments and policies with retroactive effect, that the Administrator determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards
hereunder and/or (b) take such other actions as the Administrator determines necessary or appropriate to avoid the imposition of an additional tax under Section 409A of the Code. 

 

	14.	 International Participants 

With respect to Participants who reside or work outside the United States of America, the Administrator may, in its sole discretion, amend the
terms of the Plan or Awards with respect to such Participants (or establish a sub-plan operating under the Plan) in order to permit or facilitate participation in the Plan, to conform such terms with the requirements of local law or to obtain more
favorable tax or other treatment for a Participant, the Company or an Affiliate. 
  

	15.	 Choice of Law 

The Plan shall be governed by and construed in accordance with the law of the State of New York, without regard to its conflict of law
provisions. 

  
 8 

	16.	 Effectiveness of the Plan 

The Plan shall be effective as of the Effective Date. 
  

	17.	 Section 409A 

To the extent applicable, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A of the Code and U.S.
Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding other provisions of the Plan or
any Award agreements thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon a
Participant. In the event that it is reasonably determined by the Administrator that, as a result of Section 409A of the Code, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or
the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A of the Code, the Company may take whatever actions the Administrator determines necessary or
appropriate to comply with, or exempt the Plan and Award agreement from the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance and other interpretive materials as may be issued after the Effective Date,
which action may include, but is not limited to, delaying payment to a Participant who is a “specified employee” within the meaning of Section 409A of the Code until the first day following the six-month period beginning on the date
of the Participant’s termination of Services. The Company shall use commercially reasonable efforts to implement the provisions of this Section 17 in good faith; provided that neither the Company, the Administrator nor any
employee, director or representative of the Company or of any of its Affiliates shall have any liability to Participants with respect to this Section 17. 
  

	18.	 Fractional Shares 

Notwithstanding other provisions of the Plan or any Award agreements thereunder, the Company shall not be obligated to issue or deliver
fractional Shares pursuant to the Plan or any Award and the Administrator shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares or whether such fractional Shares or any rights
thereto shall be cancelled, terminated or otherwise eliminated with, or without, consideration. 

  
 9

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