Document:

Document

Exhibit 10.15

Execution Version

			
	Dated  April 21, 2021

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

	EIGHTEENTH AMENDMENT TO THE RECEIVABLES TRANSFER AGREEMENT

        US_ACTIVE-155860756.3

CONTENTS
Clause        Page

1.    Definitions and interpretation    1
2.    Amendment of the Receivables Transfer Agreement    2
3.    Representations    2
4.    Continuance    2
5.     Further Assurance    2
6.    Conditions Precedent    2
7.    Notices, etc    2
8.    Execution in counterparts    3
9.    Governing law; submission to jurisdiction    3
10.    No proceeding; limited recourse    3

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THIS EIGHTEENTH AMENDMENT TO THE RECEIVABLES TRANSFER AGREEMENT (this “Amendment”) is dated April 21, 2021 and made among:
(1)    BUNGE SECURITIZATION B.V., a private limited liability company organized under the laws of the Netherlands, as Seller (the “Seller”);
(2)    KONINKLIJKE BUNGE B.V., a private limited liability company organized under the laws of the Netherlands, as Master Servicer (the “Master Servicer”) and Subordinated Lender (the “Subordinated Lender”);
(3)    the Conduit Purchasers party hereto (the “Conduit Purchasers”);
(4)    the Committed Purchasers party hereto (the “Committed Purchasers”);
(5)    the Purchaser Agents party hereto (the “Purchaser Agents”);
(6)    COÖPERATIEVE RABOBANK U.A., as Administrative Agent (the “Administrative Agent”), Committed Purchaser and Purchaser Agent; and
(7)    BUNGE LIMITED, a company formed under the laws of Bermuda, as Performance Undertaking Provider (the “Performance Undertaking Provider”),
collectively referred to as the “Parties” and each of them a “Party”.
BACKGROUND:
(A)    This Amendment is supplemental to and amends the receivables transfer agreement dated June 1, 2011 (as amended and restated on May 26, 2016, as further amended on June 30, 2016, October 11, 2016, May 31, 2017, October 31, 2017, January 12, 2018, February 19, 2019, May 29, 2019, August 27, 2019, and May 5, 2020) made among the Parties to this Amendment (the “Receivables Transfer Agreement”).
(B)    The Parties have agreed to further amend the Receivables Transfer Agreement on the terms set out below. 
(C)    This Amendment is a Transaction Document as defined in the Receivables Transfer Agreement. 
IT IS AGREED that:
1.DEFINITIONS AND INTERPRETATION
Unless otherwise defined herein, capitalized terms which are used herein shall have the meanings assigned to such terms in Section 1.1 (Certain defined terms) of the Receivables Transfer Agreement.  The principles of interpretation set forth in Section 1.2 (Other terms) and Section 1.3 (Computation of time periods) of the Receivables Transfer Agreement shall apply to this Amendment as if fully set forth herein.
2.AMENDMENT OF THE RECEIVABLES TRANSFER AGREEMENT
With effect from the Amendment Effective Date (as such term is defined in Section 6 (Conditions Precedent)), the Receivables Transfer Agreement shall be amended as 
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follows:  Schedule 5 (Facility Accounts and Facility Account Banks) shall be deleted and replaced with Exhibit A hereto.
3.REPRESENTATIONS
Each of the Seller, the Master Servicer and the Performance Undertaking Provider represents and warrants to the other Parties hereto that, after giving effect to this Amendment, each of its representations and warranties set forth in the Receivables Transfer Agreement, as such representations and warranties apply to such Person, is true and correct in all material respects on and as of the Amendment Effective Date as though made on and as of such date except for representations and warranties stated to refer to a specific earlier date, in which case such representations and warranties are true and correct as of such earlier date.
4.CONTINUANCE
The Parties hereby confirm that the provisions of the Receivables Transfer Agreement and the other Transaction Documents shall continue in full force and effect, subject only to the amendments effected thereto by this Amendment.
5.FURTHER ASSURANCE
The Parties shall, upon request of the Administrative Agent, and at the cost of the Seller, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected by this Amendment.  Each of the Parties thereto hereby ratifies and confirms each of the Transaction Documents to which it is a party. 
6.CONDITIONS PRECEDENT
This Amendment shall become effective as of the date first written above upon the Administrative Agent’s receipt of the following, duly executed by all parties thereto (the “Amendment Effective Date”):
(a)this Amendment; and
(b)the Reaffirmation of Performance Undertaking, dated on or about the date hereof, made by the Performance Undertaking Provider for the benefit of the Administrative Agent.
7.NOTICES, ETC.
All communications and notices provided for hereunder shall be provided in the manner described in Schedule 2 (Address and Notice Information) to the Receivables Transfer Agreement.
8.EXECUTION IN COUNTERPARTS
This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by electronic file in a format that is accessible by the recipient shall be effective as delivery of a manually executed counterpart of this Amendment.
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9.GOVERNING LAW; SUBMISSION TO JURISDICTION
(a)THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
(b)Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment.  Each party hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
10.NO PROCEEDING; LIMITED RECOURSE
(a)Each of the parties hereto hereby agrees that (i) it will not institute against any Conduit Purchaser any proceeding of the type referred to in the definition of Event of Bankruptcy until there shall have elapsed two years plus one day since the Final Payout Date and (ii) notwithstanding anything contained herein or in any other Transaction Document to the contrary, the obligations of the Conduit Purchasers under the Transaction Documents are solely the corporate obligations of the Conduit Purchasers and shall be payable solely to the extent of funds which are received by the Conduit Purchasers pursuant to the Transaction Documents and available for such payment in accordance with the terms of the Transaction Documents and shall be non-recourse other than with respect to such available funds and, without limiting this Section 10, if ever and until such time as any Conduit Purchaser has sufficient funds to pay such obligation shall not constitute a claim against such Conduit Purchaser.
(b)No recourse under any obligation, covenant or agreement of any Committed Purchaser or Conduit Purchaser contained in this Amendment or any other Transaction Document shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of such Committed Purchaser or Conduit Purchaser by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Amendment and the other Transaction Documents are solely a corporate obligation of such Committed Purchaser or Conduit Purchaser, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of such Committed Purchaser or Conduit Purchaser or any of them under or by reason of any of the obligations, covenants or agreements of such Committed Purchaser or Conduit Purchaser contained in this Amendment or any other Transaction Document, or implied therefrom, and that any and all personal liability for breaches by such Committed Purchaser or Conduit Purchaser of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Amendment; provided that the foregoing shall not relieve any such Person from any liability it might 
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otherwise have as a result of fraudulent actions taken or fraudulent omissions made by them. 
[Signature pages follow.]
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first above written.
BUNGE SECURITIZATION B.V., as Seller

By:      
Name:
Title:

By:    
Name:
Title:

[Signature Page to Eighteenth Amendment to RTA]

KONINKLIJKE BUNGE B.V., as Master Servicer and Subordinated Lender

By:    
Name:
Title:

By:    
Name:
Title:

[Signature Page to Eighteenth Amendment to RTA]

BUNGE LIMITED, as Performance Undertaking Provider

By:    
Name:
Title:

By:    
Name:
Title:

[Signature Page to Eighteenth Amendment to RTA]

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

By:      
Name:  Danilo Guaitoli
Title:    Director

By:     
Name:  Eugene van Esveld
Title:    Managing Director
[Signature Page to Eighteenth Amendment to RTA]

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

By:    
Name:  Marie-Laure Lepont
Title:

By:     
Name:  Frédéric Mazet
Title:

[Signature Page to Eighteenth Amendment to RTA]

MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.), as Committed Purchaser and Purchaser Agent 

By:    
Name:  Mark Escott
Title:    Head of Securitised Products & SCF

[Signature Page to Eighteenth Amendment to RTA]

BNP PARIBAS, LONDON BRANCH, as Purchaser Agent 

By:    
Name:
Title:

[Signature Page to Eighteenth Amendment to RTA]

						
	Signed for and on behalf of 
MATCHPOINT FINANCE PLC

By: ___________________________________ 
Name:
Title: 
	

   
[Signature Page to Eighteenth Amendment to RTA]

ALBION CAPITAL CORPORATION S.A., as Conduit Purchaser

By:    
Name:  Claudio Chirco
Title:    Director

By:      
Name:  Salvatore Rosato
Title:    Director

[Signature Page to Eighteenth Amendment to RTA]

Exhibit A

Schedule 5

(Facility Accounts and Facility Account Banks)

See attached.

SCHEDULE 5
FACILITY ACCOUNTS AND FACILITY ACCOUNT BANKS
[REDACTED]Document

Exhibit 10.61

Mr. Brian J. Zachman
[REDACTED]

November 17, 2021

RE: Amendment to Offer of Employment dated December 28, 2018 (the “Amendment”)

Dear Brian,

We are pleased to extend your offer of employment and to ensure a smooth transition of your duties in accordance with the amended terms below.

Section 1, Offer and Position, is amended by adding the following:

During the Term of this Amendment, from January 1, 2022 through March 31, 2022 your position will remain as President, Global Risk Management, and you will ensure an effective transition of your responsibilities to other members of the senior management team. Effective April 1, 2022 through December 31, 2022 we are pleased to offer you the position of Risk Management Advisor to the Chief Executive Officer (“CEO”), and in this position you will report directly to the Chief Executive Officer of Bunge. 

Section 3, Employment Term, is amended by extending the Term until December 31, 2022, unless otherwise mutually agreed by you and Bunge.

Section 4, Duties, is amended by adding the following: 

In your capacity as Risk Management Advisor to the CEO, you will perform such duties and responsibilities that are commensurate with your position and such other duties as may be assigned to you from time to time by the Chief Executive Officer of the Company, consistent with your role as a senior advisor of the Company. 
Section 5, Location, is hereby deleted and replaced with the following: 

During the Term of this Amendment your principal place of employment will be at our corporate headquarters in St. Louis, Missouri, subject to travel as needed to fulfil your employment duties and responsibilities; provided, however that from April 1, 2022 through December 31, 2022 you will work remotely. 

Section 6, Base Salary, is amended by adding the following: 

Exhibit 10.61

Effective April 1, 2022 through December 31, 2022 your base salary will be reduced to $10,000 per month, payable in accordance with the standard payroll practices of the Company. 

Section 8, Annual Bonus Program, is hereby deleted in its entirety.

Section 9, Product Line Incentive Program, is deleted and replaced with the following:

Risk Management and Optimization Incentive Program

For the 2021 calendar year, you will continue to be eligible for the Risk Management and Optimization Incentive Program (“RMOI”) with a target annual award of 350% of your base salary and a maximum upward potential of 2.5 times this amount.  This award is based on (1) Company performance goals achieved against the applicable performance goals established by the Human Resources and Compensation Committee of the Bunge Limited Board of Directors (the “Compensation Committee”), in its discretion, for the performance period, and (2) up to 0.75% of the Risk Adjusted Profit generated from applicable product lines under your responsibilities. 

For the 2022 calendar year, your RMOI will be prorated for the period of January 1 – March 31. The Human Resources and Compensation Committee of the Bunge Limited Board of Directors, upon the recommendation of the CEO, will approve the ultimate RMOI incentive and any additional short term incentive beyond this based on services performed between April 1 2022 and December 31 2022. Any incentive compensation awarded for 2022 will be payable in March 2023.  

In the event of a separation of employment for any reason other than voluntary resignation without Good Reason before the end of the Term, or termination for Cause, deferred awards will continue to vest in full, subject to recovery in the event of negative Risk Adjusted Profit for any calendar year during the period of deferral. 

Section 10, Long-Term Incentive Program, is amended by adding the following

For 2022 calendar year,  you will continue to be eligible for consideration for awards under the Company’s Equity Incentive Programs (“EIP”). The target value of your pro-rated award will be $500,000. 

Section 11.b), Benefits and Perquisites, is hereby deleted and replaced with the following:
    
Perquisite Allowance: From January 1, 2022 through March 31, 2022 you will be eligible for a pro-rated Perquisite allowance of $2,400, payable in 6 installments. Effective April 1, 2022 you will no longer be eligible for the Perquisite Allowance. 

All other terms and conditions of your employment remain unchanged. If this letter expresses your understanding of our agreement, your signature below will indicate your acceptance of the amended terms herein. Should you have any questions do not hesitate to call me.

Sincerely,

Deborah Borg
Chief Human Resources and Communications Officer

Exhibit 10.61

 
Acceptance of Offer
I have read, understood and accept all the amended terms of the offer of employment as set forth in the foregoing letter. I have not relied on any agreements or representations, express or implied that are not set forth expressly in the foregoing letter and this letter supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the subject matter of this letter.
Brian J. Zachman

Signed .....................................

Date ........................................

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