Document:

Document

Exhibit 10.2

EXECUTION VERSION

GUARANTY
This Guaranty (as amended, supplemented, restated or otherwise modified in accordance with the terms hereof and in effect from time to time, this "Guaranty") is made as          of December 16, 2021 by Bunge Limited, a company incorporated under the laws of Bermuda (together with any successors or assigns permitted hereunder, "BL" or "Guarantor") to Crédit Agricole Corporate and Investment Bank ("CA-CIB"), in its capacity as the facility agent (together with its successors and assigns, the "Agent") under the U.S.$1,750,000,000 Facility Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the "Facility Agreement"), among Bunge Finance Europe B.V., a company incorporated under the laws of The Netherlands ("BFE"), BNP Paribas, CA-CIB, ING Bank N.V., Natixis and SMBC Bank International plc, as mandated lead arrangers and bookrunners (collectively, the "Arrangers"), the financial institutions from time to time party thereto as lenders (each a "Lender" and collectively, the "Lenders") and the Agent, for the benefit of the Lenders.
WITNESSETH:
WHEREAS, pursuant to the Facility Agreement the Lenders have agreed to make revolving loans (the "Loans") to BFE from time to time; and
WHEREAS, the execution and delivery of this Guaranty is a condition precedent to the effectiveness of the Facility Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereby agree as follows:
Section 1.Definitions.
(a)For all purposes of this Guaranty, except as otherwise expressly provided in Annex A hereto or unless the context otherwise requires, capitalized terms used herein shall have the meanings assigned to such terms in the Facility Agreement.
(b)Notwithstanding any other provision contained herein or in the other Finance Documents, all terms of an accounting or financial nature used herein and in the other Finance Documents shall be construed, and all computations of amounts and ratios referred to herein and in the other Finance Documents shall be made, and prepared:
    (i)     in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings ascribed to such terms by GAAP; provided, however, that all accounting terms used in Section 8.2 below (and all defined terms used in the definition of any accounting term used in Section 8.2 below) shall have the meaning given to such terms (and defined terms) under GAAP as in effect on the date hereof applied on a basis consistent with those used in preparing the financial statements referred to in Section 7(a) below.  In the event of any change after the date hereof in GAAP, and if such change would affect the computation of any of the financial covenants set forth in Section 8.2 below, then the parties hereto agree to endeavor, in good faith, to agree upon an amendment to this Guaranty that would adjust such financial covenants in a manner that would preserve the original intent thereof, but would allow compliance therewith to be determined in accordance with the 
									
			

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Guarantor’s financial statements at that time, provided that, until so amended such financial covenants shall continue to be computed in accordance with GAAP prior to such change therein; and
    (ii)    without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of BFE, the Guarantor or any of their Subsidiaries at "fair value", as defined therein.
    Notwithstanding any other provision contained herein, all obligations of the Guarantor, BFE and any of their respective Subsidiaries that are or would be characterized as an operating lease as determined in accordance with GAAP as in effect on December 14, 2018 (whether or not such operating lease was in effect on such date) shall continue to be accounted for as an operating lease (and not as a capital lease) for purposes of the Finance Documents regardless of any change in GAAP following December 14, 2018  (or any change in the implementation in GAAP for future periods that are contemplated as of December 14, 2018) that would otherwise require such obligation to be recharacterized as a capital lease and the Guarantor, BFE and their respective Subsidiaries shall continue to provide financial reporting which differentiates between operating leases and capital leases in accordance with GAAP as in effect on December 14, 2018.

Section 2.Guaranty.  Subject to the terms and conditions of this Guaranty, the Guarantor hereby unconditionally and irrevocably guarantees (collectively, the "Guaranty Obligations") (a) the prompt and punctual payment of all amounts due and owing (whether at the stated maturity, by acceleration, or otherwise) in respect of Loans made by the Lenders to BFE under the Facility Agreement and the other Finance Documents and (b) to the extent not timely paid, all fees, costs, expenses and indemnifications of the Lenders and the Agent owed by BFE under the Facility Agreement and the other Finance Documents, in any case described in (a) or (b) above whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred.  This Guaranty is a guaranty of payment and not of collection.  All payments by the Guarantor under this Guaranty shall be made in Dollars, and (i) with respect to Loans, shall be made to the Agent for disbursement pro rata (determined at the time such payment is sought) to the Lenders in accordance with the proportion that each Lender’s respective Commitment bears to the Total Commitments (each such proportion constituting the respective Lender’s "Aggregate Exposure Percentage"), (ii) with respect to fees, costs, expenses and indemnifications owed to the Lenders, shall be made to the Agent for disbursement pro rata (determined at the time such payment is sought) to the Lenders in accordance with their respective Aggregate Exposure Percentages (except as otherwise provided in the Facility Agreement with respect to Defaulting Lenders) and (iii) with respect to fees, costs, expenses and indemnifications owed to the Agent, shall be made to the Agent.  This Guaranty shall remain in full force and effect until the Guaranty Obligations are irrevocably and unconditionally paid in full and the Commitments are terminated, notwithstanding that from time to time prior thereto BFE may be free from any payment obligations under the Finance Documents.
Section 3.Guaranty Absolute.  The Guarantor guarantees that the Guaranty Obligations will be paid, regardless of any applicable law, regulation or order now or hereinafter in effect in any jurisdiction affecting any of such terms or the rights of the Agent or any Lender with respect thereto.  The liability of the Guarantor under this Guaranty shall be absolute and unconditional irrespective of:
									
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(a)Any lack of validity or enforceability of or defect or deficiency in the Facility Agreement, any Transaction Document or other Finance Document or any other agreement or instrument executed in connection with or pursuant thereto;
(b)Any change in the time, manner, terms or place of payment of, or in any other term of, all or any of the Guaranty Obligations, or any other amendment or waiver of or any consent to departure from the Facility Agreement, any Transaction Document or other Finance Document or any other agreement or instrument relating thereto or executed in connection therewith or pursuant thereto;
(c)Any sale, exchange or nonperfection of any property standing as security for the liabilities hereby guaranteed or any liabilities incurred directly or indirectly hereunder or any setoff against any of said liabilities, or any release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guaranty Obligations;
(d)The failure of the Agent or a Lender to assert any claim or demand or to enforce any right or remedy against BFE or any other Person hereunder or under the Facility Agreement or any Transaction Document or other Finance Document;
(e)Any failure by BFE in the performance of any obligation with respect to the Facility Agreement or any other Finance Document;
(f)Any change in the corporate existence, structure or ownership of BFE, or any insolvency, bankruptcy reorganization or other similar proceeding affecting BFE or its assets or resulting release or discharge of any of the Guaranty Obligations; 
(g)Any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Guarantor, BFE or any other Person (including any other guarantor) that is a party to any document or instrument executed in respect of the Guaranty Obligations;
(h)Any limitation of BFE's obligations pursuant to subsection 23.1(b) of the Facility Agreement; or
(i)Any law, regulation, decree or order of any jurisdiction, or any other event, affecting any term of any Guaranty Obligations or the Agent’s or the Lenders’ rights with respect thereto, including, without limitation: (A) the application of any such law, regulation, decree or order, including any prior approval, which would prevent the exchange of a currency other than Dollars for Dollars or the remittance of funds outside of such jurisdiction or the unavailability of Dollars in any legal exchange market in such jurisdiction in accordance with normal commercial practice; or (B) a declaration of banking moratorium or any suspension of payments by banks in such jurisdiction or the imposition by such jurisdiction or any Governmental Authority thereof of any moratorium on, the required rescheduling or restructuring of, or required approval of payments on, any indebtedness in such jurisdiction; or (C) any expropriation, confiscation, nationalization or requisition by such country or any Governmental Authority that directly or indirectly deprives BFE of any assets or their use or of the ability to operate its business or a material part thereof; or (D) any war (whether or not declared), insurrection, revolution, hostile act, civil strife or similar events occurring in such jurisdiction which has the same effect as the events described in clause (A), (B) or 
									
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(C) above (in each of the cases contemplated in clauses (A) through (D) above, to the extent occurring or existing on or at any time after the date of this Guaranty).
The obligations of the Guarantor under this Guaranty shall not be affected by the amount of credit extended to BFE, any repayment by BFE to the Agent or the Lenders (in each case, other than the full and final payment of all of the Guaranty Obligations), the allocation by the Agent or the Lenders of any repayment, any compromise or discharge of the Guaranty Obligations, any application, release or substitution of collateral or other security therefor, the release of any guarantor, surety or other Person obligated in connection with any document or instrument executed in respect of the Guaranty Obligations, or any further advances to BFE.
Section 4.Waiver.  The Guarantor hereby waives (a) promptness, diligence, notice of acceptance, presentment, demand, protest, notice of protest and dishonor, notice of default, notice of intent to accelerate, notice of acceleration and any other notice with respect to any of the Guaranty Obligations and this Guaranty, (b) any requirement that the Agent or the Lenders protect, secure, perfect or insure any security interest or Lien on any property subject thereto or exhaust any right or take any action against BFE or any other Person or entity or any collateral or that BFE or any other Person or entity be joined in any action hereunder, (c) the defense of the statute of limitations in any action under this Guaranty or for the collection or performance of the Guaranty Obligations, (d) any defense arising by reason of any lack of corporate authority, (e) any defense based upon any guaranteed party’s errors or omissions in the administration of the Guaranty Obligations except to the extent that any error or omission is caused by such guaranteed party’s bad faith, gross negligence or willful misconduct, (f) any rights to set-offs and counterclaims and (g) any defense based upon an election of remedies which destroys or impairs the subrogation rights of the Guarantor or the right of the Guarantor to proceed against BFE or any other obligor of the Guaranty Obligations for reimbursement.  All dealings between BFE or the Guarantor, on the one hand, and the Agent and the Lenders, on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty.  Should the Agent seek to enforce the obligations of the Guarantor hereunder by action in any court, the Guarantor waives any necessity, substantive or procedural, that a judgment previously be rendered against BFE or any other Person, or that any action be brought against BFE or any other Person, or that BFE or any other Person should be joined in such cause.  Such waiver shall be without prejudice to the Agent at its option to proceed against BFE or any other Person, whether by separate action or by joinder.  The Guarantor further expressly waives each and every right to which it may be entitled by virtue of the suretyship law of the State of New York or any other applicable jurisdiction.
Section 5.Several Obligations; Continuing Guaranty.  The obligations of the Guarantor hereunder are separate and apart from BFE or any other Person (other than the Guarantor), and are primary obligations concerning which the Guarantor is the principal obligor.  The Guarantor agrees that this Guaranty is a continuing guaranty and that it shall not be discharged except by payment in full of the Guaranty Obligations, termination of the Commitments and complete performance of the obligations of the Guarantor hereunder. The obligations of the Guarantor hereunder shall not be affected in any way by the release or discharge of BFE from the performance of any of the Guaranty Obligations, whether occurring by reason of law or any other cause, whether similar or dissimilar to the foregoing.
Section 6.Subrogation Rights.  If any amount shall be paid to the Guarantor on account of subrogation rights at any time when all the Guaranty Obligations shall not have been irrevocably and unconditionally paid in full, such amount shall be held in trust for the benefit of the Agent and shall forthwith be paid to the Agent to be applied to the Guaranty 
									
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Obligations as specified in the Finance Documents.  If (a) the Guarantor makes a payment to the Agent of all or any part of the Guaranty Obligations and (b) all the Guaranty Obligations have been irrevocably and unconditionally paid in full and the Commitments have terminated, the Agent will, at the Guarantor’s request, execute and deliver to the Guarantor appropriate documents, without recourse and without representation or warranty of any kind whatsoever, necessary to evidence the transfer by subrogation to the Guarantor of any interest in the Guaranty Obligations resulting from such payment by the Guarantor.  The Guarantor hereby agrees that it shall have no rights of subrogation with respect to amounts due to the Agent or the Lenders until such time as all obligations of BFE to the Lenders and the Agent have been irrevocably and unconditionally paid in full, the Commitments have been terminated and the Facility Agreement has been terminated.
Section 7.Representations and Warranties.  The Guarantor hereby represents and warrants to each Finance Party as follows:
(a)Financial Condition.
(i)The consolidated balance sheet of the Guarantor and its consolidated Subsidiaries as at December 31, 2020 and the related consolidated statements of income for the fiscal year ended on such date, reported on by the Guarantor’s independent public accountants, copies of which have heretofore been furnished to the Agent, are complete and correct, in all material respects, and present fairly the financial condition of the Guarantor and its consolidated Subsidiaries as at such date, and the results of operations for the fiscal year then ended.  Such financial statements, including any related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the external auditors and as disclosed therein, if any).
(ii)Except as disclosed in Schedule V attached hereto, neither the Guarantor nor its consolidated Subsidiaries had, at the date of the most recent balance sheet referred to above, any material guarantee obligation, contingent liability (as defined in accordance with GAAP), or any long-term lease or unusual forward or long-term commitment, including, without limitation, any interest rate or foreign currency swap or exchange transaction, which is not reflected in the foregoing statements or in the notes thereto, except for guarantees, indemnities or similar obligations of the Guarantor or a consolidated Subsidiary supporting obligations of one Subsidiary to another Subsidiary.
(iii)During the period from December 31, 2020 to and including the date hereof, except as disclosed in Schedule V attached hereto, neither the Guarantor nor its consolidated Subsidiaries has sold, transferred or otherwise disposed of any material part of its business or property, nor has it purchased or otherwise acquired any business or property (including any capital stock of any other Person) material in relation to the consolidated financial condition of the Guarantor and its consolidated Subsidiaries at December 31, 2020.
(b)No Change.  Since December 31, 2020, except as disclosed in Schedule I hereof, there has been no development or event which has had or could, in the 
									
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Guarantor’s good faith reasonable judgment, reasonably be expected to have a Material Adverse Effect.
(c)Corporate Existence; Compliance with Law.  The Guarantor and each of its Subsidiaries (i) is duly organized and validly existing under the laws of the jurisdiction of its incorporation, (ii) has the corporate power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (iii) is duly qualified under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except where the failure to be so duly qualified could not reasonably be expected to have a Material Adverse Effect, and (iv) is in compliance with all Requirements of Law and Contractual Obligations, except any non-compliance which could not reasonably be expected to have a Material Adverse Effect.
(d)Corporate Power; Authorization; Enforceable Obligations.  The Guarantor and each of its Subsidiaries has the corporate power and authority, and the legal right, to make, deliver and perform this Guaranty and each of the other Finance Documents and Transaction Documents to which such Person is a party and to borrow thereunder and has taken all necessary corporate action to authorize (i) the borrowings on the terms and conditions of the Finance Documents and Transaction Documents to which such Person is a party, (ii) the execution, delivery and performance of this Guaranty and each of the other Finance Documents and Transaction Documents to which such Person is a party and (iii) the remittance of payments of all amounts payable hereunder and thereunder.  No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings under the Finance Documents or Transaction Documents, the remittance of payments in accordance with the terms hereof and thereof or with the execution, delivery, performance, validity or enforceability of this Guaranty and each of the other Finance Documents and Transaction Documents.  This Guaranty and each of the other Finance Documents and Transaction Documents to which the Guarantor and/or any of its Subsidiaries are a party have been duly executed and delivered on behalf of the Guarantor and each of such Subsidiaries.  Each of this Guaranty and each of the other Finance Documents and Transaction Documents to which the Guarantor and/or any of its Subsidiaries are a party constitutes a legal, valid and binding obligation of the Guarantor and each of such Subsidiaries enforceable against the Guarantor and each of such Subsidiaries in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or law).
(e)No Legal Bar.  The execution, delivery and performance by the Guarantor of this Guaranty, and by it and each of its Subsidiaries of the other Finance Documents and Transaction Documents to which each such entity is a party, the borrowings thereunder and the use of the proceeds thereof will not violate any Requirement of Law or Contractual Obligation to which the Guarantor or any of its Subsidiaries are a party or by which it or they are bound and will not result in, or require, the creation or imposition of any Lien on any of the properties or revenues of any of the Guarantor or its Subsidiaries pursuant to any such Requirement of Law or Contractual Obligation.
									
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(f)No Material Litigation.  Except as disclosed in Schedule VI attached hereto, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Guarantor, threatened by or against the Guarantor or any of its Subsidiaries or against any of their respective properties or revenues (a) with respect to this Guaranty or the other Finance Documents or Transaction Documents or any of the transactions contemplated hereby or thereby or (b) which could reasonably be expected to have a Material Adverse Effect.
(g)Ownership of Property; Liens.  The Guarantor and each of its Subsidiaries has good record and marketable title in fee simple to, or a valid leasehold interest in, all its material real property, and good title to, or a valid leasehold interest in, all its other material property except for defects in title which would not have a Material Adverse Effect, and none of the property is subject to any Lien that secures Secured Indebtedness, other than a Lien that secures Permitted Secured Indebtedness or any other Secured Indebtedness permitted under Section 8.2(a)(iii) of this Guaranty.
(h)Environmental Matters.  The Guarantor and its Subsidiaries have obtained all permits, licenses and other authorizations that are necessary to operate their respective business and required under all applicable Environmental Laws, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule II attached hereto, (i) Hazardous Materials have not at any time been generated, used, treated or stored on, released or disposed of on, or transported to or from, any property owned, leased, used, operated or occupied by the Guarantor or any of its Subsidiaries or, to the best of the Guarantor’s knowledge, any property adjoining or in the vicinity of any such property except in compliance with all applicable Environmental Laws other than where the failure to do so would not reasonably be expected to have a Material Adverse Effect and (ii) there are no past, pending or threatened (in writing) Environmental Claims against the Guarantor or any of its Subsidiaries or any property owned, leased, used, operated or occupied by the Guarantor or any of its Subsidiaries that individually or in the aggregate would reasonably be expected to have a Material Adverse Effect.  The operations of the Guarantor and its Subsidiaries are in compliance in all material respects with all terms and conditions of the required permits, licenses, certificates, registrations and authorizations, and are also in compliance in all material respects with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in the Environmental Laws, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.
(i)No Default.  Except with respect to the Indebtedness set forth on Schedule III attached hereto, neither the Guarantor nor any of its Subsidiaries is in default under or with respect to any agreement, instrument or undertaking to which it is a party or by which it is bound in any respect which could reasonably be expected to have a Material Adverse Effect.  No Series 2003-1 Early Amortization Event, Potential Series 2003-1 Early Amortization Event, Event of Default or Default has occurred and is continuing.
(j)Taxes.  Under the laws of Bermuda, the execution, delivery and performance by the Guarantor of this Guaranty and by it and each of its Subsidiaries (as the case may be) of the other Finance Documents and Transaction Documents to which they are a party and all payments of principal, interest, fees and other amounts hereunder and thereunder are exempt from all income or withholding taxes, stamp taxes, charges or 
									
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contributions of Bermuda or any political subdivision or taxing authority thereof, irrespective of the fact that the Agent or any of the Lenders may have a representative office or subsidiary in Bermuda.  Except as otherwise provided herein or therein, the Guarantor is validly obligated to make all payments due under this Guaranty and each of its Subsidiaries is validly obligated to make all payments due under the other Finance Documents and Transaction Documents free and clear of any such tax, withholding or charge so that the Agent and the Lenders shall receive the amounts due as if no such tax withholding or charge had been imposed.
(k)Pari Passu Status.  The obligations of the Guarantor hereunder constitute direct, general obligations of the Guarantor and rank at least pari passu (in priority of payment) with all other unsecured, unsubordinated Indebtedness (other than any such Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.
(l)Purpose of Loans.  The proceeds of the Loans under the Facility Agreement shall be used by BFE solely to either (i) make advances to the Bunge Master Trust pursuant to the Series 2003-1 VFC Certificate, (ii) repay any amounts outstanding under the 2017 Facility, (iii) repay Permitted Indebtedness outstanding from time to time, (iv) use for general corporate purposes or (v) pay expenses incurred in connection with the Facility Agreement and any Pari Passu Indebtedness. Notwithstanding the foregoing, any other use of the proceeds of the Loans under the Facility Agreement shall not affect the obligations of the Guarantor hereunder.
(m)Information.  All information (including, with respect to the Guarantor, without limitation, the financial statements required to be delivered pursuant hereto), which has been made available to the Agent or any Lender by or on behalf of the Guarantor in connection with the transactions contemplated hereby and the other Finance Documents and Transaction Documents is complete and correct in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made; provided, that, with respect to projected financial information provided by or on behalf of the Guarantor, the Guarantor represents only that such information was prepared in good faith by management of the Guarantor on the basis of assumptions believed by such management to be reasonable as of the time made.
(n)Designated Obligors.  On the date hereof, BL directly or indirectly owns the percentage of the voting stock of each Designated Obligor (other than BL) set forth on Schedule IV attached hereto.
(o)Restrictions on Designated Obligors.  There is no legal or regulatory restriction on the ability of any Designated Obligor to pay dividends to the Guarantor out of earnings at such times as such Designated Obligor is not deemed to be insolvent pursuant to the laws of its jurisdiction of incorporation nor any legal or regulatory restriction preventing the Guarantor from converting such dividend payments to Dollars or Euros.
(p)Federal Regulations.  No part of the proceeds of any advances under the Investor Certificates will be used for "purchasing" or "carrying" any "margin stock" within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System of the United States as now and 
									
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from time to time hereafter in effect.  Notwithstanding the foregoing, any use of advances under the Investor Certificates as so described in this subsection shall not affect the obligations of the Guarantor hereunder.
(q)Investment Company Act.  The Guarantor is not an "investment company", or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended.
(r)Solvency.  The Guarantor is, individually and together with its Subsidiaries, Solvent.
(s)Consideration.  The Guarantor has received, or will receive, direct or indirect benefit from the making of this Guaranty.  The Guarantor has, independently and without reliance upon the Agent or any Lender and based on such documents and information it has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty.
(t)Security Interest.  
(i)All filings and other acts (including but not limited to the acts required by subsection 2.01(b) of the Sale Agreement and subsection 2.01(b) of the Pooling Agreement and notifying related Obligors of the assignment of a Purchased Loan, except to the extent that the relevant UCC and other similar laws (to the extent applicable) permit a Seller (or Bunge Funding, Inc. or its assignees) to provide such notification subsequent to the applicable Loan Purchase Date without materially impairing the Trust's ownership or security interest in the Trust Assets and without incurring material expenses in connection with such notification) necessary or advisable under the relevant UCC or under other applicable laws of jurisdictions outside the United States (to the extent applicable) shall have been made or performed in order to grant the Trust (for the benefit of each holder of Investor Certificates) a full legal and beneficial ownership or first priority perfected security interest in respect of all Purchased Loans.
(ii)BFE is the lawful owner of, and has good and marketable title to, the Series 2003-1 VFC, free and clear of all Liens.
(u)Sanctions.
(i)To the best of the knowledge of the Responsible Officers of the Guarantor, the Guarantor and its Subsidiaries are, to the extent applicable, in compliance in all material respects with Sanctions and Anti-Corruption Laws.
(ii)To the best of the knowledge of the Responsible Officers of the Guarantor, the Guarantor is not, and no Subsidiary and no director or senior officer of the Guarantor or any Subsidiary is, any of the following:
(A)a Restricted Party;
(B)a Person owned fifty percent (50%) or more or controlled by, or acting on behalf of, any Restricted Party or Restricted Parties; or
									
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(C)a Person that commits, threatens or conspires to commit or support “terrorism” as defined in the Executive Order.
(iii)The Guarantor has implemented and maintains in effect policies and procedures designed to promote and achieve continued compliance by the Guarantor, its Subsidiaries and their respective directors, officers and employees with applicable Anti-Corruption Laws and Sanctions.
(v)Effectiveness of Transaction Documents.  The Transaction Documents are in full force and effect.
The Guarantor agrees that the foregoing representations and warranties shall be deemed to have been made by the Guarantor on the date hereof, the date of each Utilisation Request by BFE and each Utilisation Date under the Facility Agreement, on and as of all such dates.

Section 8.Covenants.
8.1    Affirmative Covenants.  The Guarantor hereby agrees that, so long as (i) any Loan remains outstanding and unpaid or any other amount is owing to the Agent or any Lender under the Facility Agreement or (ii) the Commitments have not been terminated:
(a)    Financial Statements.  The Guarantor shall furnish to the Agent (who shall furnish a copy to each Lender):
(i)    promptly after each annual meeting of the Guarantor, but in any event within one hundred and twenty (120) days after the end of each fiscal year of the Guarantor, a copy of the audited consolidated balance sheet of the Guarantor and its consolidated Subsidiaries at the end of such year and related audited consolidated statements of income and retained earnings and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, certified by independent public accountants reasonably acceptable to the Agent;
(ii)    as soon as available, but in any event not later than sixty (60) days after the end of each of the first three quarters of each fiscal year of the Guarantor, the unaudited consolidated balance sheet of the Guarantor as at the end of such quarter and the related unaudited consolidated statement of income for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, each in the form reasonably acceptable to the Agent, certified by the chief financial officer of the Guarantor; and
(iii)    such additional financial and other information as the Agent (at the request of any Lender or otherwise) may from time to time reasonably request;
									
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all such financial statements furnished under clause (i) above to be complete and correct in all material respects and prepared in reasonable detail in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein); provided, however, that the Guarantor shall not be required to deliver the financial statements described under clauses (i) and (ii) above if such statements are available within the time period required by applicable Requirements of Law on EDGAR or from other public sources.
(b)    Quarterly Compliance Certificates.  The Guarantor shall, within sixty (60) days after the end of each of the first three fiscal quarters of each fiscal year and one hundred and twenty (120) days after the end of each fiscal year, furnish to the Agent its certificate signed by its chief financial officer, treasurer or controller stating that, to the best of such officer’s knowledge, during such period each of the Guarantor and BFE has observed or performed all of its covenants and other agreements, and satisfied every condition contained in this Guaranty and the other Finance Documents and Transaction Documents and any other related documents to be observed, performed or satisfied by each of them, and that such officer has obtained no knowledge of any Series 2003-1 Early Amortization Event, Potential Series 2003-1 Early Amortization Event, Event of Default or Default except as specified in such certificate and showing in reasonable detail the calculations evidencing compliance with the covenants in subsection 8.2(a).
(c)    Conduct of Business and Maintenance of Existence.  The Guarantor shall, and shall cause each of the Designated Obligors to: (i) except as permitted by subsection 8.2(b), preserve, renew and keep in full force and effect its corporate existence; and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except where the failure to maintain the same would not have a Material Adverse Effect.
(d)    Compliance with Laws and Contractual Obligations; Authorization.  The Guarantor shall, and shall cause each of its Subsidiaries to, comply in all respects with all Requirements of Law and Contractual Obligations, except where failure to so comply would not have a Material Adverse Effect, and the Guarantor shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorizations, approvals, licenses and consents required in or by any applicable laws and regulations to enable it lawfully to enter into and perform its obligations under this Guaranty or to ensure the legality, validity, enforceability or admissibility in evidence of this Guaranty and the other Finance Documents and Transaction Documents.
(e)    Maintenance of Property; Insurance.  The Guarantor shall, and shall cause each of its Subsidiaries to, keep all property useful and necessary in its business in good working order and condition, except where failure to do so would not have a Material Adverse Effect; and maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are customary for the Guarantor’s type of business.
									
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(f)    Inspection of Property; Books and Records.  The Guarantor shall, and shall cause each of BFE and the Designated Obligors to, keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and permit representatives of the Agent and each Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any time and as often as may reasonably be desired, provided that the Agent and each Lender has given reasonable prior written notice and the Agent and each Lender has executed a confidentiality agreement reasonably satisfactory to the Guarantor.
(g)    Notices.  The Guarantor shall give notice to the Agent promptly after becoming aware of the same, of (i) the occurrence of any Series 2003-1 Early Amortization Event, Potential Series 2003-1 Early Amortization Event, Event of Default or Default, including any steps taken to remedy or mitigate the effect of such default; (ii) any changes in taxes, duties or other fees of Bermuda or any political subdivision or taxing authority thereof or any change in any laws of Bermuda, in each case, that may affect any payment due under this Guaranty or the other Finance Documents and Transaction Documents; (iii) any change in the Guarantor’s, BLFC's or the Bunge Master Trust's public or private rating by S&P or Moody's; and (iv) any development or event which has had, or which the Guarantor in its good faith judgment believes will have, a Material Adverse Effect.
(h)    Pari Passu Obligations.  The Guarantor shall ensure that its obligations hereunder at all times constitute direct, general obligations of the Guarantor ranking at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness (other than Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.
(i)    Maintenance of Designated Obligors.  The Guarantor will not and will not permit any of its Subsidiaries directly or indirectly to convey, sell, transfer or otherwise dispose of, or grant any Person an option to acquire, in one transaction or a series of transactions more than 50% of the voting stock of a Designated Obligor (other than BL) unless such conveyance, sale, transfer or disposition does not cause a Series 2003-1 Early Amortization Event, Potential Series 2003-1 Early Amortization Event, Event of Default or Default and either (i) such conveyance, sale, transfer or disposition is among the Guarantor and its Subsidiaries or (ii) (A) the Guarantor or such Subsidiary uses the net proceeds of such stock conveyance, sale, transfer or disposition to repay in full the aggregate principal and interest due and owing with respect to all Intercompany Loans outstanding as to which the Designated Obligor is the Obligor and (B) to the extent such net proceeds exceed the amounts required to be paid pursuant to clause (A), the Guarantor or such Subsidiary either (1) reinvests or enters into a contract to reinvest all such excess net proceeds in productive replacement fixed assets of a kind then used or usable in the business of the Guarantor or any of its Subsidiaries or (2) uses such excess net proceeds to make payments on the Guarantor’s or its Subsidiaries’ other Indebtedness.
(j)    Payment of Taxes.  The Guarantor shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the 
									
	        US_ACTIVE-163041734.7
	12
	

case may be, all taxes, assessments and similar governmental charges imposed on it, its incomes, profits or properties, except where (i) the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves to the extent required by GAAP with respect thereto have been provided on the books of the Guarantor or (ii) the nonpayment of all such taxes, assessments and charges in the aggregate would not reasonably be expected to have a Material Adverse Effect.
(k)    Environmental Laws.  Unless, in the good faith judgment of the Guarantor, the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Guarantor will comply in all material respects, and cause each of its Subsidiaries to comply in all material respects, with the requirements of all applicable Environmental Laws and will immediately pay or cause to be paid all costs and expenses incurred in such compliance, except such costs and expenses which are being contested in good faith by appropriate proceedings if the Guarantor or such Subsidiary, as applicable, is maintaining adequate reserves (in the good faith judgment of the management of the Guarantor) with respect thereto in accordance with GAAP.  Unless the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Guarantor shall not, nor shall it permit or suffer any of its Subsidiaries to, generate, use, manufacture, refine, transport, treat, store, handle, dispose of, transfer, produce or process Hazardous Materials other than in the ordinary course of business and in material compliance with all applicable Environmental Laws, and shall not, and shall not permit or suffer any of its Subsidiaries to, cause or permit, as a result of any intentional or unintentional act or omission on the part of the Guarantor or any Subsidiary thereof, the installation or placement of Hazardous Materials in material violation of or actionable under any applicable Environmental Laws onto any of its property or suffer the material presence of Hazardous Materials in violation of or actionable under any applicable Environmental Laws on any of its property without having taken prompt steps to remedy such violation.  Unless its failure to do so would not reasonably be expected to have a Material Adverse Effect, the Guarantor shall, and shall cause each of its Subsidiaries to, promptly undertake and diligently pursue to completion any investigation, study, sampling and testing, as well as any cleanup, removal, remedial or other action required of the Guarantor or any Subsidiary under any applicable Environmental Laws in the event of any release of Hazardous Materials. 
(l)    ERISA.  The Guarantor shall give notice to the Agent to the extent that any of the following is reasonably expected to have a Material Adverse Effect:
(i)    ERISA Events.  Promptly and in any event within ten (10) days after the Guarantor or any of its ERISA Affiliates knows or has reason to know that any ERISA Event has occurred, a statement of the chief financial officer of the Guarantor or such ERISA Affiliate describing such ERISA Event and the action, if any, that the Guarantor or such ERISA Affiliate has taken and proposes to take with respect thereto;
(ii)    Plan Terminations.  Promptly and in any event within two (2) Business Days after receipt thereof by the Guarantor or any 
									
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of its ERISA Affiliates, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan; and
(iii)    Multiemployer Plan Notices.  Promptly and in any event within five (5) Business Days after receipt thereof by the Guarantor or any of its ERISA Affiliates from the sponsor of a Multiemployer Plan, copies of each notice concerning (A) the imposition of Withdrawal Liability by any such Multiemployer Plan, (B) the  termination, within the meaning of Title IV of ERISA, of any such Multiemployer Plan and (C) the amount of liability incurred by the Guarantor or any of its ERISA Affiliates in connection with any event described in clause (A) or (B) above.
(m)    Sanctions Actions or Investigations.  Promptly upon a Responsible Officer of the Guarantor becoming aware that the Guarantor or any of its Subsidiaries has received formal notice that it has become the subject of any material action or investigation under any Sanctions, the Guarantor shall, to the extent permitted by law, supply to the Agent details of any such material action or investigation.
(n)    Anti-Corruption and Sanctions Compliance Policies and Procedures. The Guarantor will maintain in effect policies and procedures designed to promote and achieve continued compliance by the Guarantor, its Subsidiaries and their respective directors, officers and employees with applicable Anti-Corruption Laws and Sanctions.
8.2    Negative Covenants.  The Guarantor hereby agrees that, so long as (i) any Loan remains outstanding and unpaid or any other amount is owing to the Agent or any Lender under the Facility Agreement or (ii) the Commitments have not been terminated:
(a)    Financial Covenants.  The Guarantor shall not at any time permit:
(i)    the ratio of its Total Consolidated Current Assets to Adjusted Total Consolidated Current Liabilities, each as calculated at the end of each fiscal quarter of the Guarantor, to be less than 1.1 to 1.0 (to be tested quarterly);
(ii)    the ratio of its consolidated Adjusted Net Debt to consolidated Adjusted Capitalization (each as calculated at the end of each fiscal quarter of the Guarantor) to be greater than 0.635:1.0 (to be tested quarterly); and
(iii)    the aggregate outstanding principal balance of all Secured Indebtedness (excluding any Permitted Secured Indebtedness) incurred by the Guarantor and its Subsidiaries to be greater than an amount equal to seven and one-half percent (7.5%) of the Total Tangible Assets of the Guarantor and its Subsidiaries, as calculated at the end of 
									
	        US_ACTIVE-163041734.7
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each fiscal quarter of the Guarantor and as determined in accordance with GAAP (to be tested quarterly).
(b)    Limitation of Fundamental Changes.  The Guarantor shall not enter into any transaction of merger, consolidation or amalgamation (other than any merger or amalgamation of any Subsidiary with and into the Guarantor so long as the Guarantor shall be the surviving, resulting, or continuing company) or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets.
(c)    Restrictions on Dividends or Loans by Designated Obligors.  The Guarantor shall not permit any Designated Obligor to enter into any agreement restricting the payment of dividends or the making of loans by it to the Guarantor or to any other Designated Obligor, except that the Guarantor may permit a Designated Obligor to be party to agreements (i) limiting the payment of dividends by such Designated Obligor following a default or an event of default under such agreement and (ii) requiring the compliance by such Designated Obligor with specified net worth, working capital or other similar financial tests and (iii) restricting loans to be made by such Designated Obligor to any other Obligor or the Guarantor to such loans which accrue interest at a rate greater than or equal to such lending Designated Obligor’s average cost of funds as determined in good faith by the Board of Directors of such Designated Obligor.

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

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

8.3Use of Websites.
(a)The Guarantor may satisfy its obligation to deliver any public information to the Lenders by posting this information onto an electronic website designated by the Guarantor and the Agent (the "Designated Website") by notifying the Agent (i) of the address of the website together with any relevant password specifications and (ii) that such information has been posted on the website; provided, that in any event the Guarantor shall supply the Agent with one copy in paper form of any information which is posted onto the website.
									
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(b)The Agent shall supply each Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Guarantor and the Agent.
(c)The Guarantor shall promptly upon becoming aware of its occurrence notify the Agent if:
(i)the Designated Website cannot be accessed due to technical failure;
(ii)the password specifications for the Designated Website change;
(iii)any new information which is required to be provided under this Guaranty is posted onto the Designated Website; 
(iv)any existing information which has been provided under this Guaranty and posted onto the Designated Website is amended; or
(v)the Guarantor becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.  
If the Guarantor notifies the Agent under Section 8.3(c)(i) or Section 8.3(c)(v) above, all information to be provided by the Guarantor under this Guaranty after the date of that notice shall be supplied in paper form unless and until the Agent is satisfied that the circumstances giving rise to the notification are no longer continuing.
Section 9.Acknowledgement.  Each Party acknowledges and agrees that the Guarantor does not:
(a)represent under Section 7(u) of this Guaranty; nor
(b)covenant pursuant to Section 8.1(m), Section 8.1(n) or Section 8.2(e) of this Guaranty,
in favor of DZ Bank AG Deutsche Zentral-Genossenschaftsbank New York Branch ("DZ") as Lender, and DZ shall not have any rights thereunder.  Furthermore, DZ shall be deemed not to be a party to the provisions of Section 7(u), Section 8.1(m), Section 8.1(n) or Section 8.2(e).

Each party further acknowledges that the representations and warranties included in Section 7(u) given by, and the undertakings included in Section 8.1(m), Section 8.1(n) and Section 8.2(e) of, the Guarantor to any Lender resident in Germany (“Inländer”) within the meaning of Section 2 Para. 15 of the German Foreign Trade and Payments Regulation (“AWV”) are made only to the extent that such Lender would be permitted to make such representations and warranties or undertakings pursuant to Section 7 of the AWV.

Each party further acknowledges and agrees that the representations and warranties included in Section 7(u) and the undertakings included in Sections 8.1(m), 8.1(n) and 8.2(e) shall be given by and apply to the Guarantor for the benefit of any Finance Party only to the extent that giving, 
									
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complying with or receiving the benefit of (as applicable) such representation or undertaking does not result in any violation of the Blocking Regulation. 

Section 10.Amendments.  No amendment or waiver of any provision of this Guaranty nor consent to any departure by the Guarantor therefrom shall in any event be effective unless such amendment or waiver shall be in writing and signed by the Guarantor and the Agent who shall act following the receipt of the consent of the Majority Lenders.  Such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.
Section 11.Notices, Etc.  All notices, demands, instructions and other communications required or permitted to be given to or made upon any Person pursuant hereto shall be in writing and shall be personally delivered or sent by registered, certified or express mail, postage prepaid, return receipt requested, by recognized overnight courier service or by facsimile transmission, and shall be deemed to be given for purposes of this Guaranty, in the case of a notice sent by registered, certified or express mail, or by recognized overnight courier service, on the date that such writing is actually delivered to the intended recipient thereof in accordance with the provisions of this Section 11, or in the case of facsimile transmission, when received and telephonically confirmed.  Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section 11, notices, demands, instructions and other communications in writing shall be given to or made upon the subject parties at their respective Notice Addresses (or to their respective facsimile transmission numbers) or at such other address or number as any party may notify to the other parties in accordance with the provisions of this Section 11.
Section 12.No Waiver; Remedies.  No failure on the part of the Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.
Section 13.Costs and Expenses.  The Guarantor agrees to pay, and cause to be paid, on demand all costs and expenses actually incurred by the Agent in connection with the enforcement of this Guaranty including, without limitation, the fees and outofpocket expenses of outside counsel to the Agent with respect thereto. The agreements of the Guarantor contained in this Section 13 shall survive the payment of all other amounts owing hereunder or under any of the other Guaranty Obligations.
Section 14.Separability.  Should any clause, sentence, paragraph, subsection or Section of this Guaranty be judicially declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder of this Guaranty, and the parties hereto agree that the part or parts of this Guaranty so held to be invalid, unenforceable or void will be deemed to have been stricken herefrom and the remainder will have the same force and effectiveness as if such part or parts had never been included herein.
Section 15.Captions.  The captions in this Guaranty have been inserted for convenience only and shall be given no substantive meaning or significance whatever in construing the terms and provisions of this Guaranty.
Section 16.Successors and Assigns.  This Guaranty shall (a) be binding upon the Guarantor and its successors and assigns and (b) inure to the benefit of and be enforceable by 
									
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the Agent (for the ratable benefit of the Lenders) and its successors, transferees and assigns; provided, however, that any assignment by the Guarantor of its obligations hereunder shall (i) be subject to the prior written consent of the Agent acting on the instructions of all of the Lenders at their complete discretion, and (ii) subject to the satisfaction of clause (i) above, only be made to a one hundred percent (100%) owned Affiliate of the Guarantor.  
Section 17.Limitation by Law.  All rights, remedies and powers provided in this Guaranty may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Guaranty are intended to be subject to all applicable mandatory provisions of law which may be controlling and to be limited to the extent necessary so that they will not render this Guaranty invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.
Section 18.Substitution of Guaranty.  Subject to the prior written consent of the Agent acting on the instructions of all of the Lenders at their complete discretion, the Guarantor shall, during the term of this Guaranty, be permitted at its option to provide collateral to the Agent or another form of credit support as a substitute for its obligations under this Guaranty.  The Guarantor agrees to execute whatever security or credit support documents the Agent reasonably requests in order to effectuate the provisions of this Section 18.

Section 19.GOVERNING LAW; FOREIGN PARTY PROVISIONS.  
(a)THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
(b)Consent to Jurisdiction.  The Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York state or U.S. federal court sitting in the Borough of Manhattan, The City of New York, in any action or proceeding relating to its obligations, liabilities or any other matter arising out of or in connection with this Guaranty or the other Finance Documents and Transaction Documents.  The Guarantor hereby irrevocably agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York state or U.S. federal court.  The Guarantor also hereby irrevocably waives, to the fullest extent permitted by law, any objection to venue or the defense of an inconvenient forum to the maintenance of any such action or proceeding in any such court.
(c)Appointment of Agent for Service of Process.  The Guarantor hereby (i) irrevocably designates and appoints its chief financial officer (from time to time) at its principal executive offices at 1391 Timberlake Manor Parkway, Chesterfield, Missouri 63017 (the "Authorized Agent"), as its agent upon which process may be served in any suit, action or proceeding related to this Guaranty and represents and warrants that the Authorized Agent has accepted such designation and (ii) agrees that service of process upon the Authorized Agent and written notice of said service to the Guarantor mailed or delivered by a recognized international courier service (with proof of delivery) to its Secretary or any Assistant Secretary at its office at 1391 Timberlake Manor Parkway, Chesterfield, Missouri 63017, shall be deemed in every respect effective service of process upon the Guarantor in any such suit or proceeding.  The Guarantor further agrees to take any and all action, including the execution and filing of any and all 
									
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such documents and instruments, as may be necessary to continue such designation and appointment of the Authorized Agent in full force and effect so long as the Guaranty is in existence.
(d)Waiver of Immunities.  To the extent that the Guarantor or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Guaranty or any other Finance Documents and Transaction Documents, the Guarantor hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.
(e)Foreign Taxes.  Any payments by the Guarantor to the Agent hereunder shall be made free and clear of, and without deduction or withholding for or on account of, any and all present and future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereinafter imposed, levied, collected, withheld or assessed by Bermuda or any other jurisdiction in which the Guarantor has an office from which payment is made or deemed to be made, excluding (i) any such tax imposed by reason of the Agent, having some connection with any such jurisdiction other than its participation as the Agent under the Finance Documents and Transaction Documents, and (ii) any income or franchise tax on the overall net income of the Agent imposed by the United States or by the State of New York or any political subdivision of the United States or of the State of New York on the office of the Agent through which it is acting in connection with this transaction (all such non-excluded taxes, "Foreign Taxes").  If the Guarantor is prevented by operation of law or otherwise from paying, causing to be paid or remitting that portion of amounts payable hereunder represented by Foreign Taxes withheld or deducted, then amounts payable under this Guaranty shall, to the extent permitted by law, be increased to such amount as is necessary to yield and remit to the Agent an amount which, after deduction of all Foreign Taxes (including all Foreign Taxes payable on such increased payments) equals the amount that would have been payable if no Foreign Taxes applied.
(f)Judgment Currency.  The obligations of the Guarantor in respect of any sum due to the Agent or any Lender hereunder or any holder of the obligations owing hereunder (the "Applicable Creditor") shall, notwithstanding any judgment in a currency (the "Judgment Currency") other than the currency in which such sum is stated to be due hereunder (the "Agreement Currency"), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Guarantor as a separate obligation and notwithstanding any such judgment, agrees to indemnify the Applicable Creditor against such loss.  The obligations of the Guarantor 
									
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contained in this Section shall survive the termination of this Guaranty and the Facility Agreement and the payment of all other amounts owing hereunder and thereunder.
Section 20.WAIVER OF JURY TRIAL.      THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY, ANY OTHER FINANCE DOCUMENT OR FOR ANY TRANSACTIONS CONTEMPLATED BY THIS GUARANTY  AND FOR ANY COUNTERCLAIM THEREIN.  THE GUARANTOR ACKNOWLEDGES THAT (A) THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS GUARANTY, (B) IT HAS RELIED ON THIS WAIVER IN ENTERING INTO THIS GUARANTY AND (C) IT WILL CONTINUE TO RELY ON THIS WAIVER IN FUTURE DEALINGS RELATED TO THIS GUARANTY.  THE GUARANTOR REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL ADVISERS AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS AFTER CONSULTATION WITH ITS LEGAL ADVISERS.  IN THE EVENT OF ANY LEGAL PROCEEDING RELATING TO THIS GUARANTY, ANY OTHER FINANCE DOCUMENT OR FOR ANY TRANSACTIONS CONTEMPLATED BY THIS GUARANTY, THIS GUARANTY MAY BE FILED AS EVIDENCE OF THE GUARANTOR’S WAIVER OF A TRIAL BY JURY.
Section 21.Reinstatement.  This Guaranty shall be reinstated to the extent of payments made to the Guarantor as reimbursement of amounts advanced by the Guarantor hereunder.  The Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any part of any payment of principal of, or interest on, the Guaranty Obligations is stayed, rescinded or must otherwise be restored by the Agent upon the bankruptcy or reorganization of BFE or any other Person.
Section 22.CA-CIB Conflict Waiver.  CA-CIB acts as Agent and Lender and may provide other services or facilities from time to time (the "CA-CIB Roles").  The Guarantor hereto acknowledges and consents to any and all CA-CIB Roles, waives any objections it may have to any actual or potential conflict of interest caused by CA-CIB acting as Agent or as Lender hereunder and acting as or maintaining any of the CA-CIB Roles, and agrees that in connection with any CA-CIB Role, CA-CIB may take, or refrain from taking, any action which it in its discretion deems appropriate.
Section 23.Setoff.  In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence of an Event of Default or a Series 2003-1 Early Amortization Event, each Lender is hereby authorized at any time or from time to time, without notice to the Guarantor or to any other Person, any such notice being hereby expressly waived to the extent permitted by applicable law, to set-off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Lender, to or for the credit or the account of the Guarantor against and on account of the obligations and liabilities of the Guarantor to such Lender, as applicable, under this Guaranty or any other Finance Document, including, without limitation, all claims of any nature or description arising out of or connected with this Guaranty or any other Finance Document, irrespective of whether or not such Lender shall have made any demand hereunder and although said obligations, liabilities or claims, or any of them, shall be contingent or unmatured.
If any Lender, whether by setoff or otherwise, has payment made to it under this Guaranty or any other Finance Document upon its Loans in a greater proportion than that 
									
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received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Loans held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of Loans.
Section 24.Acknowledgment and Consent to Bail-in.   The parties hereto acknowledge that the provisions of clause 40 (Contractual Recognition of Bail-In) of the Facility Agreement shall apply to this Guaranty mutatis mutandis and as if references to the Finance Documents therein were references to this Guaranty and as if all defined terms (and all defined terms within such defined terms) used in such clause 40 (Contractual Recognition of Bail-In) of the Facility Agreement were definitions included in this Guaranty for the purposes of this Section 24.

									
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IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed by its officers thereunto duly authorized, as of the date first written above.
GUARANTOR:
BUNGE LIMITED,
a Bermuda company

By: /s/ Rajat Gupta
Name:  Rajat Gupta
Title:  Treasurer
By: /s/ Lisa Ware Alexander
Name: Lisa Ware Alexander
Title: Secretary

[Signature Page to Guaranty]
        

Acknowledged and agreed to by:

AGENT:
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By: /s/ Julien Verhaeghe
Name:  Julien Verhaeghe
Title:  Chargé d’Affaires Agency Corporate & Acquisition Finance, Debt Optimisation & Distribution

By: /s/ Julie Genty
Name: Julie Genty 
Title:  Head of Agency Team

									
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Schedule I
Material Adverse Effect
None
									
		SI - 1
	

        US_ACTIVE-163041734.7

Schedule II
Environmental Matters
This Schedule II to the Guaranty hereby incorporates by reference all disclosures related to environmental matters set forth in (i) the Guarantor's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed by the Guarantor on February 19, 2021 and (ii) the Guarantor’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021, which was filed by the Guarantor on October 27, 2021.
									
		SII - 1
	

        US_ACTIVE-163041734.7

Schedule III
Defaulted Facilities 
None
									
		SIII - 1
	

        US_ACTIVE-163041734.7

Schedule IV
Designated Obligors

												
	Name			Percentage Directly or 
Indirectly Owned by BL

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

									
		SIV - 1
	

        US_ACTIVE-163041734.7

Schedule V
Material Contingent Liabilities and Material Disposition or Acquisition of Assets
This Schedule V to the Guaranty hereby incorporates by reference all disclosures set forth in (i) the Guarantor's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed by the Guarantor on February 19, 2021 and (ii) the Guarantor’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021, which was filed by the Guarantor on October 27, 2021.
									
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        US_ACTIVE-163041734.7

Schedule VI
Material Litigation
This Schedule VI to the Guaranty hereby incorporates by reference all disclosures related to legal proceedings set forth in (i) the Guarantor's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed by the Guarantor on February 19, 2021 and (ii) the Guarantor’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021, which was filed by the Guarantor on October 27, 2021.

									
		SVI-1	

        US_ACTIVE-163041734.7

ANNEX A
"2017 Facility": as defined in the Facility Agreement.
"Adjusted Capitalization":  the sum of the Guarantor’s Consolidated Net Worth and the Guarantor’s consolidated Adjusted Net Debt.
"Adjusted Net Debt":  with respect to any Person on any date of determination, (a) the aggregate principal amount of Indebtedness of such Person on such date (including, without limitation, letter of credit obligations of such Person) minus (b) the sum of all cash, time deposits, marketable securities and Liquid Inventory of such Person on such date.
“Adjusted Total Consolidated Current Liabilities”: (a) the total consolidated current liabilities of the Guarantor and its consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP minus (b) the total letter of credit obligations under any trade structured finance program of the Guarantor and its consolidated Subsidiaries minus (c) the total sum of all drawings under any revolving credit facility that has a maturity, as of any test date, greater than or equal to twelve (12) months from such test date minus (d) any drawings under a commercial paper program, including the Commercial Paper (as defined in Annex X), so long as the drawn portion thereunder is supported by undrawn commitments under a revolving credit facility, including the Liquidity Agreement (as defined in Annex X) that has a maturity, as of any test date, greater than or equal to twelve (12) months from such test date.
"Aggregate Exposure Percentage":  as defined in Section 2.
“Agreement Currency”: as defined in Section 19(f).
“Anti-Corruption Laws”: all laws, rules and regulations of any jurisdiction applicable to the Guarantor or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Creditor”: as defined in Section 19(f).
“Authorized Agent”: as defined in Section 19(c).
"BFE":  as defined in the preamble hereto.
"BL": Bunge Limited, a company organized under the laws of Bermuda, and its successors and permitted assigns.
"Blocking Regulation": Regulation (EU) No 2271/96 of the European Parliament and of the Council of 22 November 1996 protecting against the effects of the extraterritorial application of legislation adopted by a third country, and actions based on or resulting therefrom.
"CA-CIB Roles":  as defined in Section 22.
"Code": the United States Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.
"Consolidated Net Worth":  the Net Worth of the Guarantor and its consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP, plus minority interests in Subsidiaries.
									
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        US_ACTIVE-163041734.7

“Designated Website”: as defined in Section 8.3(a).
"Dollars" and "$":  dollars in lawful currency of the United States.
"EDGAR":  the Electronic Data-Gathering, Analysis and Retrieval system, which performs automated collection, validation, indexing and forwarding of submissions by Persons who are required by law to file forms with the U.S. Securities and Exchange Commission.
"Environmental Claim":  any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of non-compliance or violation, investigations or proceedings relating in any way to any Environmental Law or any permit issued under any such law (hereinafter "Claims"), including, without limitation, (a) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law and (b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting or arising from alleged or actual injury or threat of injury to the environment by reason of a violation of or liability arising under any Environmental Law.
"Environmental Law":  any and all federal, state, local or foreign laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in effect.
"ERISA":  the United States Employee Retirement Income Security Act of 1974, as amended from time to time.
"ERISA Affiliate": any Person that is under common control with the Guarantor under Section 4001 of ERISA, or that, together with the Guarantor, is treated as a single employer under Section 414 of the Code.
"ERISA Event":  (a) (i) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Plan unless the 30-day notice requirement with respect to such event has been waived by the PBGC or (ii) the requirements of Section 4043(b) of ERISA apply with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; (b) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived, the filing of an application for a minimum funding waiver with respect to a Plan, or the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure by the Guarantor or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (c) the provision by the administrator of any Plan of a notice of intent to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of the Guarantor or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by the Guarantor or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for imposition of a lien under Section 303(k) of ERISA shall have been met with respect to any Plan; (g) the institution by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, such Plan; (h) a determination that any Plan is, or is expected to be, in “at risk” status, within the meaning of Section 430 of the 
									
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        US_ACTIVE-163041734.7

Code; or (i) the receipt by the Guarantor or any of its ERISA Affiliates of a determination that a Multiemployer Plan is in endangered, critical or critical and declining status, within the meaning of Section 432 of the Code or Section 305 of ERISA.
“Executive Order”: Executive Order No. 13224 of September 23, 2001 – Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism.
"Facility Agreement":  as defined in the preamble hereto.
"Foreign Taxes":  as defined in Section 19(e).
"GAAP":  generally accepted accounting principles in the United States as in effect from time to time.
"Guarantor":  as defined in the preamble hereto.
"Guaranty":  as defined in the preamble hereto.
"Guaranty Obligations":  as defined in Section 2.
"Hazardous Materials":  (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any governmental authority having jurisdiction over the Guarantor or its Subsidiaries and the manufacturing, trading or extraction of which constitutes a material portion of the business of the Guarantor or any of its Subsidiaries.
"Indebtedness":  as to any Person, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property, except trade accounts payable arising in the ordinary course of business, (d) all obligations of such Person as lessee which are capitalized in accordance with GAAP, (e) all obligations of such Person created or arising under any conditional sales or other title retention agreement with respect to any property acquired by such Person (including without limitation, obligations under any such agreement which provides that the rights and remedies of the seller or lender thereunder in the event of default are limited to repossession or sale of such property), (f) all obligations of such Person with respect to letters of credit and similar instruments, including without limitation obligations under reimbursement agreements, (g) all Indebtedness of others secured by (or for which the holder of such Indebtedness has existing right, contingent or otherwise, to be secured by) a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person, and (h) all guarantees by such Person of Indebtedness of others (other than guarantees of obligations of direct or indirect Subsidiaries of such Person).
"Intercompany Loans":  Loans, as defined in Annex X to the Pooling Agreement.
"Investor Certificates":  as defined in Annex X to the Pooling Agreement.
"Judgment Currency":  as defined in Section 19(f).
									
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"Lien":  with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset.
"Liquid Inventory":  as to the Guarantor and its consolidated Subsidiaries at any time, its inventory at such time of commodities which are traded on any recognized commodities exchange, valued depending on the type of such commodity at either (a) the lower of cost or the market value at such time or (b) the market value at such time.
"Loan Purchase Date": as defined in Annex X to the Pooling Agreement.
"Multiemployer Plan": a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Guarantor or any ERISA Affiliate (other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code) is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.
"Multiple Employer Plan":  a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Guarantor or any ERISA Affiliate and at least one Person other than the Guarantor and the ERISA Affiliates or (b) was so maintained and in respect of which the Guarantor or any of its ERISA Affiliates could have liability under Sections 4063, 4064 or 4069 of ERISA.
"Net Worth":  with respect to any Person, the sum of such Person’s capital stock, capital in excess of par or stated value of shares of its capital stock, retained earnings and any other account which, in accordance with GAAP, constitutes stockholders’ equity, excluding any treasury stock.

"Notice Address":  
									
	Agent:		CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
12 Place des Etats Unis 
CS 70052 
92547 Montrouge Cedex
Attention: Julien VERHAEGHE / Mariam RAMLI
Tel. No:  +33 1 41 89 29 93 / +33 1 41 89 17 92

	Guarantor:		BUNGE LIMITED
1391 Timberlake Manor Parkway
Chesterfield, Missouri 63017
Attention: Treasurer
Tel. No: (636) 292-3029    
Telecopy No.:     (636) 292-4029

"Obligor": as defined in Annex X to the Pooling Agreement.
“OFAC”: the Office of Foreign Assets Control of the U.S. Department of the Treasury.
									
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        US_ACTIVE-163041734.7

"PBGC":  the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA and any Person succeeding to the functions thereof.
"Permitted Secured Indebtedness":  any Secured Indebtedness that:
(a) is secured by any mechanic, laborer, workmen, repairmen, materialmen, supplier, carrier, warehousemen, landlord or vendor Lien or any other Lien provided for by mandatory provisions of law, any order, attachment or similar legal process arising in connection with a court or other similar proceeding, any tax, charge or assessment ruling or required by any Governmental Authority under any other similar circumstances; 
(b) is incurred or assumed solely for the purpose of financing all or any part of the cost of constructing or acquiring Property, and any Secured Indebtedness extending, renewing or replacing, in whole or in part Secured Indebtedness permitted pursuant to this clause (b), so long as the principal amount of the Secured Indebtedness secured by such Lien does not exceed its original principal amount; 
(c) is secured by Property existing prior to the acquisition of such Property or the acquisition of any Subsidiary that is the owner of such Property and is not incurred in contemplation of such acquisition and any Secured Indebtedness extending, renewing or replacing, in whole or in part Secured Indebtedness permitted pursuant to this clause (c), so long as the principal amount of the Secured Indebtedness secured by such Lien does not exceed its original principal amount; 
(d) is owed by any Subsidiary to the Guarantor or any other Subsidiary; 
(e) is secured by any accounts receivable from or invoices to export customers (including, but not limited to, Subsidiaries), any contracts to sell, purchase or receive commodities to or from export customers and any cash collateral and proceeds thereof; 
(f) is incurred pursuant to the Finance Documents or Transaction Documents; 
(g) is secured by accounts receivable and other related assets arising in connection with transfers thereof to the extent such transfers are treated as true sales; 
(h) is secured by a Lien on any checking account, saving account, clearing account, futures account, deposit account, securities account, brokerage account, custody account or other account (or on any assets held in such account), securing obligations under any agreement or arrangement related to the opening of or provision of clearing, pooling, zero-balancing, brokerage, settlement, margin or other services related to such account (or on any assets held in such account), which customarily exist on similar accounts (or on any assets held in such accounts) of corporations in connection with the opening of, or provision of clearing, pooling, zero-balancing, brokerage, settlement, margin or other services related, to such accounts; or
(i) is incurred in connection with letters of credit or other similar instruments issued in the normal course of business of the Guarantor or any Subsidiary, including without limitation, obligations under reimbursement agreements.
"Plan":  a Single Employer Plan or a Multiple Employer Plan.
"Pooling Agreement": the Sixth Amended and Restated Pooling Agreement, dated as of August 31, 2020, among Bunge Funding, Inc., Bunge Management Services, Inc., as servicer, and The Bank of New York Mellon, as trustee, and all amendments thereof and supplements thereto.
									
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"Potential Series 2003-1 Early Amortization Event":  an event which, with the giving of notice or the lapse of time or both, would constitute a Series 2003-1 Early Amortization Event.
"Property": any of the Guarantor’s or any Subsidiary’s present or future property including any asset, revenue, or right to receive income or any other property, whether tangible or intangible, real or personal.
"Purchased Loan": as defined in Annex X to the Pooling Agreement.
"Rating Agency":  either one of (a) Standard & Poor’s Ratings Services, a Standard & Poor's Financial Services LLC business, or any successor thereto, or (b) Moody’s Investors Service, Inc. or any successor thereto.
"Restricted Party": any person listed:
(a)    in the Annex to the Executive Order;
(b)    on the "Specially Designated Nationals and Blocked Persons" list maintained by OFAC; or
(c)    in any successor list to either of the foregoing.
"Sale Agreement": the Second Amended and Restated Sale Agreement, dated as of September 6, 2002, among the Sellers and Bunge Funding, Inc., as amended, supplemented or otherwise modified from time to time in accordance with the Transaction Documents.
"Secured Indebtedness": all Indebtedness incurred by the Guarantor and any of its Subsidiaries (without duplication) which is secured by Property pledged by the Guarantor or any Subsidiary.
"Sellers": Bunge Finance Limited and Bunge Finance North America, Inc. and their respective successors and permitted assigns and any additional Seller that becomes a party to the Sale Agreement in accordance with the terms of the Transaction Documents.
"Series 2003-1 VFC": the Series 2003-1 VFC Certificate executed by Bunge Funding, Inc. and authenticated by or on behalf of The Bank of New York Mellon, as trustee.
"Single Employer Plan":  a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Guarantor or any of its ERISA Affiliates and no Person other than the Guarantor and its ERISA Affiliates or (b) was so maintained and in respect of which the Guarantor or any of its ERISA Affiliates could have liability under Sections 4062 or 4069 of ERISA in the event such plan has been or were to be terminated.
“Total Consolidated Current Assets”: (a) the total consolidated current assets of the Guarantor and its consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP minus (b) the total time deposits under any trade structured finance program of the Guarantor and its consolidated Subsidiaries.
“Total Tangible Assets”:  at any date of determination, the total amount of assets of the Guarantor and its Subsidiaries (without duplication and excluding any asset owned by the Guarantor or any Subsidiary that represents an obligation of the Guarantor or any other Subsidiary to such Subsidiary or Guarantor) after deducting therefrom all goodwill, trade names, trademarks, patents, licenses, copyrights and other intangible assets.
"Transaction Documents": as defined in Annex X to the Pooling Agreement.
									
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"Trust": the Bunge Master Trust created by the Pooling Agreement.
"Trust Assets": as defined in Annex X to the Pooling Agreement.
"UCC": the Uniform Commercial Code, as amended, replaced or otherwise revised from time to time, as in effect in any specified jurisdiction.
"Withdrawal Liability":  liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA.
									
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        US_ACTIVE-163041734.7EX-4.6

 Exhibit 4.6 

IN WITNESS WHEREOF, the parties’ duly-authorized representatives have executed this Warrant Award & Strategic Relationship Agreement and
rendered it effective as of the Effective Date. 
  

									
	Sony Visual Products, Inc.	 		 	Free Stream Media Corporation
					
	By:	 	 /s/ Kazuyoshi Nagao
	 	            	 	By:	 	 /s/ Ashwin Navin

	Name:	 	Kazuyoshi Nagao	 		 	Name:	 	Ashwin Navin
	Title: 	 	Senior General Manager	 		 	Title:	 	CEO
	Date: 	 	June 30, 2017	 		 	Date:	 	June 30, 2017

 APPENDIX A 

WARRANT AGREEMENT 
 THIS
WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT. 

 

			
	Date of Issuance:	  	Void after
	June 30, 2017	  	June 30, 2024

 FREE STREAM MEDIA CORP. 

WARRANT TO PURCHASE SHARES OF COMMON STOCK 

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, this Warrant is issued to SONY VISUAL
PRODUCTS, INC. (the “Holder”) or its assigns by FREE STREAM MEDIA CORP., a Delaware corporation (the “Company”). 

1. Purchase of Shares. 

1.1 Subject to the terms and conditions set forth herein, the Holder is entitled, upon surrender of this Warrant at the principal office of
Company (or at such other place as Company shall notify the Holder in writing), to purchase from Company the number of fully paid and non-assessable shares of Company’s Common Stock, par value $0.0001 per
share (the “Common Stock”) (as adjusted pursuant to Section 8 hereof) as described below: 

  

					
	4	 	CONFIDENTIAL	 	

 (a) 150,000 shares of Common Stock in exchange for the exclusivity granted in
Section 2(a) of the Warrant Award & Strategic Relationship Agreement (as specified therein). 
 (b) 200,000 shares of Common
Stock exercisable upon fulfillment of obligations in Section 2(b). 
 (c) 3,000 shares of Common Stock exercisable upon execution of
this WARRANT TO PURCHASE COMMON STOCK in consideration for Holder’s coordination services related to its PlayStation affiliate. 
 1.2
For sake of clarity, in no event shall the number of shares exercisable under this warrant exceed [353,000] shares of Common Stock. Terms not defined in this Warrant shall have the meaning given to them in the Software License and Bundled
Distribution Agreement, dated October 26, 2015 (“Non-Android Agreement”), (ii) the Software License and Bundled Distribution Agreement, dated November 15, 2016
(“Android Agreement”), and the Warrant Award & Strategic Relationship Agreement to which this WARRANT TO PURCHASE COMMON STOCK was attached by the parties—all by and between Company and Holder and its affiliates, dated
of even date herewith (collectively, the “Agreements”). 
 1.3 Exercise Price. The exercise price for the shares of
Common Stock issuable pursuant to this Section l (the “Shares”) shall be $7.5316 per Share (the “Exercise Price”). The number of Shares and the Exercise Price shall be subject to adjustment pursuant to
Section 8 hereof. 
 2. Exercise Period. This Warrant shall no longer be exercisable and shall become null and void upon the
earliest to occur of (i) the seven (7) year anniversary of the Date of Issuance (the “Expiration Date”), (ii) the consummation of Company’s sale of its Common Stock or other securities pursuant to a registration
statement under the Securities Act of 1933, as amended (other than a registration statement relating either to sale of securities to employees of Company pursuant to its stock option, stock purchase or similar plan or a SEC Rule 145 transaction)
(such transaction, the “ Initial Public Offering”) and (iii) the consummation of a Liquidation Event, as such term is defined Company’s Restated Certificate of Incorporation, as it may be amended from time to time (the
“Certificate of Incorporation”). For purposes of this Warrant, any of the transactions described in subsections (ii) and (iii) above shall be referred to herein as a “Corporate Transaction.” In the event of a
Corporate Transaction prior to the expiration of this Warrant, Company shall notify the Holder in writing at least ten ( 10) days prior to the anticipated consummation of such Corporate Transaction (such notice, the “Transaction
Notice”). 
 3. Method of Exercise. 

3.1 At any time and from time to time while this Warrant remains outstanding and exercisable in accordance with Section 2 above, the
Holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 
 (a) the surrender of
the Warrant, together with a duly executed copy of the Notice of Exercise attached hereto as Exhibit A, to the Secretary of Company at its principal office (or at such other place as Company shall notify the Holder in writing); and 

(b) the payment to Company of an amount equal to the aggregate Exercise Price for the number of Shares being purchased, which amount shall be
payable by (A) a check payable to Company’s order, (B) wire transfer of funds to Company, (C) cancellation of indebtedness of Company to the Holder, (D) net exercise as provided in Section 4 hereof, or (E) any
combination of the following. 

  

					
	5	  	CONFIDENTIAL	  	

 3.2 Each exercise of this Warrant shall be deemed to have been effected immediately prior to
the close of business on the day on which this Warrant is surrendered to Company as provided in Section 3(a) above; provided, that, upon the exercise of this Warrant in connection with a Corporate Transaction, the exercise and payment may be
contingent upon consummation of such transaction. 
 3.3 As soon as practicable after the exercise this Warrant, in whole or in part, Company
at its expense will cause to be issued in the name of, and delivered to, the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct: 

(a) a certificate or certificates for the number of Shares to which such Holder shall be entitled, and 

(b) in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of Shares equal to the number of such Shares described in this Warrant minus the number of such Shares purchased by the Holder upon all exercises made in accordance with Section 3(a) above or Section 4
below. 
 4. Net Exercise. In lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value of
this Warrant (or the portion thereof being exercised) by surrender of this Warrant at the principal office of Company together with notice of such election (a “Net Exercise”). A Holder who Net Exercises shall have the rights
described in Sections 3(b) hereof, and Company shall issue to such Holder a number of Shares computed using the following formula: 
  

					
	                        	  	X =	  	Y (A-B)
		  	      A

  

			
	 Where

		
	                X =	  	The number of Shares to be issued to the Holder pursuant to a net exercise of this Warrant effected pursuant to this Section 4.
		
	                Y =	  	The number of Shares purchasable under this Warrant or, if only a portion of the Shares is being exercised, the portion of the Shares being exercised (at the date of such calculation).
		
	                A =	  	The fair market value of one (I) Share (at the date of such calculation).
		
	                B =	  	The Exercise Price (as adjusted to the date of such calculation).

 For purposes of this Section 4, the fair market value of a Share shall mean the average of the closing
prices of the Shares quoted in the over-the-counter market in which the Shares are traded or the closing price quoted on any exchange or electronic securities market on
which the Shares are listed, whichever is applicable, as published in The Wall Street Journal for the thirty (30) trading days prior to the date of determination of fair market value (or such shorter period of time during which such
Shares were traded over-the-counter or on such exchange). In the event that this Warrant is exercised pursuant to this Section 4 in connection with the Initial
Public Offering, the fair market value per Share shall be the per share offering price to the public of the Initial Public Offering. If the Shares are not traded on the
over-the-counter market, an exchange or an electronic securities market, the fair market value shall be the price per Share that Company could obtain from a willing
buyer for Shares sold by Company from authorized but unissued Shares, as such prices shall be determined in good faith by Company’s Board of Directors. 

  

					
	6	  	CONFIDENTIAL	  	

 5. Representations and Warranties of Company. In connection with the transactions
provided for herein, Company hereby represents and warrants to the Holder that: 
 5.1 Organization, Good Standing, and Qualification.
Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted. Company is duly qualified to
transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business or properties. 

5.2 Authorization. All corporate action has been taken on the part of Company, its officers, directors, and stockholders necessary for
the authorization, execution and delivery of this Warrant. This Warrant constitutes Company’s valid and legally binding obligation, enforceable in accordance with its terms, except as may be limited by (i) applicable bankruptcy,
insolvency, reorganization, or similar laws relating to or affecting the enforcement of creditors’ rights and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. The issuance of
this Warrant will not be subject to preemptive rights of any stockholders of Company. Company has authorized sufficient shares of Common Stock to allow for the exercise of this Warrant. 

5.3 Common Stock. The Shares, when issued, sold, and delivered in accordance with the terms of the Warrant for the consideration
expressed herein, will be duly and validly issued, fully paid and nonassessable and, based in part upon the representations and warranties of the Holders in this Warrant, will be issued in compliance with all applicable federal and state securities
laws. 
 6. Representations and Warranties of the Holder. In connection with the transactions provided for herein, the Holder hereby
represents and warrants to Company that: 
 6.1 Authorization. Holder represents that it has full power and authority to enter into
this Warrant. This Warrant constitutes the Holder’s valid and legally binding obligation, enforceable in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization, or similar laws relating
to or affecting the enforcement of creditors’ rights and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

6.2 Purchase Entirely for Own Account. The Holder acknowledges that this Warrant is entered into by the Holder in reliance upon such
Holder’s representation to Company that the Warrant and the Shares (collectively, the “Securities”) will be acquired for investment for the Holder’s own account, not as a nominee or agent, and not with a view to the resale
or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation in or otherwise distributing the same. By acknowledging this Warrant, the Holder further represents that the Holder does not
have any contract, undertaking, agreement, or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Securities. 

6.3 Disclosure of Information. The Holder acknowledges that it has received all the information it considers necessary or appropriate
for deciding whether to acquire the Securities. The Holder further represents that it has had an opportunity to ask questions and receive answers from Company regarding the terms and conditions of the offering of the Securities. 

6.4 Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges that it is
able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an
individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities. 

  

					
	7	  	CONFIDENTIAL	  	

 6.5 Accredited Investor. The Holder is an “accredited investor” within the
meaning of Rule 501 of Regulation D, as presently in effect, as promulgated by the Securities and Exchange Commission (the “SEC”) under the Act. 

6.6 Restricted Securities. The Holder understands that the Securities are characterized as “restricted securities” under the
federal securities laws inasmuch as they are being acquired from Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Act, only in
certain limited circumstances. In this connection, the Holder represents that it is familiar with Rule 144, as presently in effect, as promulgated by the SEC Under the Act (“Rule 144”), and understands the resale limitations imposed
thereby and by the Act. 
 6.7 Further Limitations on Disposition. Without in any way limiting the representations set forth above,
the Holder further agrees not to make any disposition of all or any portion of the Securities unless and until the transferee has agreed in writing for the benefit of Company to be bound by the terms of this Warrant, including, without limitation,
this Section 6, Section 20, and: 
 (a) there is then in effect a registration statement under the Act covering such proposed
disposition and such disposition is made in accordance with such registration statement; 
 (b) the Holder shall have notified Company of the
proposed disposition and shall have furnished Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by Company, the Holder shall have furnished Company with an opinion of counsel,
reasonably satisfactory to Company, that such disposition will not require registration of such shares under the Act. It is agreed that Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in extraordinary
circumstances; or 
 (c) the Holder shall not make any disposition to any of Company’s competitors as such is reasonably determined by
Company’s Board of Directors. 
 Notwithstanding the provisions of clauses (a) and (b) above, no such registration statement or
opinion of counsel shall be required: (x) for any transfer of the Securities in compliance with Rule 144 or Rule 144A; (y) for any transfer of the Securities by Holder that is a partnership, a limited liability company or a corporation to
(A) a partner of such partnership, a member of such limited liability company or stockholder of such corporation, (B) a controlled affiliate of such partnership or corporation, (C) a retired partner of such partnership who retires
after the date hereof, (D) the estate of any such partner or stockholder; or (z) for the transfer by gift, will or intestate succession by Holder to his or her spouse or lineal descendants or ancestors or any trust for any of the
foregoing; provided, that in each of the foregoing cases the transferee agrees in writing to be subject to the restrictions on transfer set forth in this Section 6 to the same extent as if the transferee was the original Holder
hereunder. 
 6.8 Legends. It is understood that the Securities may bear the following legend: 

“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
OR OTHER WISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT
TO RULE 144 UNDER SUCH ACT.” 

  

					
	8	  	CONFIDENTIAL	  	

 6.9 Bad Actor Representations and Covenants. The Holder hereby represents and
warrants to Company that such Holder has not been convicted of any of the felonies or misdemeanors or has been subject to any of the orders, judgments, decrees or other conditions set forth in Rule 506(d) of Regulation D promulgated by the SEC,
which are excerpted in their current form on Exhibit C. The Holder covenants to provide immediate written notice to Company in the event such Holder is convicted of any felony or misdemeanor or becomes subject to any order, judgment, decree
or other condition set forth in Rule 506(d) of Regulation D promulgated by the SEC, as may be amended from time to time. The Holder covenants to provide such information to Company as Company may reasonably request in order to comply with the
disclosure obligations set forth in Rule 506(e) of Regulation D promulgated by the SEC, as may be amended from time to time. 
 6. 10
State Commissioners of Corporations. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT
OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF
ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 8.
Adjustment of Exercise Price and Number of Shares. The number and kind of Shares purchasable upon exercise of this Warrant and the Exercise Price therefor shall be subject to adjustment from time to time as follows. Any adjustment made
pursuant to this Section 8 shall become effective immediately after the effective date of such event, but shall be retroactive to the record date, if any is fixed, for such event. 

8.1 Subdivisions, Combinations and Other Issuances. If Company shall at any time after the issuance but prior to the expiration of this
Warrant subdivide its Common Stock, by split-up, reverse split-up or otherwise, or combine its Common Stock, or issue additional shares of its preferred stock or Common
Stock as a dividend with respect to any shares of its Common Stock, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of such subdivision or stock dividend, or proportionately
decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall
remain the same. Any adjustment under this Section 8(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no
record date is fixed, upon the making of such dividend. 
 8.2 Reclassification, Reorganization and Consolidation. In case of any
reclassification, capital reorganization or change in the capital stock of Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 8(a) above), then, as a condition of such reclassification,
reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from Company or its successor shall be delivered to the Holder, so that the Holder shall have the right at any time prior to the expiration of
this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities or property receivable in connection with such reclassification, reorganization or change
by a holder of the same number and type of securities as were purchasable as Shares by the Holder immediately prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights
and interest of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise
Price per Share payable hereunder, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. 

  

					
	9	  	CONFIDENTIAL	  	

 8.3 Notice of Adjustment. When any adjustment is required to be made in the number or
kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, Company shall promptly, notify the Holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this
Warrant. 
 9. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant, but in lieu of such fractional shares Company shall make a cash payment therefor to the Holder on the basis of the Exercise Price then in effect. 

10. No Stockholder Rights or Liabilities. Prior to exercise of this Warrant, except as provided in the Warrant Award &
Strategic Relationship Agreement regarding certain information rights, the Holder shall not be entitled to any rights of a stockholder with respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or
other distributions thereon, exercise preemptive rights or be notified of stockholder meetings, and, except as otherwise provided in this Warrant, such Holder shall not be entitled to any stockholder notice or other communication concerning the
business or affairs of Company. 
 11. Transfer of Warrant. Subject to compliance with applicable federal and state securities laws
and any other contractual restrictions between Company and the Holder contained herein, this Warrant and all rights hereunder are transferable in whole or in part by the Holder to any person or entity upon written notice to Company. This Agreement
will be binding upon, and inure to the benefit of, the successors and permitted assigns of the parties. Within a reasonable time after Company’s counterexecution of an executed Assignment Form in the form attached hereto as Exhibit B,
the transfer shall be recorded on the books of Company upon the surrender of this Warrant, properly endorsed, to Company at its principal offices, and the payment to Company of all transfer taxes and other governmental charges imposed on such
transfer. In the event of a partial transfer, Company shall issue to the new holders one (1) or more appropriate new warrants. 
 12.
Governing Law. This Warrant shall be governed by and construed under the laws of the State of California as applied to agreements among California residents, made and to be performed entirely within the State of California, without reference
to principles of conflicts of laws or choice of laws. 
 13. Successors and Assigns. The terms and provisions of this Warrant shall
inure to the benefit of, and be binding upon, Company and the holders hereof and their respective successors and assigns. 
 14. Titles
and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 

15. Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day,
(c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one ( I) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt. All communications shall be sent to the respective parties at the addresses shown on the signature page(s) attached hereto (or at such other addresses as shall be specified by notice given in accordance with this
Section 15). 

  

					
	10	  	CONFIDENTIAL	  	

 16. Finder’s Fee. Each party represents that it neither is nor will be obligated
for any finder’s fee or commission in connection with this transaction. The Holder agrees to indemnify and to hold harmless Company from any liability for any commission or compensation in the nature of a finder’s fee (and the costs and
expenses of defending against such liability or asserted liability) for which the Holder or any of its officers,, members, employees or representatives is responsible. Company agrees to indemnify and hold harmless the Holder from any liability for
any commission or compensation in the nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which Company or any of its officers,. employees or representatives is responsible. 

17. Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this warrant, the prevailing party
shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

18. Entire Agreement; Amendments and Waivers. This Warrant and any other documents delivered pursuant hereto constitute the full and
entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Nonetheless, any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally or in a
particular instance and either retroactively or prospectively), with the written consent of Company and the Holder; or if this Warrant has been assigned in part, by the holders of rights to purchase a majority of the shares originally issuable
pursuant to this Warrant. 
 19. Severability. If any provision of this Warrant is held to be unenforceable under applicable law,
such provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

20. “Market Stand-Off” Agreement. The Holder hereby agrees that it will not, without
the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to Company’s Initial Public Offering and ending on the date specified by Company and the managing underwriter (such
period not to exceed one hundred eighty (180) days) (i) lend, offer, pledge, sell, contract to sell. sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of Company’s capital stock acquired through the exercise of this Warrant, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of Company’s capital stock acquired through the exercise of this Warrant, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of securities, in cash or
otherwise. The underwriters in connection with Company’s Initial Public Offering are intended third party beneficiaries of this Section 20 and shall have the right, power and authority to enforce the provisions hereof as though they were a
party hereto. Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in Company’s Initial Public Offering that are consistent with this Section 20 or that are necessary to give further effect
thereto. 
 The Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all shares of
Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held by the Holder (and the shares or securities of every other person subject to the restriction contained in this Section 20): 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION
STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH
LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 

  

					
	11	  	CONFIDENTIAL	  	

 21. Counterparts. This Warrant may be executed in counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 
 (Remainder of page intentionally left
blank) 

  

					
	12	  	CONFIDENTIAL	  	

 IN WITNESS WHEREOF, the parties have executed this Warrant as of the date first written
above. 
  

			
	FREE STREAM MEDIA CORP.
		
	By:	 	 /s/ Ashwin Navin

	Name: Ashwin Navin
	Title: President and Chief Executive Officer

 Address: 123 Townsend
Street, 5th Floor, San Francisco, CA 94107 
  

			
	ACKNOWLEDGED AND AGREED:
	
	SONY VISUAL PRODUCTS, INC.
		
	 By:
	 	 /s/ Kazuyoshi Nagao

	Name: Kazuyoshi Nagao
	Title: Senior General Manager

 Address: Sony City Osaki 2-1 0- 1 Osaki Shinagawa-ku, Tokyo, 141-8610 Japan 

  

					
	13	  	CONFIDENTIAL	  	

 EXHIBIT A 

NOTICE OF EXERCISE 
 FREE STREAM MEDIA
CORP. 
 Attention: Corporate Secretary 

The undersigned hereby elects to purchase, pursuant to the provisions of the Warrant, as follows: 

 

	 	☐	
                       
  shares of Common Stock pursuant to the terms of the attached Warrant, and tenders herewith payment in cash of the Exercise Price of such Shares in full, together with all applicable transfer taxes, if any. 

 

	 	☐	 Net Exercise the attached Warrant with respect to
                     Shares. 

The undersigned hereby represents and warrants that the Representations and Warranties in Section 6 of the Warrant are true and correct
as of the date hereof. 
  

							
		  		  	HOLDER:
				
	Date:	  	                            	  	By:	  	
                     
        

				
	Address:	  	
                     
                    
	  		  	
			
	              
	  		  	
			
	              
	  		  	
			
	Name in which shares should be registered:	  		  	
			
	          
	  		  	

  

					
	 14
	  	CONFIDENTIAL	  	

 EXHIBIT B 

ASSIGNMENT FORM 
 (To
assign the foregoing Warrant, execute this form and supply 
 required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, subject to the approval of Company (if required), the foregoing Warrant
and all evidenced thereby are hereby assigned to 
  

					
	Name:	  	 

                 
	  	
		  	(Please Print)	  	
			
	Address:	  	 

                     

	  	
		  	(Please Print)	  	
			
	Dated:	  	                            	  	
			
	 Holder’s
 Signature:
	  	                                     
                                         
              	  	
			
	Holder’s Address:	  	                                     
                                         
              	  	

  

			
	Acknowledged and Agreed (if required):
	
	FREE STREAM MEDIA CORP.
		
	By	 	          

	Name:
	Title:

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant.
Officers of corporations and those acting in a fiduciary or other representative capacity should provide proper evidence of authority to assign the foregoing Warrant. 

  

					
	15	  	CONFIDENTIAL	  	

 AMENDMENT # 1 to Warrant Award & Strategic Relationship Agreement 

This Amendment #1 (“Amendment”) to that certain Warrant Award & Strategic Relationship
Agreement (the “Agreement”) dated as of June 30, 2017 by and between Samba TV, Inc., formerly known as Free Stream Media Corp. (“Company”) and Sony Corporation, formerly known as Sony Visual Products Inc.,
a Japanese corporation (the “Licensee”) shall be effective as of the last signature date below. Unless otherwise expressly defined herein, all capitalized terms used herein shall have the respective meanings ascribed to such terms
pursuant to the Agreement. 
 WHEREAS, the parties wish to amend certain terms of the Agreement; 

NOW, THEREFORE, in consideration of the foregoing premises and the promises, terms and conditions set forth below and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows. 

1.    The first sentence of Section 2(a) of the Agreement shall be amended and restated as follows: 

“a.    Exclusivity Consideration. 

In consideration of (i) 150,000 warrants granted in Section 1.1(a) of the Warrant Agreement (“Initial
Warrants”) attached hereto (“Warrant Agreement”), for five (5) years after the Effective Date (the first two (2) years of which shall be considered the “Initial Period” and the following three
(3) years shall be considered the “Extension Period”) and (ii) the payment of $750,000 (the “Additional Extension Period Consideration”) beginning from the end of the Extension Period through
December 31, 2026 (such period, the “Additional Extension Period”), subject to the Permissible Exceptions (as defined in Section 3 below), Licensee agrees that it will not (and will not, directly or intentionally
indirectly, assist, allow or permit any third party to) integrate and activate within any of its Hardware Products any Competitive Solution (as defined in this Section 3 below) (the “Exclusivity”) in any country within the Territory
(as defined in this Section 3 below) during such Initial Period, Extension Period or Additional Extension Period; provided that Licensee may terminate such Exclusivity after January 1, 2025 for any of the remaining two calendar years in
the Additional Extension Period upon written notice delivered to the Company at least ninety (90) days prior to the beginning of the applicable calendar year (if such termination takes place, the Exclusivity shall be considered void for the
applicable calendar year). In the case of a Permissible Exception (defined below), Licensee shall still be entitled to the Initial Warrants and Additional Extension Period Consideration if Licensee meets its obligations under the Exception Protocol
(defined below). $750,000 of the Additional Extension Period Consideration shall be paid in five (5) equal installments (i.e. $150,000 each). The initial payment will be made at the end of the calendar quarter
following the calendar quarter in which Company’s initial public offering has been consummated, and thereafter the remaining four (4) payments will be made at the end of each consecutive calendar year; provided, that,
Licensee shall not have terminated Exclusivity as of such date.” 
 2.    Section 5 of the Agreement shall be amended and restated
in its entirety as follows: 
 “5. Samba TV Data and Media. Company will provide (pursuant to mutually
agreeable terms and conditions): 
  

	 	a.	 Licensee with a license to Company’s TV analytics platform, free of charge; 

	 	b.	 Licensee with access to a retargeting audience segment consisting of all households containing Licensee’s
Activated Hardware Products and other Licensee Products to be defined; 

  

	 	c.	 its viewership and ad exposure data files and audience segments to all Affiliates of the Licensee at a discount
of 80% to the Company’s then current rate card through December 31, 2022 and a discount of 50% to the Company’s then current rate card thereafter; 

 

	 	d.	 upon written request by Licensee, a free trial of its data files and audience segments (up to three
(3) segments per Affiliate) for targeting and measurement to Licensee and its Affiliates. The trial shall last for three (3) months beginning after Company first provides the foregoing data files and audience segments to Licensee.
“Affiliates” means with respect to either party, any entity which controls, is controlled by, or is under common control with, such party (including such party’s parent, and subsidiaries). “Control” shall mean the power,
whether by voting, under a charter, or by private agreement, to conduct the affairs of another party; and 

  

	 	e.	 all Affiliates of the Licensee with a 20% discount to the Company’s then current rate card for its media
products, including any ad inventory.” 

  

	3.	 Section 7 of the Agreement shall be amended and restated in its entirety as follows:

 “7. Data Sales Business Plan. Company and Licensee shall work together in good faith to
develop a business plan in which Licensee, at its own discretion, can monetize Company’s viewership data collected from Licensee’s Bundled Products in Latin America and Asian countries including without limitation, India. In particular,
Company shall use commercially reasonable efforts to launch the Samba TV Service (as defined in the Software License and Bundled Distribution Agreements dated October 26, 2015 and November 15, 2016 between the parties, as amended from time
to time) in India by December 31, 2023 and shall in good faith collaborate with Licensee to develop a business plan that includes favorable treatment for Affiliate of the Licensee. Licensee shall use commercially reasonable efforts to study how
it may support such launch, including but not limited to, studying the feasibility of distributing and Activation of the Company Software (as defined in the Software License and Bundled Distribution Agreements dated October 26, 2015 and
November 15, 2016 between the parties, as amended from time to time) on its televisions in India. 
 4.    A new Section 9
shall be included in the Agreement and read as follows: 
 “9. Taxes. All payments made by each party under
this Agreement shall be made free and clear of and without deduction or withholding for or on account of any Taxes (specifically withholding tax but also including sales, use, receipts, excise, value added or other taxes, however denominated), duty
or other charges of whatever nature including quotas, licenses, contingents, import permits, consulate fees, state, county, city or other taxes howsoever denominated relating to or imposed by any statute, law, rule or regulation now in effect or
hereafter enacted. If paying party is or was required by law to make any such deduction or withholding from any payment due hereunder to the other party, then, notwithstanding anything to the contrary contained in this Agreement, the gross amount
payable by paying party to the other party will be increased so that, 

 
after any such deduction or withholding, the net amount received by the other party will not be less than the other party would have received had no such deduction or withholding been
required.” 
 5.    The warrant granted to Licensee pursuant to the Warrant Agreement executed on June 30, 2017 in the form
attached as Appendix A to the Agreement is amended and restated in its entirety to the warrant pursuant to the warrant agreement in the form attached as Appendix A hereto. 

6.    Except as specifically set forth in this Amendment, all of the terms and conditions set forth in the Agreement will continue in full
force and effect. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.] 

 IN WITNESS WHEREOF, this Amendment has been executed by each party’s duly authorized
representative as of the last signature date below. 
  

									
	Sony Corporation	 		 	Samba TV, Inc.
					
	By:	  	 /s/ Kazuo Kii
	 		 	By:	 	 /s/ Ashwin Navin

					
	Name:	  	 Kazuo Kii
	 		 	Name:	 	 Ashwin Navin

					
	Title:	  	 Executive Deputy President
	 		 	Title:	 	 President and Chief Executive Officer

					
	Date:	  	 December 3, 2021
	 		 	Date:	 	 December 3, 2021

 APPENDIX A 

WARRANT AGREEMENT 
 THIS
WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT. 

 

			
	Original Date of Issuance:	  	Void after
		
	June 30, 2017	  	June 30, 2024
		
	 Amended and Restated:
  

December 3, 2021
	  	

 SAMBA TV, INC. 

AMENDED AND RESTATED WARRANT TO PURCHASE SHARES OF COMMON STOCK 

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, this Amended and Restated Warrant to Purchase
Shares of Common Stock is agreed upon and issued to Sony Corporation, formerly known as SONY VISUAL PRODUCTS, INC. (the “Holder”) or its assigns by Samba TV, Inc., formerly known as FREE STREAM MEDIA CORP., a Delaware corporation
(the “Company”). Such agreed and issued warrant shall be referred to herein as “Warrant.” 
  

	 	1.	 Purchase of Shares. 

1.1.    Subject to the terms and conditions set forth herein, the Holder is entitled, upon surrender of this Warrant at
the principal office of Company (or at such other place as Company shall notify the Holder in writing), to purchase from Company the number of fully paid and non-assessable shares of Company’s Common
Stock, par value $0.0001 per share (the “Common Stock”) (as adjusted pursuant to Section 8 hereof) as described below: 

(a)     319,666 shares of Common Stock shall be immediately exercisable. 

(b)    33,334 shares of Common Stock (together with the shares of Common Stock under subsection (a) of this
Section 1.1, collectively, the “Warrant Shares”) shall be exercisable upon satisfaction of the conditions set forth in Section 2(b) of that certain Warrant Award & Strategic Relationship Agreement to which this Warrant
was attached by and between 

 
Holder and the Company dated as of June 30, 2017 (as the same may be amended, restated or otherwise modified from time to time, the “Strategic Relationship Agreement”) at any time
during the period commencing July 1, 2021 and ending June 30, 2022. Notwithstanding the anything in Section 1.1(b) or otherwise herein to the contrary, all Warrant Shares shall vest and become immediately exercisable as set forth
herein as of immediately prior to the consummation closing of the Company’s sale of its Common Stock or other securities pursuant to a registration statement under the Securities Act of 1933, as amended (other than a registration statement
relating either to the same of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a SEC Rule 145 transaction) (such transaction, the “Initial Public Offering”). 

1.2.    For sake of clarity, in no event shall the number of shares exercisable under this Warrant exceed 353,000 shares
of Common Stock. Terms not defined in this Warrant shall have the meaning given to them in the Software License and Bundled Distribution Agreement, by and between Holder and the Company dated as of October 26, 2015 (as the same may be
amended, restated or otherwise modified from time to time, the “Non-Android Agreement”), (ii) the Software License and Bundled Distribution Agreement by and between Holder and the Company
dated as of November 15, 2016 (as the same may be amended, restated or otherwise modified from time to time, the “Android Agreement”), and the Strategic Relationship Agreement (collectively, the “Agreements”).

 1.3.    Exercise Price. The exercise price for the shares of Common Stock issuable pursuant to this
Section 1 (the “Shares”) shall be $7.5316 per Share (the “Exercise Price”). The number of Shares and the Exercise Price shall be subject to adjustment pursuant to Section 8 hereof. 

2.    Exercise Period. This Warrant shall be exercisable as to the number of Warrant Shares then exercisable
pursuant to the provisions of Section 1.1 hereof, in whole or in part, prior to (or in connection with) the expiration of this Warrant as set forth in the following sentence of this Section 2. This Warrant shall no longer be exercisable
and shall become null and void upon the earliest to occur of such date, the “Expiration Date”): (i) June 30, 2024; (ii) the closing of the Initial Public Offering; and (iii) the consummation of a Liquidation Event, as
such term is defined Company’s Restated Certificate of Incorporation, as it may be amended from time to time (the “Certificate of Incorporation”). For purposes of this Warrant, any of the transactions described in subsections
(ii) and (iii) above shall be referred to herein as a “Corporate Transaction.” 
 3.    Method
of Exercise. 
 3.1.    At any time and from time to time while this Warrant remains outstanding and exercisable in
accordance with Section 2 above, the Holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 

(a)    the surrender of the Warrant, together with a duly executed copy of the Notice of Exercise attached hereto as
Exhibit A, to the Secretary of Company at its principal office (or at such other place as Company shall notify the Holder in writing); and 

 (b)    the payment to Company of an amount equal to the aggregate
Exercise Price for the number of Shares being purchased, which amount shall be payable by (A) a check payable to Company’s order, (B) wire transfer of funds to Company or the Company’s representatives, with instructions to
release such funds to Company upon the closing of the Initial Public Offering; provided that if the closing does not occur before February 15, 2022, Company will return such funds to Holder, (C) cancellation of indebtedness of Company to
the Holder, (D) net exercise as provided in Section 4 hereof, or (E) any combination of the following. 

3.2.    Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on
the day on which this Warrant is surrendered to Company as provided in Section 3(a) above; provided, that, upon the exercise of this Warrant in connection with a Corporate Transaction, the exercise and payment may be contingent upon
consummation of such transaction. 
 3.3.    As soon as practicable after the exercise this Warrant, in whole or in
part, Company at its expense will cause to be issued in the name of, and delivered to, the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct: 

(a)    a certificate or certificates for the number of Shares to which such Holder shall be entitled, and 

(b)    in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in
the aggregate on the face or faces thereof for the number of Shares equal to the number of such Shares described in this Warrant minus the number of such Shares purchased by the Holder upon all exercises made in accordance with Section 3(a)
above or Section 4 below. 
 3.4.    If the Company proposes at any time to effect a Corporate Transaction, the
Company shall give the Holder at least ten (10) days advance written notice of the anticipated closing thereof. 

3.5.    If the Holder of this Warrant has not elected to exercise this Warrant prior to the Expiration Date, then this
Warrant shall automatically (without any act on the part of the Holder) be exercised pursuant to a Net Exercise (as defined in Section 4 below) effective immediately prior to the Expiration Date to the extent such Net Exercise would result in
the issuance of Warrant Shares, unless Holder shall earlier provide written notice to the Company that the Holder desires that this Warrant expire unexercised. If this Warrant is automatically exercised, the Company shall notify the Holder of the
automatic exercise as soon as reasonably practicable, and the Holder shall surrender the Warrant to the Company in accordance with the terms hereof. 

 4.    Net Exercise. In lieu of exercising this Warrant for cash,
the Holder may elect to receive shares equal to the value of this Warrant (or the portion thereof being exercised) by surrender of this Warrant at the principal office of Company together with notice of such election (a “Net
Exercise”). A Holder who Net Exercises shall have the rights described in Sections 3(b) hereof, and Company shall issue to such Holder a number of Shares computed using the following formula: 

 
 

 
 Where 
  

	 	X =	 The number of Shares to be issued to the Holder pursuant to a net exercise of this Warrant effected pursuant to
this Section 4. 

  

	 	Y =	 The number of Shares purchasable under this Warrant or, if only a portion of the Shares is being exercised, the
portion of the Shares being exercised (at the date of such calculation). 

  

	 	A =	 The fair market value of one (1) Share (at the date of such calculation). 

 

	 	B =	 The Exercise Price (as adjusted to the date of such calculation). 

For purposes of this Section 4, the fair market value of a Share shall mean the average of the closing prices of the Shares quoted in the
over-the-counter market in which the Shares are traded or the closing price quoted on any exchange or electronic securities market on which the Shares are listed,
whichever is applicable, as published in The Wall Street Journal for the thirty (30) trading days prior to the date of determination of fair market value (or such shorter period of time during which such Shares were traded over-the-counter or on such exchange). In the event that this Warrant is exercised pursuant to this Section 4 in connection with the Initial Public Offering, the fair
market value per Share shall be the initial per share offering price to the public of the Initial Public Offering. If the Shares are not traded on the over-the-counter
market, an exchange or an electronic securities market, the fair market value shall be the price per Share that Company could obtain from a willing buyer for Shares sold by Company from authorized but unissued Shares, as such prices shall be
determined in good faith by Company’s Board of Directors. 
 5.    Representations and Warranties of
Company. In connection with the transactions provided for herein, Company hereby represents and warrants to the Holder that: 

5.1.    Organization, Good Standing, and Qualification. Company is a corporation duly organized, validly existing,
and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted. Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a material adverse effect on its business or properties. 

5.2.    Authorization. All corporate action has been taken on the part of Company, its officers, directors, and
stockholders necessary for the authorization, execution and delivery of this Warrant. This Warrant constitutes Company’s valid and legally binding obligation, enforceable in accordance with its terms, except as may be limited by
(i) applicable bankruptcy, insolvency, reorganization, or similar laws relating to or affecting the enforcement 

 
of creditors’ rights and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. The issuance of this Warrant will not be subject
to preemptive rights of any stockholders of Company. Company has authorized sufficient shares of Common Stock to allow for the exercise of this Warrant. 

5.3.    Common Stock. The Shares, when issued, sold, and delivered in accordance with the terms of the Warrant for
the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and, based in part upon the representations and warranties of the Holders in this Warrant, will be issued in compliance with all applicable federal and
state securities laws. 
 6.    Representations and Warranties of the Holder. In connection with the transactions
provided for herein, the Holder hereby represents and warrants to Company that: 
 6.1.    Authorization. Holder
represents that it has full power and authority to enter into this Warrant. This Warrant constitutes the Holder’s valid and legally binding obligation, enforceable in accordance with its terms, except as may be limited by (i) applicable
bankruptcy, insolvency, reorganization, or similar laws relating to or affecting the enforcement of creditors’ rights and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

6.2.    Purchase Entirely for Own Account. The Holder acknowledges that this Warrant is entered into by the Holder
in reliance upon such Holder’s representation to Company that the Warrant and the Shares (collectively, the “Securities”) will be acquired for investment for the Holder’s own account, not as a nominee or agent, and not
with a view to the resale or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation in or otherwise distributing the same. By acknowledging this Warrant, the Holder further represents
that the Holder does not have any contract, undertaking, agreement, or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Securities. 

6.3.    Disclosure of Information. The Holder acknowledges that it has received all the information it considers
necessary or appropriate for deciding whether to acquire the Securities. The Holder further represents that it has had an opportunity to ask questions and receive answers from Company regarding the terms and conditions of the offering of the
Securities. 
 6.4.    Investment Experience. The Holder is an investor in securities of companies in the
development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the
investment in the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities. 

6.5.    Accredited Investor. The Holder is an “accredited investor” within the meaning of Rule 501 of
Regulation D, as presently in effect, as promulgated by the Securities and Exchange Commission (the “SEC”) under the Act. 

 6.6.    Restricted Securities. The Holder understands that the
Securities are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from Company in a transaction not involving a public offering and that under such laws and applicable regulations
such securities may be resold without registration under the Act, only in certain limited circumstances. In this connection, the Holder represents that it is familiar with Rule 144, as presently in effect, as promulgated by the SEC under the
Act (“Rule 144”), and understands the resale limitations imposed thereby and by the Act. 

6.7.    Further Limitations on Disposition. Without in any way limiting the representations set forth above, the
Holder further agrees not to make any disposition of all or any portion of the Securities unless and until the transferee has agreed in writing for the benefit of Company to be bound by the terms of this Warrant, including, without limitation, this
Section 6, Section 20, and: 
 (a)    there is then in effect a registration statement under the Act covering
such proposed disposition and such disposition is made in accordance with such registration statement; 
 (b)    the
Holder shall have notified Company of the proposed disposition and shall have furnished Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by Company, the Holder shall have
furnished Company with an opinion of counsel, reasonably satisfactory to Company, that such disposition will not require registration of such shares under the Act. It is agreed that Company will not require opinions of counsel for transactions made
pursuant to Rule 144 except in extraordinary circumstances; or 
 (c)    the Holder shall not make any disposition to
any of Company’s competitors as such is reasonably determined by Company’s Board of Directors. 
 Notwithstanding the provisions
of clauses (a) and (b) above, no such registration statement or opinion of counsel shall be required: (x) for any transfer of the Securities in compliance with Rule 144 or Rule 144A; (y) for any transfer of the Securities by Holder
that is a partnership, a limited liability company or a corporation to (A) a partner of such partnership, a member of such limited liability company or stockholder of such corporation, (B) an Affiliate (as defined below) of such
partnership, limited liability company or corporation, (C) a retired partner of such partnership who retires after the date hereof, (D) the estate of any such partner, member or stockholder; or (z) for the transfer by gift, will or
intestate succession by Holder to his or her spouse or lineal descendants or ancestors or any trust for any of the foregoing; provided, that in each of the foregoing cases the transferee agrees in writing to be subject to the restrictions on
transfer set forth in this Section 6 to the same extent as if the transferee was the original Holder hereunder. For purposes of this Warrant, “Affiliate” shall mean any person or entity (i) who or which, directly or indirectly,
controls, is controlled by, or is under common control with the Holder, or (ii) any other person whose financial statements are or would be required to be consolidated with the Holder under generally accepted accounting principles consistently
applied. 

 6.8.    Legends. It is understood that the Securities may bear
the following legend: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH
ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.” 
 6.9.    Bad Actor Representations and
Covenants. The Holder hereby represents and warrants to Company that such Holder has not been convicted of any of the felonies or misdemeanors or has been subject to any of the orders, judgments, decrees or other conditions set forth in Rule
506(d) of Regulation D promulgated by the SEC, which are excerpted in their current form on Exhibit C. The Holder covenants to provide immediate written notice to Company in the event such Holder is convicted of any felony or misdemeanor or
becomes subject to any order, judgment, decree or other condition set forth in Rule 506(d) of Regulation D promulgated by the SEC, as may be amended from time to time. The Holder covenants to provide such information to Company as Company may
reasonably request in order to comply with the disclosure obligations set forth in Rule 506(e) of Regulation D promulgated by the SEC, as may be amended from time to time. 

6.10.    State Commissioners of Corporations. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS WARRANT HAS
NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS
THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS
SO EXEMPT. 
 7.    [Omitted] 

8.    Adjustment of Exercise Price and Number of Shares. The number and kind of Shares purchasable upon exercise of
this Warrant and the Exercise Price therefor shall be subject to adjustment from time to time as follows. Any adjustment made pursuant to this Section 8 shall become effective immediately after the effective date of such event, but shall be
retroactive to the record date, if any is fixed, for such event. 
 8.1.    Subdivisions, Combinations and Other
Issuances. If Company shall at any time after the issuance but prior to the expiration of this Warrant subdivide its Common Stock, by split-up, reverse split-up or
otherwise, or combine its Common Stock, or issue additional shares of its preferred stock or Common Stock as a dividend with respect to any shares of its Common Stock, the number of Shares issuable on the exercise of this Warrant shall forthwith be
proportionately increased in the case of such subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise
Price payable for the total number 

 
of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 8(a) shall become effective at the close of business on the date the
subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

8.2.    Reclassification, Reorganization and Consolidation. In case of any reclassification, capital
reorganization or change in the capital stock of Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 8(a) above), then, as a condition of such reclassification, reorganization or change,
lawful provision shall be made, and duly executed documents evidencing the same from Company or its successor shall be delivered to the Holder, so that the Holder shall have the right at any time prior to the expiration of this Warrant to purchase,
at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities or property receivable in connection with such reclassification, reorganization or change by a holder of the same
number and type of securities as were purchasable as Shares by the Holder immediately prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the
Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price per Share
payable hereunder, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. 

8.3.    Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares
purchasable upon exercise of the Warrant, or in the Exercise Price, Company shall promptly, notify the Holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this Warrant. 

9.    No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant, but in lieu of such fractional shares Company shall make a cash payment therefor to the Holder on the basis of the Exercise Price then in effect. 

10.    No Stockholder Rights or Liabilities. Prior to exercise of this Warrant, except as provided in the Strategic
Relationship Agreement regarding certain information rights, the Holder shall not be entitled to any rights of a stockholder with respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or other
distributions thereon, exercise preemptive rights or be notified of stockholder meetings, and, except as otherwise provided in this Warrant, such Holder shall not be entitled to any stockholder notice or other communication concerning the business
or affairs of Company. 
 11.    Transfer of Warrant. Subject to compliance with applicable federal and state
securities laws and any other contractual restrictions between Company and the Holder contained herein, this Warrant and all rights hereunder are transferable in whole or in part by the Holder to any person or entity upon written notice to Company.
This Warrant will be binding upon, and inure to the benefit of, the successors and permitted assigns of the parties. Within a reasonable time after Company’s counterexecution of an executed Assignment Form in the form attached hereto as
Exhibit B, the transfer shall be recorded on the books of Company upon the surrender of this Warrant, properly endorsed, to Company at its principal offices, and the payment to Company of all transfer taxes and other governmental charges
imposed on such transfer. In the event of a partial transfer, Company shall issue to the new holders one (1) or more appropriate new warrants. 

 12.    Governing Law. This Warrant shall be governed by and
construed under the laws of the State of California as applied to agreements among California residents, made and to be performed entirely within the State of California, without reference to principles of conflicts of laws or choice of laws. 

13.    Successors and Assigns. The terms and provisions of this Warrant shall inure to the benefit of, and be
binding upon, Company and the holders hereof and their respective successors and assigns. 
 14.    Titles and
Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 

15.    Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses shown on the signature page(s) attached hereto (or at such other addresses as shall be specified by notice given in
accordance with this Section 15). 
 16.    Finder’s Fee. Each party represents that it neither is nor
will be obligated for any finder’s fee or commission in connection with this transaction. The Holder agrees to indemnify and to hold harmless Company from any liability for any commission or compensation in the nature of a finder’s fee
(and the costs and expenses of defending against such liability or asserted liability) for which the Holder or any of its officers, members, employees or representatives is responsible. Company agrees to indemnify and hold harmless the Holder from
any liability for any commission or compensation in the nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which Company or any of its officers, employees or representatives is
responsible. 
 17.    Expenses. If any action at law or in equity is necessary to enforce or interpret the terms
of this Warrant, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

18.    Entire Agreement; Amendments and Waivers. This Warrant and any other documents delivered pursuant hereto
constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. Nonetheless, any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or prospectively), with the written consent of Company and the Holder; or if this Warrant has been assigned in part, by the holders of rights to purchase a majority of the shares
originally issuable pursuant to this Warrant. 

 19.    Severability. If any provision of this Warrant is held to
be unenforceable under applicable law, such provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

20.    “Market Stand-Off” Agreement. The Holder hereby agrees that it
will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to Company’s Initial Public Offering and ending on one hundred eighty (180) days thereafter
(i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any
shares of Company’s capital stock acquired through the exercise of this Warrant, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
Company’s capital stock acquired through the exercise of this Warrant, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of securities, in cash or otherwise; provided that the Holder may
transfer any shares of Company’s capital stock acquired through the exercise of this Warrant without the prior written consent of Company nor the underwriters, in the case of any transfer to Affiliates. The underwriters in connection with
Company’s Initial Public Offering are intended third party beneficiaries of this Section 20 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Holder further agrees to execute
such agreements as may be reasonably requested by the underwriters in Company’s Initial Public Offering that are consistent with this Section 20 or that are necessary to give further effect thereto. 

The Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all shares of Common Stock
or any securities convertible into or exercisable or exchangeable for Common Stock held by the Holder (and the shares or securities of every other person subject to the restriction contained in this Section 20): 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE
OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 

21.    Counterparts. This Warrant may be executed in counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. 
 (Remainder of page intentionally left blank) 

 IN WITNESS WHEREOF, the parties have executed this Warrant as of the date first written
above. 
  

			
	SAMBA TV, INC.
		
	By:	 	 /s/ Ashwin Navin

		
	Name:	 	Ashwin Navin
		
	Title:	 	President and Chief Executive Officer

  

					
		 	Address:	  	118 King Street, Suite 100
		 		  	San Francisco, CA 94107

 ACKNOWLEDGED AND AGREED: 
 SONY
CORPORATION 
  

			
	By	 	 /s/ Kazuo Kii

	Name:	 	 Kazuo Kii

	Title:	 	 Executive Deputy President

 Address: 7-1, Konan 1-chome, Minato-ku, Tokyo 108-0075, Japan 

 EXHIBIT A 

NOTICE OF EXERCISE 
 SAMBA TV, INC.
 
 Attention: Corporate Secretary 
 The
undersigned hereby elects to purchase, pursuant to the provisions of the Warrant, as follows: 
  

	 	☐	              shares of Common Stock pursuant
to the terms of the attached Warrant, and tenders herewith payment in cash of the Exercise Price of such Shares in full, together with all applicable transfer taxes, if any. 

 

	 	☐	 Net Exercise the attached Warrant with respect to
             Shares. 

 The undersigned hereby
represents and warrants that the Representations and Warranties in Section 6 of the Warrant are true and correct as of the date hereof. 
  

											
		 		 		 		 	HOLDER:
						
	Date:	 	  
	 		 		 	By:	 	  

					
		 		 		 	Address:	 	  

		 		 		 		 	  

		 		 		 		 	  

 Name in which shares should be registered: 
  

	
	  

 EXHIBIT B 

ASSIGNMENT FORM 
  

					
		 	(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)	 	

 FOR VALUE RECEIVED, subject to the approval
of Company (if required), the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

					
	Name:	 	  
	 	

 (Please Print) 
  

					
	Address:	 	  
	 	

 (Please Print) 

Dated:
                                        

  

			
	Holder’s Signature:	 	  

		
	Holder’s Address:	 	  

 Acknowledged and Agreed (if required): 
  

					
	 SAMBA TV, INC.
	 	
			
	 By
	 	  
	 	

					
	 Name:
	 		 	
	Title:	 		 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant.
Officers of corporations and those acting in a fiduciary or other representative capacity should provide proper evidence of authority to assign the foregoing Warrant. 

 EXHIBIT C 

RULE 506(D) BAD ACTOR REPRESENTATIONS 

No Holder: 
 (i) Has been convicted, within ten
years before such sale (or five years, in the case of issuers, their predecessors and affiliated issuers), of any felony or misdemeanor: 

(A) In connection with the purchase or sale of any security; 

(B) Involving the making of any false filing with the Commission; or 

(C) Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
solicitor of purchasers of securities; 
 (ii) Is subject to any order, judgment or decree of any court of competent jurisdiction, entered
within five years before such sale, that, at the time of such sale, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice: 

(A) In connection with the purchase or sale of any security; 

(B) Involving the making of any false filing with the Commission; or 

(C) Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
solicitor of purchasers of securities; 
 (iii) Is subject to a final order of a state securities commission (or an agency or officer of a
state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal
banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that: 
 (A) At the time of such
sale, bars the person from: 
 ( 1 ) Association with an entity regulated by such commission, authority, agency, or officer; 

( 2 ) Engaging in the business of securities, insurance or banking; or 

( 3 ) Engaging in savings association or credit union activities; or 

(B) Constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct
entered within ten years before such sale; 
 (iv) Is subject to an order of the Commission entered pursuant to section 15(b) or 15B(c) of
the Securities Exchange Act of 1934 (15 U.S.C. 78 o (b) or 78 o -4(c)) or section 203(e) or (f) of the Investment Advisers Act of 1940 (15 U.S.C.
80b-3(e) or (f)) that, at the time of such sale: 
 (A) Suspends or revokes such person’s
registration as a broker, dealer, municipal securities dealer or investment adviser; 
 (B) Places limitations on the activities, functions
or operations of such person; or 
 (C) Bars such person from being associated with any entity or from participating in the offering of any
penny stock; 
 (v) Is subject to any order of the Commission entered within five years before such sale that, at the time of such sale,
orders the person to cease and desist from committing or causing a violation or future violation of: 
 (A) Any scienter-based anti-fraud
provision of the federal securities laws, including without limitation section 17(a)(1) of the Securities Act of 1933 (15 U.S.C. 77q(a)(1)), section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) and 17 CFR 240.10b-5, section 15(c)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78 o (c)(1)) and section 206(1) of the Investment Advisers Act of 1940 (15 U.S.C.
80b-6(1)), or any other rule or regulation thereunder; or 
 (B) Section 5 of the Securities Act
of 1933 (15 U.S.C. 77e). 
 (vi) Is suspended or expelled from membership in, or suspended or barred from association with a member of, a
registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade; 

(vii) Has filed (as a registrant or issuer), or was or was named as an underwriter in, any registration statement or Regulation A offering
statement filed with the Commission that, within five years before such sale, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, at the time of such sale, the subject of an investigation or
proceeding to determine whether a stop order or suspension order should be issued; or 
 (viii) Is subject to a United States Postal Service
false representation order entered within five years before such sale, or is, at the time of such sale, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to
constitute a scheme or device for obtaining money or property through the mail by means of false representations.

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