<SEC-DOCUMENT>0001567619-15-001188.txt : 20150918
<SEC-HEADER>0001567619-15-001188.hdr.sgml : 20150918
<ACCEPTANCE-DATETIME>20150918134458
ACCESSION NUMBER:		0001567619-15-001188
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20150918
DATE AS OF CHANGE:		20150918
EFFECTIVENESS DATE:		20150918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-207017
		FILM NUMBER:		151115124

	BUSINESS ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>s001017x2_s8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on September 18, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 16pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Washington, D.C. 20549</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<FONT STYLE="font-size: 16pt"><B>FORM S-8</B></FONT><BR>
<FONT STYLE="font-size: 16pt"><B>REGISTRATION STATEMENT</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B><I>UNDER</I></B><BR>
<B><I>THE SECURITIES ACT OF 1933</I></B></FONT><BR>
<BR></P>
<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>Adecoagro
S.A.</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></FONT><BR>
<BR>
</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 6pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Grand Duchy of Luxembourg</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 11pt"><B>None</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>(State or other jurisdiction of</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>(I.R.S. Employer</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>incorporation or organization)</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Identification number)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.<BR>
Soci&eacute;t&eacute; anonyme</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Vertigo Naos Building, 6, Rue Eug&egrave;ne
Ruppert,</B><BR>
<B>L - 2453 Luxembourg</B><BR>
<B>Tel: +352.2644.9372</B><BR>
<FONT STYLE="font-size: 9pt"><B>(Address and Telephone of principal executive offices)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Abdelhakim Chagaar</B><BR>
<B>Vertigo Naos Building, 6, Rue Eug&egrave;ne Ruppert,</B><BR>
<B>L &ndash; 2453 Luxembourg</B><BR>
<B>Email: <U>abdelhakim.chagaar@intertrustgroup.com</U></B><BR>
<B>Tel: +352.2644.9372</B><BR>
<FONT STYLE="font-size: 9pt"><B>(Name, Telephone, E-Mail and/or Facsimile number and Address of Company Contact Person)</B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 6pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><BR>
<B>Second Amended and Restated Restricted Share and Restricted Stock Unit Plan</B><BR>
<FONT STYLE="font-size: 9pt"><B>(Full title of the plan)</B></FONT><BR>
&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Corporation
Service Company</B><BR>
<B>1180 Avenue of the Americas, Suite 210</B><BR>
<B>New York, NY 10036</B><BR>
<B>(800) 927-9801</B><BR>
<FONT STYLE="font-size: 9pt"><B>(Name and address, including zip code, and telephone number, including area code, of agent for
service of process)<BR>
&nbsp;</B></FONT><BR>
<BR>
</P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 6pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><BR>
<B><I>With
a copy to:</I></B><BR>
<B>Peter A. Baumgaertner, Esq.</B><BR>
<B>Frank Vivero, Esq.</B><BR>
<B>Pillsbury Winthrop Shaw Pittman LLP</B><BR>
<B>1540 Broadway Avenue</B><BR>
<B>New York, New York 10036</B><BR>
<B>(212) 858-9288<BR>
&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 25%">Accelerated filer <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="width: 25%">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 25%">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#111;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(do not check if a smaller reporting company)</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CALCULATION OF REGISTRATION FEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Title of Securities to be Registered</B></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Amount to be<BR>
 Registered(1)</B></TD>
    <TD STYLE="width: 17%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Proposed
    Maximum </B><BR>
    <B>Offering Price </B><BR>
    <B>Per Share(2)(3)</B></TD>
    <TD STYLE="width: 17%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Proposed Maximum Aggregate Offering<BR>
 Price</B></TD>
    <TD STYLE="width: 16%; border-top: Black 1.5pt double; border-bottom: Black 1pt solid; text-align: center"><B>Amount of <BR>
Registration <BR>
Fee(3))</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Common shares, par value $1.50 per share (Second Amended and Restated Adecoagro S.A. Restricted Share and Stock Unit Plan)</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">673,663</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$8.43</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$5,678,979.09(2)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">$659.90</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The amount being registered also includes an indeterminate number of common shares which may be offered as a result of any
stock splits, stock dividends and anti-dilution provisions and other terms in accordance with Rule 416 under the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>









<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Calculated solely for the purpose of determining the
                                         registration fee pursuant to Rule 457(h) and Rule 457(c) under the Securities Act, based
                                         upon the average of the high and low sales prices for the ordinary shares as quoted on
                                         the New York Stock Exchange on September 15, 2015, of $8.43 per share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Rounded up to the nearest cent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXPLANATORY NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">On April 16, 2011, Adecoagro S.A., a company
organized under the laws of Luxembourg, (the<I> </I>&ldquo;<B><I>Company</I></B>&rdquo;<I> </I>or the &ldquo;<B><I>Registrant</I></B>&rdquo;)
filed a Registration Statement on Form S-8 (the &ldquo;<B><I>2011</I></B><I> <B>S-8 Registration Statement</B></I>&rdquo;)<I>
</I>to register 6,558,009 Shares of common stock of the Company, par value, $1.50 per share (&ldquo;<B><I>Common Shares</I></B>&rdquo;)
for issuance pursuant to the Adecoagro/IFH 2004 Stock Incentive Option Plan (the &ldquo;<B><I>2004 Plan</I></B>&rdquo;), the Adecoagro/IFH
2007/2008 Equity Incentive Plan (the &ldquo;<B><I>2008 Plan</I></B>&rdquo;) and the Adecoagro S.A. Restricted Share Plan. A Post-Effective
Amendment No. 1 to the 2011 S-8 Registration Statement was filed on January 24, 2012 to reflect certain amendments to the Adecoagro
S.A. Restricted Share Plan, as amended, the Amended and Restated Restricted Share and Restricted Stock Unit Plan (the &ldquo;<B><I>Amended
and Restated Restricted Share and Unit Plan</I></B>&rdquo;)<I> </I>and to register the associated plan interests offered under
the terms of the Amended and Restated Restricted Share and Unit Plan. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">On May 13, 2014, the Board of Directors of
the Company approved the amendment and restatement of the 2004 Plan now known as the Amended and Restated Adecoagro/IFH 2004 Stock
Incentive Option Plan (the &ldquo;Amended 2004 Stock Incentive Option Plan&rdquo;). The Amended 2004 Stock Incentive Option
Plan permits the exercise of options granted thereunder any time prior to the twentieth anniversary of the grant date. On March
17, 2015, the Board of Directors of the Company also approved amendments to the Amended and Restated Restricted Share and Unit
Plan, now known as the Second Amended and Restated Restricted Share and Unit Plan (the &ldquo;<B><I>Second Amended Restricted
Share and Unit Plan</I></B>&rdquo;) to increase the number of Common Shares available for issuance under the plan from 1,801,038
to 2,474,701 and to provide for the option to receive restricted units in lieu of cash in connection with the payment of compensation
to directors of the Company. No amendments were made to the 2008 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Registrant is filing
this Registration Statement on Form S-8 (the &ldquo;<B><I>2015 Form S-8</I></B>&rdquo;) with the Securities and
Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) in accordance with the requirements under General
Instruction E to Form S-8 to register an additional 673,663 Common Shares to be offered and sold pursuant to
the Second Amended Restricted Share and Unit Plan from time to time and to file copies of the Amended 2004 Stock Incentive
Option Plan and the Second Amended Restricted Share and Unit Plan. No additional Common Shares are being registered under
the 2008 Plan or the Amended 2004 Stock Incentive Option Plan..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In accordance with
General Instruction E to Form S-8, the Company hereby incorporates by reference the 2011 S-8 Registration Statement and the
Post-Effective Amendment No. 1 to the 2011 S-8 Registration Statement, together with all exhibits filed therewith or
incorporated therein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.&#9;Plan Information.*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.&#9;Registrant Information and Employee Plan Annual
Information.*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">* Pursuant to Rule 428(b)(1) under the
Securities Act, the documents containing the information specified in Part I of Form S-8 will be sent or given to each participant
in the Amended and Restated Adecoagro/IFH 2004 Stock Incentive Option Plan, the Amended and Restated Adecoagro/IFH 2007/2008 Equity
Incentive Plan and to the Second Amended and Restated Restricted Share and Stock Unit Plan. These documents and the documents
incorporated by reference in this Registration Statement pursuant to Item 3 of Part II below, taken together, constitute the Section
10(a) prospectus. Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration
Statement in accordance with the introductory note to Part I of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.&#9;Incorporation of Documents by Reference</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents filed with the Commission
by the Company, are incorporated herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the description of the Company&rsquo;s common shares contained in its Registration Statement on Form 8-A (File No. 001-35052)
filed with the Commission on January 24, 2011 pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the
&ldquo;<B><I>Exchange Act</I></B>&rdquo;), which incorporates by reference the description of the Company&rsquo;s common shares
set forth under &ldquo;Description of Share Capital&rdquo; in the Company&rsquo;s prospectus dated January 28, 2011 filed with
the Commission on January 31, 2011, including any amendment or report filed for the purpose of updating such description;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the Company&rsquo;s annual report on Form 20-F for fiscal year end 2014 filed with the Commission on April 30, 2015 (the &ldquo;<B><I>Annual
Report</I></B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>all other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by
the Company&rsquo;s Annual Report referred to in (b) above, including the Report of Foreign Private Issuer on Form 6-K filed on
May 14, 2015 which includes the Company&rsquo;s Unaudited Condensed Consolidated Financial Statements as of and for the three-month
period ended March 31, 2015.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents subsequently filed by the
Company with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, and to the extent, if at all,
designated therein, certain reports on Form 6-K furnished by the Company prior to the filing of a post-effective amendment to this
Registration Statement, which indicates that all securities offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. Copies of these documents
are not required to he filed with this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4.&#9;Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Not Applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.&#9;Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Not Applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6.&#9;Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our directors are not held personally liable
for the indebtedness or other obligations of the Company. As agents of the Company, they are responsible for the performance of
their duties. Subject to the exceptions and limitations set forth below, every person who is, or has been, a director or officer
of the Company shall be indemnified by the Company to the fullest extent permitted by law against liability and against all expenses
reasonably incurred or paid by him in connection with any claim, action, suit or proceeding which he becomes involved as a party
or otherwise by virtue of his being or having been such director or officer and against amounts paid or incurred by him in the
settlement thereof. The words &ldquo;claim&rdquo;, &ldquo;action&rdquo;, &ldquo;suit&rdquo; or &ldquo;proceeding&rdquo; shall apply
to all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual or threatened and the words
&ldquo;liability&rdquo; and &ldquo;expenses&rdquo; shall include without limitation attorneys&rsquo; fees, costs, judgments, amounts
paid in settlement and other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No indemnification shall however be provided
to any director or officer: (i) against any liability to the Company or its shareholders by reason of willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the conduct of his office; (ii) with respect to any matter
as to which he shall have been finally adjudicated to have acted in bad faith and not in the interest of the Company; or (iii)
in the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction or by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The right of indemnification herein provided
shall be severable, shall not affect any other rights to which any director or officer may now or hereafter be entitled, shall
continue as to a person who has ceased to be such Director or officer and shall inure to the benefit of the heirs, executors and
administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which corporate personnel,
including directors and officers, may be entitled by contract or otherwise under law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Expenses in connection with the preparation
and representation of a defense of any claim, action, suit or proceeding of the character described above shall be advanced by
the Company prior to final disposition thereof upon receipt of any undertaking by or on behalf of the officer or director, to repay
such amount if it is ultimately determined that he is not entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.&#9;Exemption from Registration Claimed. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Not Applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.&#9;Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Exhibits listed on the accompanying
Exhibit Index are filed as a part of, and incorporated by reference into, this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.&#9;Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#9;The undersigned registrant hereby
undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in; text-align: right"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">To include any prospectus required by section 10(a)(3) of the Securities Act;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">iii.</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the Registration Statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Provided however, that paragraphs (a)(1)(i)
and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of
the Exchange Act that are incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each
filing of the registrant&rsquo;s annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to section 15(d) of the Exchange Act) that is incorporated
by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Buenos Aires, Argentina on September 17, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">Adecoagro S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: &nbsp;<U>/s/ MARIANO BOSCH</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: &nbsp;Mariano Bosch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;Chief Executive Officer, Director</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints Mariano Bosch and Carlos A. Boero Hughes each his attorney-in-fact
with full power of substitution for him in any and all capacities, to sign any amendments to this Registration Statement, including
any and all pre-effective and post-effective amendments and to file such amendments thereto, with exhibits thereto and other documents
in connection therewith, with the Commission, hereby ratifying and confirming all that said attorney-in-fact, or each his substitute
or substitutes, may do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="text-decoration: underline; text-align: center; width: 39%"><FONT STYLE="font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-decoration: underline; text-align: center; width: 43%"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="text-decoration: underline; text-align: center; width: 18%"><FONT STYLE="font-size: 10pt"><B><U>Date</U></B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ MARIANO BOSCH</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Mariano Bosch</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer,</FONT><BR>
<FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 17, 20l5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ CARLOS A. BOERO HUGHES</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Carlos A. Boero Hughes</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer, </FONT><BR>
<FONT STYLE="font-size: 10pt">Chief Accounting Officer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 17, 20l5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ ABBAS FAROUQ ZUAITER</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Abbas Farouq Zuaiter</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the </FONT><BR>
<FONT STYLE="font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ ALAN LELAND BOYCE</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Alan Leland Boyce</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ GUILLAUME VAN DER LINDEN</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Guillaume van der Linden</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ MARCELO VIEIRA</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Marcelo Vieira</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ PLINIO MUSETTI</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Plinio Musetti</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ MARK SCHACHTER</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Mark Schachter</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ ANDRES VELASCO</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Andres Velasco</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ MARCELO SANCHEZ</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Marcelo Sanchez</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ DANIEL GONZALEZ</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Daniel Gonzalez</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ DWIGHT ANDERSON</U></FONT><BR>
<FONT STYLE="font-size: 10pt">Dwight Anderson</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 17, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Securities Act, the undersigned,
the duly authorized representative in the United States of Adecoagro S.A., has signed this registration statement or amendment
thereto in Newark, Delaware, on September 17, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Puglisi &amp; Associates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: &nbsp;<U>/s/ Donald J. Puglisi</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: &nbsp;Donald J. Puglisi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;Managing Director</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Exhibit No.&#9;</B></TD>
    <TD STYLE="text-indent: 0in"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-indent: 0.25in">4.1</TD>
    <TD STYLE="text-indent: 0in">Articles of Incorporation of Adecoagro S.A., incorporated herein by reference to Exhibit 1.1 to
    the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">5.1*</TD>
    <TD STYLE="text-indent: 0in">Opinion of Elvinger, Hoss &amp; Prussen regarding the legality of the shares being registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">23.1*</TD>
    <TD STYLE="text-indent: 0in">Consent of PriceWaterhouse &amp; Co. S.RL</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">23.2*</TD>
    <TD STYLE="text-indent: 0in">Consent of Elvinger, Hoss &amp; Prussen (contained in Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">23.3*</TD>
    <TD STYLE="text-indent: 0in">Consent of Cushman &amp; Wakefield Argentina S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">24.1*</TD>
    <TD STYLE="text-indent: 0in">Power of Attorney (included on the signature page hereto)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">99.1*</TD>
    <TD STYLE="text-indent: 0in">Amended and Restated Adecoagro/IFH 2004 Stock Incentive Option Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">99.2</TD>
    <TD STYLE="text-indent: 0in">Adecoagro/IFH 2007/2008 Equity Incentive Plan, incorporated herein by
    reference to Exhibit 10.35 to the Company&#146;s Amendment No. 1 to the registration statement on Form F-1 (File No. 333-171683)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">99.3*</TD>
    <TD STYLE="text-indent: 0in">Second Amended and Restated Adecoagro S.A. Restricted Share and Stock Unit Plan.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith</P>



<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>s001017x2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit 5.1</B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif">ELVINGER, HOSS &amp;
    PRUSSEN</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AVOCATS A LA COUR</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of Adecoagro S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6, rue Eug&egrave;ne Ruppert,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">L-2453 Luxembourg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Luxembourg, 17 September 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">O/Ref.
:&nbsp;&nbsp;&nbsp;TH/th</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Re :&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adecoagro S.A. - Form S-8 Registration Statement- Restricted Share Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ladies
and Gentlemen,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 0; text-align: justify; text-indent: 3pc">We have, as
Luxembourg counsel, been asked by Adecoagro S.A., <I>soci&eacute;t&eacute; anonyme</I>, having its registered office at 6 rue Eug&egrave;ne
Ruppert, L-2453 Luxembourg, registered with the <I>Registre de Commerce et des Soci&eacute;t&eacute;s </I>under number R.C.S. Luxembourg
B 153.681, (the &ldquo;Company&rdquo;) in connection with the filing of Registration Statement on Form S-8 (the &ldquo;<U>Registration
Statement</U>&rdquo;) in relation to 673,663 additional shares of the Company to be issued pursuant to the Second Amended and Restated
Adecoagro Restricted Share and Stock Unit Plan (the &ldquo;<U>Restricted Plan</U>&rdquo;) and have been asked by the Company to
issue the current legal opinion in connection with the additional 673,663 additional shares of the Company which may be issued
pursuant to the Restricted Plan (the &ldquo;<U>Plan Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 0; text-align: justify; text-indent: 3pc"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 0; text-align: justify; text-indent: 3pc">We have reviewed,
and relied on, the following documents: (a) the consolidated articles of incorporation of the Company as at 22 May 2013, (b) the
notarial deeds recording (i) the minutes of the extraordinary general meeting of shareholders of the Company of 30 October 2010
(and the rectification thereof of 7 January 2011), (ii) the minutes of the general meeting of shareholders of the Company of 10
January 2011 (which inter alia determined the authorized unissued share capital of the Company and authorized the board of directors
to issue shares of the Company and in this respect waive any preferential or pre-emptive subscription rights of existing shareholders)
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 0; text-align: justify; text-indent: 3pc">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 0; text-align: justify; text-indent: 3pc"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 0; text-align: justify; text-indent: 3pc"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 23.05pt; text-align: justify; text-indent: 3pc">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2, place Winston Churchill - B.P. 425 - L 2014 Luxembourg - T (352) 44 66 44 0 - F (352) 44 22 55 - www.ehp.lu</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-
2 -</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the related report by the board of directors
as to the waiver of preferential or preemptive subscription rights, (iii) the minutes of the extraordinary general meeting of
shareholders of 24 January 2011 (which inter alia resolved on a reverse stock split whereby the nominal value of the Company shares
was changed from USD1 to USD1.5, and confirmed the authorized share capital of the Company and the related authorization to the
board of directors) and the related report by the board of directors as to the waiver of preferential or pre-emptive subscription
rights; (c) the resolutions of the Board of Directors of the Company of 28 October 2010, of 10 January 2011, of 11 November 2011,
of 13 May 2014 and of 17 March 2015 on inter alia the Restricted Plan and the authorisation of the issue of the Plan Shares (the
&ldquo;Resolutions&rdquo;), and (d) the Registration Statement as well as such corporate records as have been disclosed to us and
such certifications made to us, which we deemed necessary and appropriate as a basis for the opinions hereinafter expressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.95pc">For the purposes of
the present opinion we have assumed (i) the genuineness of all signatures and seals and that all documents reviewed are duly signed
by the persons purported to have signed them; (ii) the completeness and conformity to originals of all documents supplied to us
as certified, photostatic, scanned, electronically transmitted copies or other copies of the documents reviewed and the authenticity
of the originals of such documents and the conformity to originals of the latest drafts reviewed by us; (iii) that there have been
no amendments to the documents in the form delivered to us for the purposes of this opinion; (iv) that there is no other resolutions,
decisions, agreement or undertaking and no other arrangement (whether legally binding or not) which renders any of the documents
or information reviewed or provided to us inaccurate, incomplete or misleading or which affects the conclusions stated in this
opinion and that the documents reviewed accurately record the whole of the terms agreed between the parties thereto relevant to
this opinion; (v) that no proceedings have been instituted or injunction granted against the Company to restrain it from performing
any of its obligations under the Restricted Plans and/or issue the Plan Shares; (vi) that the terms used in the documents reviewed
carry the meaning ascribed to them in vernacular English; (vii) that upon issue of any Plan Shares the Company will receive payment
of an issue price at least equal to the nominal value thereof; (viii) that there will be no amendments to the authorised share
capital of the Company which would adversely affect the issue of the Plan Shares and the conclusions stated in this opinion, (ix)
that on the date of issuance of any of the Plan Shares the Company will have a sufficient authorised but unissued share capital
with the relevant authorisation to waive any preemptive subscription rights and that the Plan Shares are available for issue
under the Restricted Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.95pc">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-
3 -</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">We express no opinion
as to any laws other than the laws of the Grand Duchy of Luxembourg and this opinion is to be construed under Luxembourg law and
is subject to the exclusive jurisdiction of the courts of Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">The opinions expressed
herein are subject to all limitations by reason of <I>gestion contr&ocirc;l&eacute;e, concordat, faillite</I>, bankruptcy, moratorium
(<I>sursis de paiement</I>) and other, insolvency, moratorium, controlled management, general settlement with creditors, reorganisation
or similar laws affecting creditors&rsquo; rights generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">Based on the foregoing,
and having regard for such legal considerations as we have deemed relevant, we are of the opinion that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.05pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.9pt">The Plan Shares, once duly subscribed to and fully paid and issued in accordance
with the Resolutions and the Restricted Plan, will be validly issued, fully paid and non assessable (which term means when used
herein that no further sums are required to be paid by the holders thereof in connection with the issue of such shares).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">This opinion is issued
solely for the purposes of the filing of the Registration Statement and the issuance of the Plan Shares by the Company pursuant
to the Restricted Plan and is not to be relied upon in respect of any other matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement. In giving such consent we do not thereby admit that we
are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc">&nbsp;</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3pc"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very
truly yours,<BR>
Elvinger, Hoss &amp; Prussen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Toinon
Hoss</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>s001017x2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.3pt 0pt 5.95pt; text-align: justify; text-indent: 0.35pt">We
hereby consent to the incorporation by reference in the Registration Statement on Form S-8 of Adecoagro S.A. of our report dated
April 29, 2015 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting,
which appears in Adecoagro S.A.'s Annual Report on Form 20-F for the year ended December 31, 2014 filed with the Securities and
Exchange Commission on April 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.3pt 0pt 5.95pt; text-align: justify; text-indent: 0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 386.4pt 0pt 83.05pt; text-align: center; color: #8087B1"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 386.4pt 0pt 83.05pt; text-align: center; color: #8087B1">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 308.25pt 0pt 6.3pt; text-align: justify">PRICE
WATERHOUSE &amp; CO. S.R.L.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 308.25pt 0pt 6.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Marcelo de Nicola</TD>
    <TD STYLE="width: 10%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Partner)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Marcelo de Nicola</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 361pt 0pt 6.3pt; text-align: justify"><BR>
Buenos Aires,
Argentina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 361pt 0pt 6.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 397.8pt 0pt 5.6pt; text-align: justify">September 17,
2015</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>4
<FILENAME>s001017x2_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.05pt 0pt 0; text-align: right"><B>Exhibit 23.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.05pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>CONSENT OF CUSHMAN &amp; WAKEFIELD ARGENTINA S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.4pc">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0.5pc; text-indent: 12.5pt">We hereby consent to the
incorporation by reference in this Registration Statement on Form S-8 of Adecoagro S.A. of the use of our name and the references
to and information contained in the Cushman &amp; Wakefield Argentina S.A. Appraisal of Real Property report dated September 30,
2014 prepared for Adecoagro S.A. wherever appearing in Adecoagro S.A.&rsquo;s Annual Report on Form 20-F for the year ended December
31, 2014 filed with the Securities and Exchange Commission on April 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0.5pc; text-indent: 12.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pc">Buenos Aires, Argentina&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pc">September 17, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pc">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.5pt; text-indent: 19.95pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Cushman &amp; Wakefield Argentina S.A.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 0.95pt; padding-right: -1pt; text-align: left">&nbsp;</td>
    <TD STYLE="width: 4%; padding-top: 0.95pt; padding-right: -1pt; text-align: left">&nbsp;</td>
    <TD STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left">&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left; border-bottom: Black 1pt solid">/s/ Julio Speroni</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left">&nbsp;</td>
    <TD STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></td>
    <TD STYLE="padding-top: 0.95pt; padding-right: -1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Name: Julio Speroni</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: -1pt; text-align: left">&nbsp;</td>
    <TD STYLE="padding-right: -1pt; text-align: left">&nbsp;</td>
    <TD STYLE="padding-right: -1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Title: Valuation Manager</font></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.5pt; text-indent: 19.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.5pt; text-indent: 19.95pt"></P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>s001017x2_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 70.55pt 0pt 92.75pt; text-indent: 0.5in"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AMENDED AND RESTATED ADECOAGRO/IFH <BR>
2004
STOCK INCENTIVE OPTION PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 70.55pt 0pt 92.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>Preliminary
Statement </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 167.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adecoagro/IFH 2004 Stock Incentive
Option Plan (the &#0147;<U>Plan</U>&#0148;), effective as of the Effective Date is hereby amended and restated to extend the maximum
time within which each Option, as defined below, granted pursuant to this Plan may be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of the Plan is to encourage
and enable the employees of operating subsidiaries of Adecoagro S.A (the &#0147;<U>Company</U>&#0148;), a Luxembourg stock corporation,
(such subsidiaries collectively with the operating subsidiaries of the Company, the &#0147;<U>Adecoagro Entities</U>&#0148;) to
acquire a proprietary interest in the Company through the grant of options as herein provided. By encouraging such individuals
to acquire ownership of its membership interests, the Company seeks to attract and retain the services of persons of exceptional
competence and to furnish an incentive for them to increase their efforts on behalf of the Adecoagro Entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt">1.</TD>
    <TD STYLE="width: 94%; font-size: 10pt"><U>Shares Subject to the Plan</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#0146;s ordinary shares, par
value USD$1.50 per share (the &#0147;<U>Ordinary Shares</U>&#0148;) that may be issued and sold pursuant to options to purchase
Ordinary Shares (the &#0147;<U>Options</U>&#0148;) granted under the Plan shall be 2.401.228 (the &#0147;<U>Option Shares</U>&#0148;).
For purposes of this limitation, the Option Shares underlying any Options that are forfeited, canceled, withheld upon exercise
of an Option to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the
issuance of Option Shares or otherwise terminated (other than by exercise or exchange), in each case shall be added back to the
Option Shares available for issuance under the Plan. Options in respect of Option Shares that have not been granted prior to the
Effective Date may be granted prior to or after the date of consummation of an Exit Event or a Change of Control (as each term
is defined below) (the consummation of an Exit Event or Change in Control being an &#0147;<U>Acceleration Event</U>&#0148;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">2.</TD>
    <TD STYLE="width: 94%"><U>Eligibility</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -17.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Options hereunder may be granted to only employees of operating
subsidiaries of the Company (collectively, the &#0147;<U>Optionees</U>&#0148; and each an &#0147;<U>Optionee</U>&#0148;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">3.</TD>
    <TD STYLE="width: 94%"><U>Administration</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -17.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <U>Administration of Plan</U>. The
Plan shall be administered by the Board of Directors of the Company, (the &#0147;<U>Board</U>&#0148;), or at the discretion of
the Board, by a committee thereof, comprised, except as contemplated by Section 3(c), of not less than two members of the Board.
All references to the &#0147;<U>Committee</U>&#0148; shall be deemed to refer to the group then responsible for administration
of the Plan at the relevant time (i.e., either the Board or a committee or committees of the Board, as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) <U>Powers of Committee</U>. The Committee shall have the
power and authority to grant Options consistent with the terms of the Plan, including the power and authority:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 95%">(i) to select the individuals to whom Options may from time to time be granted; </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 95%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">(ii) to determine the time or times of grant, and the amount, if any, Options, granted to any one or more grantees; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(iii) to determine the number of Option Shares to be covered by any Option and, subject to the provisions of Section 4 below, the price, exercise price, conversion ratio or other price relating thereto; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(iv) to determine and, subject to Section 8 below, to modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Option, which terms and conditions may differ among individual Options and grantees, and to approve the form of written instruments evidencing the Options; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(v) to accelerate at any time the exercisability or vesting of all or any portion of any Option; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(vi) to impose any limitations on Options granted under the Plan, including limitations on transfers, repurchase provisions and the like, and to exercise repurchase rights or obligations; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(vii) subject to any restrictions applicable to Options, to extend at any time the period in which Options may be exercised; and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(viii) at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable to interpret the terms and provisions of the Plan and any Option (including related written instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) <U>Delegation of Authority to Grant
Options</U>. Subject to applicable law, the Committee, in its discretion, may delegate to the Chief Executive Officer of the Company
the power to designate officers or employees to be recipients of Options, and to determine the number of such Options to be received
by such officers or employees. Any such delegation by the Committee shall also provide that the Chief Executive Officer of the
Company may not grant awards to himself or herself. The Committee may revoke or amend the terms of a delegation at any time but
such action shall not invalidate any prior actions of the Committee&#0146;s delegate or delegates that were consistent with the
terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) <U>Option Agreement</U>. Options under
the Plan shall be evidenced by Option Agreements (each, an &#0147;<U>Option Agreement</U>&#0148;) that set forth the terms, conditions
and limitations for each Option and may include, without limitation, the term of an Option, the provisions applicable in the event
employment or service terminates, and the Company&#0146;s authority to unilaterally or bilaterally amend, modify, suspend, cancel
or rescind an Option. The Committee may also amend the terms of outstanding Options, including any Option Agreement, subject to
the consent of the Optionee if the amendment adversely affects any of his or her substantive rights under the Option or the applicable
Option Agreement. Without limiting the generality of the foregoing, if the Company is converted from a corporation to another
form of entity, the Optionees must cooperate in all respects with such conversion, which may require the conversion of the Ordinary
Shares held by the Optionees or Ordinary Shares subject to Options into voting common equity of such other form of entity;<U>provided</U>,
<U>however</U>, that such new securities shall have an equivalent value and liquidation, distribution and voting rights as reasonably
determined by the Committee, taking into account the provisions of written agreements governing the Options. Notwithstanding any
provision of this Section 3, in connection with a conversion of the Ordinary Shares or Ordinary Shares subject to Options into
voting common equity, the Committee shall be permitted to make adjustments to the Plan and any outstanding Options without the
consent of any Optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All decisions and interpretations of the Committee shall be binding on all persons, including the Company
and Plan grantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) <U>Indemnification</U>. Neither the
Board nor the Committee, nor any member or representative of either or any delegate thereof, shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and
the Committee (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in
respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys&#0146; fees) arising or resulting
therefrom to the fullest extent permitted by law and/or under the Company&#0146;s governing documents, including its articles
or bylaws, or any directors&#0146; and officers&#0146; liability insurance coverage which may be in effect from time to time and/or
any indemnification agreement between such individual and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) <U>Foreign Option
Recipients</U>. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other
countries in which the Company and any Subsidiary operate or have employees or other individuals eligible for Options, the
Committee, in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries, if any, shall be
covered by the Plan; (ii) determine which individuals, if any, outside the United States are eligible to participate in the
Plan; (iii) modify the terms and conditions of any Option granted to individuals outside the United States to comply with
applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent
the Committee determines such actions to be necessary or advisable (and such subplans and/or modifications shall be attached
to the Plan as appendices); <U>provided, however</U>, that no such subplans and/or modifications shall increase the
limitation on the number of Option Shares reserved for issuance pursuant to Section 1(a) hereof; and (v) take any action,
before or after an Option is granted, that the Committee determines to be necessary or advisable to obtain approval or comply
with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Committee may not take any
actions hereunder, and no Options shall be granted, that would violate the United States Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder, any other applicable United States securities law, the United States
Internal Revenue Code of 1986, as amended, or any other applicable United States or other governing statute or law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">4.</TD>
    <TD STYLE="width: 94%"><U>Price and Terms</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -17.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price per share for the Ordinary
Shares hereunder shall be determined by the Committee at the time of grant but shall not be less than the greater of one hundred
percent (100%) of the Fair Market Value of an Ordinary Share on the Date of Grant and the par value of an Ordinary Share. Notwithstanding
the foregoing, with respect to options to purchase ordinary units of IFH LLC (the &#0147;<U>IFH Options</U>&#0148;) granted prior
to the Effective Date that are converted into Options in connection with the corporate reorganization (the &#0147;<U>Reorganization</U>&#0148;)
that occurred on October 30, 2010 (the &#0147;<U>Reorganization Date</U>&#0148;), the exercise price per Option Share shall be
based upon the exercise price per unit of the IFH Option, as set forth in the following table:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B>Per Unit/Share Exercise Price Conversion</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">IFH Option Exercise Price</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Option Exercise Price</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">1</TD>
    <TD STYLE="text-align: center">5.82674</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">1.22</TD>
    <TD STYLE="text-align: center">7.10862</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">1.48</TD>
    <TD STYLE="text-align: center">8.62358</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Option shall be exercisable at such time or times as the
Committee shall from time to time determine, and as shall be specified in the applicable Option Agreement, but in no event after
the expiration of twenty years from the date such Option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">5.</TD>
    <TD STYLE="width: 94%"><U>Limitations on Right to Exercise, Shareholder Rights</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The events upon, and time at, which an
Option becomes exercisable or vests will be provided in the form of Option Agreement attached hereto. The Committee may also establish
whether Options not exercised or not vested within specified periods may accumulate and become exercisable or vest, in whole or
in part, on any later date(s), and they may provide for the acceleration of the vesting or exercise dates of Options or if permitted
by the Option terms, acceleration of the expiration dates of Options in certain events. The issuance of Option Shares representing
shares under any Option will be contingent upon receipt by the Company from the Optionee (or a substitute purchaser permitted by
the terms of the Option) of the full purchase price for such Option Shares, or such other consideration as may be approved by the
Committee, and the fulfillment of any other requirements specified in the Option or applicable provisions of law. No Optionee or
other person entitled to exercise an Option shall be, or shall be deemed to be, a holder of any Option Shares subject to the Option
for any purpose unless and until such Option Shares are issued to such Optionee under the terms of the Plan and the Option. Immediately
upon exercise of an Option or any portion thereof and without any further action on the part of the Optionee or his legal representative,
the Company shall have the right to make due inscription in the Register of Shareholders of the Company to reflect the ownership
of such Option Shares. Options shall be in registered form only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">6.</TD>
    <TD STYLE="width: 94%"><U>Non-Transferability of Option</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -17.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <U>Generally</U>. Except as provided
in Section 6(b) hereof, Options granted under the Plan shall not be sold, exchanged, delivered or assigned, disposed of, bequeathed
or gifted, pledged, mortgaged, hypothecated or otherwise encumbered, transferred or permitted to be transferred (hereinafter &#0147;<U>Transfer</U>&#0148;
and any such action a &#0147;<U>Transfer</U>&#0148;), whether voluntarily, involuntarily or by operation of law (including the
laws of bankruptcy and insolvency). In addition, Options granted under the Plan are exercisable during the Optionee&#0146;s lifetime
only by the Optionee. The rights and obligations of the Company under the Plan and any Options may be assigned to a successor
entity, subject, in the case of any Options, if applicable, to the terms of the applicable Option Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) <U>Certain Permitted Transfers</U>.
Transfers of Options granted under the Plan to one or more trusts of which the Optionee is sole trustee, with sole power and authority
to direct the disposition of and voting with respect to the assets thereof, and the sole beneficiaries thereof are the Optionee
and/or his or her direct descendants shall be permitted. In addition, Transfers of Options granted under the Plan by will or the
laws of descent or distribution or pursuant to a qualified domestic relations order as defined in the Internal Revenue Code of
1986, as amended, shall be permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything to the contrary
in this Plan, transferees of any Options granted under the Plan permitted by this Section 6 shall acquire and hold the Options
granted under the Plan and other rights subject to all provisions of this Plan and applicable Option Agreement as if such Options
and other rights were still held by the Optionee, whether or not the transferee(s) so agree with the transferring Optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">7.</TD>
    <TD STYLE="width: 94%"><U>Tax Withholding</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -17.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Optionee shall, no later than the
date as of which the value of an Option or of any Option Shares or other security received thereunder first becomes includable
in the gross income of such Optionee for U.S. federal income tax purposes or as provided under the applicable law governing the
terms of the specific Option, pay to the Company, or make arrangements satisfactory to the Company regarding payment of, any federal,
state, or local taxes of any kind, as well as social security payments, required by law to be withheld with respect to such income.
The Company or any of its Subsidiaries, as applicable, shall, to the extent permitted by law, have the right to deduct any such
taxes from any payment otherwise due to the Optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">8.</TD>
    <TD STYLE="width: 94%"><U>Board Approval; Amendment of the Plan</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -17.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Plan has been approved by the Board
pursuant to the terms of the Articles of Incorporation. The Board may amend this Plan at any time or times. An amendment shall
be binding upon Options previously granted under the Plan unless the amendment adversely affects the rights of an Optionee, in
which event the consent of the Optionee shall be required (except as provided in Section 3 hereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">9.</TD>
    <TD STYLE="width: 94%"><U>Expiration and Termination of the Plan</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -17.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <U>Generally</U>. Options may be granted
under the Plan at any time, or from time to time, prior to the tenth anniversary of the initial effective date of the Plan. The
Plan may be abandoned or terminated at any time by the Board, except with respect to any Options then outstanding under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) <U>Mergers and Other Sale Events</U>.
In the case of and subject to the consummation of an Acceleration Event, the Plan shall terminate upon the effective time of any
such Acceleration Event and the vesting of any outstanding Options shall be accelerated and become fully vested and exercisable
as provided in the Option Agreement. In the event of such termination, each Optionee shall be permitted, within a specified period
of time prior to the consummation of the Acceleration Event as determined by the Committee, to exercise all outstanding Options
held by such grantee then exercisable or that will become exercisable as of the effective time of the Acceleration Event provided
that the exercise of Options not exercisable prior to the Acceleration Event shall be subject to the consummation of the Acceleration
Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of the Plan, the following terms shall have the
following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#0147;<U>Affiliate</U>&#0148; means,
with respect to any Person, any other Person that directly or indirectly controls, or is under common control with, or is controlled
by, such Person. As used in this definition &#0147;control&#0148; (including its correlative meanings, &#0147;controlled by&#0148;and
&#0147;under common control with&#0148;) shall mean possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of a Person (whether through ownership of securities or partnership or other ownership interests,
by contract or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#0147;<U>Change of Control</U>&#0148;
means (i) the acquisition at any time by a &#0147;person&#0148; or &#0147;group&#0148; (as such terms are used in Sections 13(d)
and 14(d)(2) of the United States Securities Exchange Act of 1934) (without including in such person or group any Affiliate of
any member of the Company), directly or indirectly, of securities representing more than 50% of the combined voting power in the
election of directors of the then outstanding securities of the Company or its operating subsidiaries or any successor of the
Company; (ii) any sale or disposition of all or substantially all of the assets of the Company or operating subsidiary of the
Company; or (iii) any merger, liquidation, reorganization, consolidation, or statutory share exchange as a result of which the
persons who were shareholders or other equity holders of the Company or operating subsidiary of the Company (the &#0147;<U>Pre-transaction
Shareholders</U>&#0148;) immediately prior to the effective date of the merger, liquidation, reorganization, consolidation or
share exchange shall have beneficial ownership of less than 50% of the combined economic and voting power of the surviving corporation
or other entity, provided that any such economic and voting power that is acquired by any Affiliate of any such shareholder or
any Affiliate of any shareholder of the Company shall be attributed to the Pre-transaction Shareholders for the purpose of determining
whether such 50% threshold has been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#0147;<U>Exit Event</U>&#0148; means
the sale, assignment, conveyance, exchange or other disposition of all or substantially all of the assets of any operating subsidiary
of the Company taken as a whole, directly or indirectly, in one or a series of related transactions, whether by way of merger,
conversion, liquidation or dissolution; provided, however, that any transfer, or other event set forth above, to an Affiliate
shall not be deemed an &#0147;Exit Event.&#0148;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#0147;<U>Fair Market Value</U>&#0148;
of an Ordinary Share on any given date means the fair market value of the Ordinary Share determined in good faith by the Committee
based on the reasonable application of a reasonable valuation method not inconsistent with Section 409A of the United States Internal
Revenue Code of 1986, as amended. If the Ordinary Shares are admitted to quotation on a securities exchange, the determination
shall be made by reference to market quotations. If the date for which Fair Market Value is determined is the first day when trading
prices for the Ordinary Shares are reported on a securities exchange, the Fair Market Value shall be the &#0147;Price to the Public&#0148;
(or equivalent) set forth on the cover page for the final prospectus relating to the Company&#0146;s Initial Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#0147;<U>Initial Public Offering</U>&#0148;
means the consummation of the first fully underwritten, firm commitment public offering pursuant to an effective registration
statement under the United States Securities Act of 1933, as amended, and the rules and regulations thereunder, covering the offer
and sale by the Company or any of its Subsidiaries or affiliates of its equity securities, as a result of or following which the
Ordinary Shares shall be publicly held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#0147;<U>Person</U>&#0148; means any
individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated
organization, government or any agency or political subdivision thereof, or any other legal entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#0147;<U>Subsidiary</U>&#0148; or &#0147;<U>Subsidiaries</U>&#0148;
means any Person of which fifty percent (50%) or more is owned, directly or indirectly, by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">10.</TD>
    <TD STYLE="width: 94%"><U>Shareholder Agreement.</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of
this Plan to the contrary, the issuance of Ordinary Shares to be purchased pursuant to the exercise of an Option prior to an Initial
Public Offering, shall be contingent upon the Optionee&#0146;s execution of a Joinder Agreement to the Shareholder Agreement dated
as of the Reorganization Date (as amended from time to time, the &#0147;<U>Shareholder Agreement</U>&#0148;), or other appropriate
securityholder documentation, as may be required by the Committee in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">11.</TD>
    <TD STYLE="width: 94%"><U>Governing Law</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Plan and all Options granted hereunder
shall be governed by Luxembourg law except as required by the laws of the applicable jurisdiction in which any Optionee is employed
or otherwise engaged by the Company or any of its Affiliates, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>s001017x2_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>


<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="s001017x2ex99-3_logo01.jpg" ALT="(ADECOAGRO LOGO)" STYLE="width: 130px; height: 124px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adecoagro S.A.</B><BR>
<B>Second Amended and Restated Restricted Share and Restricted Stock Unit Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.5in; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Purpose</U>.
This Adecoagro S.A. Second Amended and Restated Restricted Share and Restricted Stock Unit Plan restates and amends in its entirely
the Adecoagro S.A. Amended and Restated Restricted Share and Restricted Stock Unit Plan approved by the Board of Directors of
the Company on November 11, 20 11. The purpose of this Adecoagro S.A. Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan is to further align the interests of eligible participants with those of the Company&#0146;s shareholders by providing
long-term incentive compensation opportunities tied to the performance of the Company and its ordinary shares. The Plan is intended
to advance the interests of the Company and its shareholders by attracting, retaining and motivating key personnel upon whose
judgment, initiative and effort the successful conduct of the Company&#0146;s business is largely dependent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase; color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions</U>.
Wherever the following capitalized terms are used in the Plan, they shall have the meanings specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Award</I>&#0148; means an award
of Restricted Shares or Restricted Stock Units granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Award Agreement</I>&#0148; means
an agreement entered into between the Company and a Participant setting forth the terms and conditions of an Award granted to a
Participant, as provided in Section&nbsp;11.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Board</I>&#0148; means the Board
of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Change in Control</I>&#0148; shall
have the meaning set forth in Section&nbsp;8 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Committee</I>&#0148; means the Compensation
Committee of the Board, or such other committee of the Board appointed by the Board to administer the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Company</I>&#0148; means Adecoagro
S.A., a Luxembourg stock corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Eligible Person</I>&#0148; means
any person who is an employee, officer, member of the Board or other service provider of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Director Award</I>&#0148; shall
have the meaning set forth in Section 5.3 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Fair Market Value</I>&#0148; means,
as of the date of determination, the closing price of a Share as reported on the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>NYSE</I>&#0148; means New York Stock
Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Participant</I>&#0148; means any
Eligible Person who holds an outstanding Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Plan</I>&#0148; means the Adecoagro
S.A. Second Amended and Restated Restricted Share and Restricted Stock Unit Plan as set forth herein, and as may be amended from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Restricted Share Award</I>&#0148;
means a grant of Shares to an Eligible Person under Section&nbsp;6 hereof that is issued subject to such vesting and transfer restrictions
as the Committee shall determine, and such other conditions, as are set forth in the Plan and the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Restricted Stock Units</I>&#0148;
or &#0147;<I>RSUs</I>&#0148; means notional, non-voting units of measurement representing the same fair market value of similar
number of Shares that are payable in Shares as set forth under Section&nbsp;6.4 of the Plan once the vesting requirements set forth
in Section&nbsp;6 of the Plan have been fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Securities Act</I>&#0148; means
the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Service</I>&#0148; means, as applicable,
a Participant&#0146;s employment with the Company or any Subsidiary, a Participant&#0146;s service as a member of the Board with
the Company or any Subsidiary, or a Participant&#0146;s other service relationship with the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Share/s</I>&#0148; means the Company&#0146;s
ordinary shares, par value USD $1.50 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#0147;<I>Subsidiary</I>&#0148; means an entity
(whether or not incorporated) that is wholly or majority owned or controlled, directly or indirectly, by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Administration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Committee
Members.</I> The Plan shall be administered by a Committee comprised of no fewer than two members of the Board who are appointed
by the Board to administer the Plan. To the extent deemed necessary by the Board, Committee members shall be independent directors,
as determined under applicable law or regulatory requirements. No member of the Committee will be liable for any action or determination
made in good faith by the Committee with respect to the Plan or any Award thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Committee
Authority.</I> The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control
its operation, including, but not limited to, the power to (i)&nbsp;determine the Eligible Persons to whom Awards shall be granted
under the Plan, (ii)&nbsp;determine the times at which Awards may be granted, and the number of Restricted Shares or RSUs, as
the case may be, subject to each Award, (iii)&nbsp;prescribe the terms and conditions of all Awards, (iv)&nbsp;interpret and construe
all provisions of the Plan and terms of the Awards, (v)&nbsp;adopt rules for the administration, interpretation and application
of the Plan as are consistent therewith, and interpret, amend or revoke any such rules, (vi)&nbsp;make all determinations with
respect to a Participant&#0146;s Service and the termination of such Service for purposes of any Award, and (vii)&nbsp;adopt such
rules and procedures as are necessary or appropriate to permit participation in the Plan by Eligible Persons in various jurisdictions.
The Committee&#0146;s determinations under the Plan need not be uniform and may be made by the Committee selectively among Participants
and Eligible Persons, whether or not such persons are similarly situated. The Committee shall, in its discretion, consider such
factors as it deems relevant in making its interpretations, determinations and actions under the Plan including, without limitation,
the recommendations or advice of any officer or employee of the Company or such attorneys, consultants, accountants or other advisors
as it may select. All interpretations, determinations, and actions by the Committee shall be final, conclusive, and binding upon
all parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Delegation
of Authority.</I> The Committee, in its discretion, and on such terms and conditions as it may provide, may delegate all or any
part of its authority and powers under the Plan to the Company&#0146;s Chief Executive Officer or to a committee of officers of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Shares
Subject to the Plan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Number
of Shares Reserved.</I> Subject to adjustment as provided in Section 4.3 hereof, the maximum number of Shares with respect to
which Awards may be granted under the Plan shall equal 2,474,701 Shares, inclusive of such Shares that are subject to outstanding
grants of Awards. Any Shares delivered in respect of Awards under the Plan shall consist of authorized and unissued shares, or
treasury shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Share
Replenishment.</I> To the extent that any Award under the Plan is canceled, expired, forfeited, surrendered, or otherwise terminated
without delivery of Shares to the Participant, in whole or in part, the Shares retained by or returned to the Company will not
be deemed to have been delivered under the Plan, and will be available for future Awards under the Plan. Shares that are withheld
from an Award or separately surrendered by the Participant in payment of the exercise or purchase price or taxes relating to such
an Award shall be deemed to constitute delivered Shares and will not be available for future Awards under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Adjustments
and Other Corporate Changes.</I> If there shall occur any change with respect to the outstanding Shares by reason of any recapitalization,
reclassification, stock dividend, extraordinary dividend, stock split, reverse stock split or other distribution with respect
to the Shares, or any merger, reorganization, consolidation, combination, spin-off, or other similar corporate change, or any
other change affecting the Shares, the Committee shall, in the manner and to the extent it considers equitable to the Participants
and consistent with the terms of the Plan, cause an adjustment to be made to (i)&nbsp;the maximum number and kind of Shares provided
in Sections 4.1 hereof, (ii)&nbsp;the number and kind of Shares subject to the outstanding Awards, and (iii)&nbsp;any other terms
of an Award that are affected by the event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Eligibility
and Terms</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Designation
of Participants.</I> Any Eligible Person may be selected by the Committee to receive an Award and become a Participant under the
Plan in accordance with the Committee&#0146;s authority under Section&nbsp;3.2 hereof. In selecting Eligible Persons to be Participants,
and in determining the amount of Awards to be granted under the Plan, the Committee shall consider any and all factors that it
deems relevant or appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Determination
of Awards.</I> The Committee shall determine the terms and conditions of all Awards granted to Participants in accordance with
its authority under Section&nbsp;3.2 hereof. The terms of all Awards under the Plan will be specified by the Committee and will
be set forth in individual Award Agreements as described in Section&nbsp;11.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Director
Awards. </I>Notwithstanding anything in this Plan to the contrary, effective as of fiscal year 2016, an Eligible Person who is
a director of the Company may elect to receive all, and not less than all, of the cash portion of such director&#0146;s compensation
for a fiscal year in the form of Restricted Stock Units under the Plan (the &#0147;<U>Director Awards</U>&#0148;). The election
by any director to receive a Director Award (a &#0147;<U>Director Election</U>&#0148;) shall be made by such director at the meeting
of the Board held immediately prior to the annual general meeting of the shareholders of the Company on an election form provided
by the Company. Subject to approval by the shareholders of the Company, such Director Election shall apply to the cash compensation
for the fiscal year for which the Director Election is made. To receive a Director Award for any subsequent fiscal year, a new
Director Election must be made in accordance with the rules applicable to an initial Director Election under this Section 5.3.
The price to be used for the conversion of a director&#0146;s cash compensation into a Director Award shall be the Fair Market
Value of a Share on the date of the Board meeting in which the applicable Director Election is made. Director Awards shall be
granted on the date of the Board meeting in which the applicable Director Election is made (each such date, an &#0147;<U>Applicable
Grant Date</U>&#0148;). The terms and conditions of Director Awards shall be determined by each of the directors of the Company,
acting individually and with full power of substitution, and any two of the authorized officers of the Company acting jointly
and with full power of substitution, <I>provided</I>, <I>however</I>, that, subject to the continued Service of the applicable
director, Director Awards shall vest at the rate of 1/4th of the number of Restricted Stock Units covered by the applicable Director
Award upon the first day following the end of the applicable blackout period under the Company&#0146;s insider trading policy
for each fiscal quarter following the Applicable Grant Date for such Director Awards (each such date, an &#0147;<U>Applicable
Vesting Date</U>&#0148;). Settlement of any such Restricted Stock Units that have become vested as provided for above shall occur
as soon as practicable following the Applicable Vesting Date for such Restricted Stock Units, <I>provided</I>, <I>however</I>,
that in no event shall settlement of such Restricted Stock Units occur beyond the date that is thirty (30) days following the
Applicable Vesting Date for such Restricted Stock Units. In addition to any restrictions on transfer provided under an applicable
Award Agreement or the Plan, Shares issued pursuant to a Director Award shall be subject to customary restrictions on transfer
applicable to &#0147;Insiders&#0148; or &#0147;Affiliates&#0148; (as such terms are defined under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restricted
Share Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Grant
of Restricted Share Awards.</I> A Restricted Share Award may be granted to any Eligible Person selected by the Committee. The
Committee may require the payment by the Participant of a specified purchase price in connection with any Restricted Share Award
(including, without limitation, an amount equal to the par value per Share subject to a Restricted Share Award).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Vesting
Requirements.</I> The restrictions imposed on Shares granted under a Restricted Share Award shall lapse in accordance with the
vesting requirements specified by the Committee in the Award Agreement. The requirements for vesting of a Restricted Share Award
may be based on the continued Service of the Participant or on such other terms and conditions as approved by the Committee in
its discretion. The Committee may accelerate the vesting of a Restricted Share Award upon termination of Service under certain
circumstances, as set forth in the Award Agreement. If the vesting requirements of a Restricted Share Award shall not be satisfied,
the Restricted Share Award shall be forfeited and the Restricted Shares subject to the Award shall be returned to the Company
or cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Rights
as Shareholder.</I> Once a Restricted Share Award has been granted according to this Section&nbsp;6; the Participant shall have
all rights of a shareholder with respect to the Restricted Share Award granted to the Participant, including the right to vote
the Shares and receive all dividends and other distributions paid or made with respect thereto. Any Shares received as a stock
dividend or distribution will be subject to the same restrictions as the underlying Restricted Share Award. The grant of a Restricted
Share Award pursuant to the Plan shall not be deemed the grant of a property interest in any assets of the Company. The grant
of a Restricted Share Award shall not be construed as giving a Participant the right to be retained or nominated as a director
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restricted
Stock Units</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Grant
of Restricted Stock Units</I>. A Restricted Stock Unit may be granted to any Eligible Person selected by the Committee. The value
of each Restricted Stock Unit is equal to the Fair Market Value of one Share on the applicable date or time period of determination,
as specified by the Committee. Restricted Stock Units shall be subject to such restrictions and conditions as the Committee shall
determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Vesting
of Restricted Stock Units</I>. On the date of grant, the Committee shall, in its discretion, determine any vesting requirements
with respect to Restricted Stock Units, which shall be set forth in an Award Agreement. The requirements for vesting of a Restricted
Stock Unit may be based on the continued Service of the Participant or on such other terms and conditions as approved by the Committee
in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Payment
of Restricted Stock Units.</I> Restricted Stock Units shall become payable to a Participant at the time or times determined by
the Committee and set forth in the Award Agreement, which may be upon or following the vesting of the award of Restricted Stock
Units. Payment of a Restricted Stock Unit may be made, as approved by the Committee and set forth in the Award Agreement, in Shares
subject to applicable tax withholding requirements. Any payment of a Restricted Stock Unit shall be made based upon the Fair Market
Value of the Shares, determined on such date or over such time period as determined by the Committee in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Dividend
Equivalent Rights. </I>Restricted Stock Units may be granted together with a dividend equivalent right with respect to the Shares
subject to the Restricted Stock Units, as determined by the Committee in its discretion, and will be paid at the time the underlying
Restricted Stock Unit is payable. Dividend equivalent rights shall be subject to forfeiture under the same conditions as apply
to the underlying Restricted Stock Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Rights as Shareholder.</I> Participants shall have no dividend, voting, or any other rights as a stockholder of the Company with
respect to any Restricted Stock Units. The grant of an award of Restricted Stock Units pursuant to the Plan shall not be deemed
the grant of a property interest in any assets of the Company. The rights of the recipient of Restricted Stock Units to benefits
under the Plan shall be solely those of a general, unsecured creditor of the Company. The grant of Restricted Stock Units shall
not be construed as giving a Participant the right to be retained or nominated as a director of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Change
in Control.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Effect
of Change in Control.</I> In the event of a Change in Control, the Committee is authorized (but not obligated) to make adjustments
in the terms and conditions of outstanding Awards, including without limitation the following (or any combination thereof): (i)&nbsp;continuation
or assumption of such outstanding Awards under the Plan by the Company (if it is the surviving company or corporation) or by the
surviving company or corporation or its parent; (ii)&nbsp;substitution by the surviving company or corporation or its parent of
awards with substantially the same terms for such outstanding Awards; and (iii)&nbsp;accelerated vesting and/or lapse of restrictions
under all then outstanding Awards immediately prior to the occurrence of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Definition
of Change in Control.</I> For purposes of the Plan, unless otherwise defined in an Award Agreement, &#0147;<U>Change in Control</U>&#0148;
shall mean:.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>an
acquisition (other than directly from the Company) of any voting securities of the Company (the &#0147;<U>Voting Securities</U>&#0148;)
by any &#0147;person or group&#0148; (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934 (the &#0147;<U>Exchange Act</U>&#0148;) immediately after which such person or group has &#0147;Beneficial Ownership&#0148;
(within the meaning of Rule 13d-3 under the Exchange Act) of more than fifty percent (50%) of the combined voting power of the
Company&#0146;s then outstanding Voting Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
consummation of (A)&nbsp;a merger, consolidation or reorganization involving the Company, unless the company resulting from such
merger, consolidation or reorganization (the &#0147;<U>Surviving Corporation</U>&#0148;) shall adopt or assume this Plan and the
shareholders of the Company immediately before such merger, consolidation or reorganization own, directly or indirectly immediately
following such merger, consolidation or reorganization, at least fifty percent (50%) of the combined voting power of the Surviving
Corporation in substantially the same proportion as their ownership immediately before such merger, consolidation or reorganization,
or (B)&nbsp;a sale or transfer of all or substantially all of the assets of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>during
any twenty-four (24)&nbsp;month period, individuals who, as of the beginning of such period, constitute the Board (the &#0147;<U>Incumbent
Directors</U>&#0148;) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a
director subsequent to the beginning of such period whose election or nomination for election was approved by a vote of at least
a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual
or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies
by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase; color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Forfeiture
Events</U>. The Committee may specify in an Award Agreement at the time of the Award that the Participant&#0146;s rights, payments
and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence
of certain specified events, in addition to any otherwise applicable vesting conditions of an Award. Such events shall include,
but shall not be limited to, termination of Service for &#0147;cause&#0148; (as may be defined in the Award Agreement), breach
of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant
that by the sole discretion of the Committee is materially detrimental to the business or reputation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase; color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Transfer
Restrictions</U>. No Award granted under the Plan may be sold, transferred, assigned, hypothecated or subject to any encumbrance,
pledge, or charge until all applicable restrictions are removed or have expired, unless otherwise allowed by the Committee. Failure
to satisfy any applicable restrictions shall result in the subject Restricted Shares or RSUs of the Award being forfeited and
returned to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase; color: #010000">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>General
Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Award
Agreement.</I> An Award under the Plan shall be evidenced by an Award Agreement in a written or electronic form approved by the
Committee setting forth the number of Restricted Shares or RSUs, as the case may be, subject to the Award, the purchase price
of the Award (if any), the time or times at which an Award will become vested and the term of the Award. The Award Agreement may
also set forth the effect on an Award of a Change in Control or a termination of Service under certain circumstances. The Award
Agreement shall be subject to and incorporate, by reference or otherwise, all of the applicable terms and conditions of the Plan,
and may also set forth other terms and conditions applicable to the Award as determined by the Committee consistent with the limitations
of the Plan. The grant of an Award under the Plan shall not confer any rights upon the Participant holding such Award other than
such terms, and subject to such conditions, as are specified in the Plan or as are expressly set forth in the Award Agreement.
An Award Agreement may be in the form of an agreement to be executed by both the Participant and the Company (or an authorized
representative of the Company) or certificates, notices or similar instruments as approved by the Committee. The Committee need
not require the execution of an Award Agreement by a Participant, in which case, acceptance of the Award by the Participant shall
constitute agreement by the Participant to the terms, conditions, restrictions and limitations set forth in the Plan and the Award
Agreement as well as any administrative guidelines of the Company in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Determinations
of Service.</I> The Committee shall make all determinations relating to the Service of a Participant with the Company or any Subsidiary
in connection with an Award, including with respect to the continuation, suspension or termination of such Service. A Participant&#0146;s
Service shall not be deemed terminated if the Committee determines that (i)&nbsp;a transition of employment to service with a
partnership, joint venture or corporation not meeting the requirements of a Subsidiary in which the Company or a Subsidiary is
a party is not considered a termination of Service, or (ii)&nbsp;the Participant transfers between service as an employee and
that of a member of the Board (or vice versa). The Committee may determine whether any corporate transaction, such as a sale or
spin-off of a division or subsidiary to which the Participant provides services, shall be deemed to result in a termination of
Service for purposes of any affected Awards, and the Committee&#0146;s decision shall be final and binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Right to Continued Service.</I> Nothing in the Plan, in the grant of any Award or in any Award Agreement shall confer upon any
Eligible Person or any Participant any right to continue in the Service of the Company or any of its Subsidiaries, or interfere
in any way with the right of the Company or any of its Subsidiaries to terminate the Service of an Eligible Person or a Participant
for any reason at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Delivery
of Shares.</I> The Committee may determine, in its discretion, the manner of delivery of Shares, as the case may be, to be issued
under the Plan, which may be by delivery of share certificates, electronic account entry into new or existing accounts or any
other means as the Committee, in its discretion, deems appropriate. The Committee may require that the share certificates be held
in escrow by the Company for any Shares or cause the Shares or the books or registers of the Company or any relevant transfer
agent to be legended in order to comply with the securities laws or other applicable restrictions, or should the Shares be represented
by book or electronic account entry rather than a certificate, the Committee may take such steps to restrict transfer of the Shares
as the Committee considers necessary or advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Securities
Law Compliance.</I> No Shares will be issued or transferred pursuant to an Award unless and until all then applicable requirements
imposed by securities laws, rules and regulations and by any regulatory agencies having jurisdiction, and by any exchanges upon
which the Shares may be listed, have been fully met. As a condition precedent to the issuance of Shares pursuant to the grant
or exercise of an Award, the Company may require the Participant to take any reasonable action to meet such requirements. The
Committee may impose such conditions on any Share issuable under the Plan as it may deem advisable, including, without limitation,
restrictions under the Securities Act, under the requirements of any exchange upon which such shares of the same class are then
listed, and under any blue sky or other securities laws applicable to such Share. The Committee may also require the Participant
to represent and warrant at the time of issuance or transfer that Shares are being acquired only for investment purposes and without
any current intention to sell or distribute such Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Tax
Withholding.</I> The Participant shall be responsible for payment of any taxes or similar charges (including, without limitation,
social security payments) required by law to be paid or withheld from an Award. Any required withholdings shall be paid or, in
the discretion, and with the express written consent, of the Committee, otherwise satisfied (including, without limitation, by
reduction of the number of Restricted Shares or Shares issued in respect of RSUs subject to the Award), by the Participant on
or prior to the payment or other event that results in taxable income in respect of an Award. The Award Agreement may specify
the manner in which the withholding obligation shall be satisfied with respect to the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Other
Compensation and Benefit Plans.</I> The adoption of the Plan shall not affect any other share incentive or other compensation
plans in effect for the Company or any Subsidiary, nor shall the Plan preclude the Company from establishing any other forms of
share incentive or other compensation or benefit program for employees or other service providers of the Company or any Subsidiary.
The amount of any compensation deemed to be received by a Participant pursuant to an Award shall not constitute includable compensation
for purposes of determining the amount of benefits to which a Participant is entitled under any other compensation or benefit
plan or program of the Company or a Subsidiary, including, without limitation, under any pension or severance benefits plan, except
to the extent specifically provided by the terms of any such plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Plan
Binding on Transferees.</I> The Plan shall be binding upon the Company, its successors, transferees and assigns, and the Participant,
the Participant&#0146;s executor, administrator and permitted transferees and beneficiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Severability.
</I>If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law
in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms,
and all provisions shall remain enforceable in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">11.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Governing
Law.</I> The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of Luxembourg without
regards to the principles of conflicts of laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Term;
Amendment and Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Term.
</I>The Plan shall become effective upon its approval by the Board, and shall automatically terminate ten (10)&nbsp;years from
October 28th, 2010, unless sooner terminated in accordance with Section&nbsp;11.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; color: #010000">12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Amendment
and Termination.</I> The Board may from time to time and in any respect, amend, modify, suspend or terminate the Plan. Notwithstanding
the foregoing, no amendment, modification, suspension or termination of the Plan shall adversely affect any Award theretofore
granted without the consent of the Participant or the permitted transferee of the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second Amended and Restated Restricted Share and Restricted
Stock Unit Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>

    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>s001017x2ex99-3_logo01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 s001017x2ex99-3_logo01.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ ? "" P$1  (1 0,1 ?_$ ,P    %!0$!
M      $" P@)  0%!@<*"P$!  $% 0$               ,! @0%!@<($
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M/_+W<$1N"*N"*N"),YDSF W7IH)1TT]GY^"(X'(/(#:CY!I_+P148>D!,(E
MH<Q$1TT#W!YCP1,'[AF>+=B+"T-4</"4^XG<?>8C;YMX X<HG(-Z:OR.KZ\
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M':&J,M%?A]KY=D'Y/F_O-F*Z8,B+A+"I\?STJVN6:WTV1PZ*?KT7]-34?B*
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MI'0AB <3Z]/5KTE$H=6HZ" ^ #P11)6Z?@;CW+;OD*V.@4QSVZ]H,I:%OFC
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MU[#9M<#421&35EB"*4IQZTVG]_W/0@(*=[7M+&$3 8W^KUL.IBAH4P@-XYF
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M/:N'\Z6$EY#')'9PW6AKOG:3IK3*A&?%1.EVWW(2@)NPYVX"#H7X!WDXX.)
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M)Q=V]MOD#A7'9&TO.+"G,9)R JR!I*Y!N"X',^EG^JJZA&#?J!NR;B<2MVA
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MH6+Z==0]G#PUOR'L5C]HV<=IT#=5>2ZO$5RN5UL#2OUR&@6@   TA8=C%-@
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'<D/$ZO7_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
