<SEC-DOCUMENT>0001104659-25-016734.txt : 20250225
<SEC-HEADER>0001104659-25-016734.hdr.sgml : 20250225
<ACCEPTANCE-DATETIME>20250225080015
ACCESSION NUMBER:		0001104659-25-016734
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250225
DATE AS OF CHANGE:		20250225

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86092
		FILM NUMBER:		25659465

	BUSINESS ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tether Holdings, S.A. de C.V.
		CENTRAL INDEX KEY:			0002025889
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			H3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		FINAL AV. LA REVOLUCION, EDIF. CENTRO
		STREET 2:		CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
		CITY:			SAN SALVADOR
		STATE:			H3
		ZIP:			00000
		BUSINESS PHONE:		443333355842

	MAIL ADDRESS:	
		STREET 1:		FINAL AV. LA REVOLUCION, EDIF. CENTRO
		STREET 2:		CORPORATIVO PRESIDENTE PLAZA, NIVEL 12
		CITY:			SAN SALVADOR
		STATE:			H3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tether Holdings Ltd
		DATE OF NAME CHANGE:	20240604
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Tether Holdings, S.A. de C.V. -->
          <cik>0002025889</cik>
          <ccc>XXXXXXXX</ccc>
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      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>8</amendmentNo>
      <securitiesClassTitle>Common Shares, par value $1.50 per share</securitiesClassTitle>
      <dateOfEvent>02/24/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001499505</issuerCIK>
        <issuerCUSIP>L00849106</issuerCUSIP>
        <issuerName>ADECOAGRO S.A.</issuerName>
        <address>
          <com:street1>28, Boulevard F.W. Raiffeisen</com:street1>
          <com:city>Luxembourg</com:city>
          <com:stateOrCountry>N4</com:stateOrCountry>
          <com:zipCode>L-2411</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Tether Holdings, S.A. de C.V.</personName>
          <personPhoneNum>443333355842</personPhoneNum>
          <personAddress>
            <com:street1>Final Av. La Revolucion, Edif. Centro</com:street1>
            <com:street2>Corporativo Presidente Plaza</com:street2>
            <com:city>Nivel 12 San Salvador</com:city>
            <com:stateOrCountry>H3</com:stateOrCountry>
            <com:zipCode>00000</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Daniel Woodard</personName>
          <personPhoneNum>(212) 547-5400</personPhoneNum>
          <personAddress>
            <com:street1>McDermott Will &amp; Emery LLP</com:street1>
            <com:street2>One Vanderbilt Avenue</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0002025889</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Tether Holdings, S.A. de C.V.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>Y</legalProceedings>
        <citizenshipOrOrganization>H3</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.2</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Items 8, 10 and 11: Includes 20,398,699 common shares, par value $1.50 per share ("Common Shares") of Adecoagro S.A. held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V.

Note in relation to Item 13: This percentage is calculated based upon 100,836,801 Common Shares outstanding as of September 30, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2024.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0002049832</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Tether Investments, S.A. de C.V.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>H3</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.2</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Item 13: This percentage is calculated based upon 100,836,801 Common Shares outstanding as of September 30, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2024.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Giancarlo Devasini</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>L6</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>20398699.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>20398699.00</sharedDispositivePower>
        <aggregateAmountOwned>20398699.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>20.2</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Note in relation to Items 8, 10 and 11: Includes 20,398,699 Common Shares held by Tether Investments, S.A. de C.V., a wholly owned subsidiary of Tether Holdings, S.A. de C.V. Mr. Devasini has a greater than 50% voting interest in Tether Holdings, S.A. de C.V. The reporting person disclaims beneficial ownership of these shares except to the extent of the reporting person's pecuniary interest.

Note in relation to Item 13: This percentage is calculated based upon 100,836,801 Common Shares outstanding as of September 30, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 13, 2024.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Shares, par value $1.50 per share</securityTitle>
        <issuerName>ADECOAGRO S.A.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>28, Boulevard F.W. Raiffeisen</com:street1>
          <com:city>Luxembourg</com:city>
          <com:stateOrCountry>N4</com:stateOrCountry>
          <com:zipCode>L-2411</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This statement on Schedule 13D amends the Schedule 13D of Tether Holdings Limited, a British Virgin Islands business company, Tether Investments Limited, a British Virgin Islands business company, Ludovicus Jan Van der Velde and Giancarlo Devasini that was originally filed with the Securities and Exchange Commission on August 16, 2024, as amended by Amendment No. 1 filed on September 9, 2024, Amendment No. 2 filed on September 20, 2024, Amendment No. 3 filed on September 30, 2024, Amendment No. 4 filed on October 18, 2024, Amendment No. 5 filed on November 5, 2024, Amendment No. 6 filed on November 18, 2024 and Amendment No. 7 filed on February 18, 2025 (as amended, the "Schedule 13D") with respect to the Common Shares, par value $1.50 per share ("Common Shares") of Adecoagro S.A., a societe anonyme under the laws of the Grand Duchy of Luxembourg (the "Issuer"). This amendment to the Schedule 13D is being filed by Tether Holdings, S.A. de C.V. (f/k/a Tether Holdings Limited), an El Salvador entity, Tether Investments, S.A. de C.V. (f/k/a Tether Investments Limited), an El Salvador entity ("Tether Investments"), and Giancarlo Devasini (collectively, the "Reporting Persons") and constitutes Amendment No. 8 to the Schedule 13D. Capitalized terms used but not defined herein have the meanings given to such terms in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended and supplemented to add the following:

The information set forth in Item 6 of this Schedule 13D is incorporated herein by reference.</transactionPurpose>
      </item4>
      <item6>
        <contractDescription>Item 6 is hereby amended and supplemented to add the following:

On February 24, 2025, Tether Investments and the Issuer entered into a letter agreement (the "Exclusivity Agreement"), pursuant to which Tether Investments has been granted a period of exclusivity until March 16, 2025, during which the Issuer agreed not to, directly or indirectly, solicit, participate in negotiations with, furnish any confidential information to any person other than the Reporting Person with respect to the Issuer or any of its subsidiaries in connection with, or approve or enter into any agreement relating to, any alternative third-party proposal to make a material investment in, acquire a material equity interest in, or acquire a material portion of the assets of, the Issuer.

In addition, the Exclusivity Agreement includes (i) a standstill provision which, subject to exceptions, restricts Tether Investments and its affiliates or associates, and their respective representatives from acquiring ownership of any securities or assets of the Issuer, seeking to enter into any agreement, arrangement or understanding with respect to a business combination or other similar transaction involving the Issuer or engaging in certain other actions relating to the possible acquisition or control of the Issuer, during the exclusivity period and (ii) a lock-up provision providing that Tether Investments may not, without the Issuer's prior written consent, subject to limited exceptions, directly or indirectly, offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any Common Shares, or any options or warrants to purchase any Common Shares, or any securities convertible into, exchangeable for or that represent the right to receive Common Shares, or any interest in any of the foregoing for a period of three months following the date of the Exclusivity Agreement.

The foregoing summary of the Exclusivity Agreement does not purport to be a complete description of the terms and conditions of such agreement and is qualified in its entirety by reference to the full text of the agreement, a copy of which is filed herewith as Exhibit 99.3 and is incorporated herein by reference.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 99.3 - Exclusivity Agreement, dated as of February 24, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Tether Holdings, S.A. de C.V.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, President</title>
          <date>02/25/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Tether Investments, S.A. de C.V.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, Sole Administrator</title>
          <date>02/25/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Giancarlo Devasini</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, individually</title>
          <date>02/25/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>2
<FILENAME>tm257401d1_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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm257401d1_ex99-3img001.jpg" ALT="" STYLE="height: 69px; width: 222px"></FONT></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">February&nbsp;24, 2025</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">Adecoagro S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">28, Boulevard F.W. Raiffeisen,
L-2411, Luxembourg, Grand Duchy of Luxembourg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Mariano Bosch, Chief Executive Officer</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"><FONT STYLE="font-size: 10pt">Re:</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Exclusivity
Letter</U></FONT></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"><FONT STYLE="font-size: 10pt">Dear Mr.&nbsp;Bosch:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Reference is made to that certain letter dated February
14, 2025 (the &ldquo;<B>Letter of Intent</B>&rdquo;) from Tether Investments, S.A. de C.V. (&ldquo;<B>Tether</B>&rdquo;) and addressed
to the board of directors of Adecoagro S.A. (the &ldquo;<B>Company</B>&rdquo;), with respect to a proposed transaction that would involve
the acquisition by Tether of such number of common shares, par value $1.50 per share (&ldquo;<B>Common Shares</B>&rdquo;), of the Company,
that would result in Tether and its affiliates collectively holding 51% of the outstanding Common Shares of the Company (the &ldquo;<B>Proposed
Transaction</B>&rdquo;). This letter (this &ldquo;<B>Exclusivity Letter</B>&rdquo;) is the exclusivity agreement referred to in the Letter
of Intent. For the avoidance of doubt, the Company and the Company&rsquo;s board of directors have not agreed to the terms of the Proposed
Transaction, which remain subject to ongoing negotiation. All capitalized terms used and not otherwise defined in this Exclusivity Letter
shall have the meanings assigned to such terms in the Letter of Intent.</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">In consideration of Tether&rsquo;s submission
of the Letter of Intent, evaluation of the Proposed Transaction and incurring expenses in connection therewith, the Company hereby agrees
that, for the period beginning on the date of this Exclusivity Letter and ending on the Expiration Date (as defined below) (the &ldquo;<B>Exclusivity
Period</B>&rdquo;), the Company shall not, and shall not authorize or permit any of its Representatives (as defined below) to, directly
or indirectly: (i)&nbsp;solicit, initiate, knowingly encourage, facilitate, discuss or negotiate any expression of interest, inquiry,
proposal, or offer from any Third Party (as defined below) relating to or that could reasonably lead to a possible Alternative Transaction
(as defined below); (ii)&nbsp;initiate, continue or otherwise participate in any discussions or negotiations or enter into any agreement
with, or provide any confidential, proprietary, or non-public information or data room access to, any Third Party relating to or in connection
with a possible Alternative Transaction; (iii)&nbsp;authorize, engage in, or enter into any agreement or understanding with respect to,
any Alternative Transaction, or (iv)&nbsp;accept any proposal or offer from any Third Party relating to a possible Alternative Transaction.</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-top: 0pt; margin-bottom: 0pt; text-align: justify">If, during the Exclusivity Period,
the Company or any of its Representatives receives from a Third Party any written expression of interest, proposal or offer regarding
or relating to an actual or possible Alternative Transaction, the Company will, to the extent legally permissible, promptly (and in any
event within 48 hours) notify Tether in writing that such expression of interest, proposal or offer has been received, and disclose to
Tether the material terms thereof (other than the identity of the Third Party making such written expression of interest, proposal or
offer).</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"></P>

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<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">Tether represents and warrants that as of the
date hereof, neither Tether nor any of its affiliates beneficially owns any securities of Company except for 20,398,699 Common Shares.
In consideration of the Company&rsquo;s entering into this Exclusivity Letter, Tether agrees that, during the Exclusivity Period, except
in connection with an offer by Tether to acquire all of the Common Shares of Company not owned by Tether as of the date hereof, Tether
will not (and will ensure that its affiliates and associates (as such terms are defined in Rule&nbsp;12b-2 of the Securities Exchange
Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;)) and any person acting on behalf of or in concert with Tether or any
of its affiliates or associates will not), directly or indirectly, without the prior written consent of Company, (i)&nbsp;acquire, agree
to acquire, propose, seek or offer to acquire, or facilitate the acquisition or ownership of, any securities (whether debt or equity)
or assets of Company or any of its subsidiaries, or any warrant, option or other direct or indirect right to acquire any such securities
or assets, (ii)&nbsp;enter, agree to enter, propose, seek or offer to enter into or facilitate any merger, business combination, recapitalization,
restructuring or other extraordinary transaction involving Company or any of its subsidiaries, (iii)&nbsp;initiate, encourage, make,
or in any way participate or engage in, any &ldquo;solicitation&rdquo; of &ldquo;proxies&rdquo; as such terms are used in the proxy rules&nbsp;of
the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) to vote, or seek to advise or influence any person with respect
to the voting of, any voting securities of Company (including, for the avoidance of doubt, indirectly by means of communication with
the press or the media), (iv)&nbsp;file with the SEC a proxy statement or any supplement thereof or any other soliciting material in
respect of Company or its shareholders that would be required to be filed with the SEC pursuant to Rule&nbsp;14a-12 or other provisions
of the Exchange Act, (v)&nbsp;nominate or recommend for nomination a person for election at any shareholder meeting at which directors
of Company&rsquo;s board of directors are to be elected, (vi)&nbsp;submit any shareholder proposal for consideration at, or bring any
other business before, any Company shareholder meeting, (vii)&nbsp;initiate, encourage, make, or in any way participate or engage in,
any &ldquo;withhold&rdquo; or similar campaign with respect to any Company shareholder meeting, (viii)&nbsp;form, join or in any way
participate in a &ldquo;group&rdquo; (within the meaning of Section&nbsp;13(d)(3)&nbsp;of the Exchange Act) with respect to any voting
securities of the Company, (ix)&nbsp;call, request the calling of, or otherwise seek or assist in the calling of a special meeting of
the shareholders of Company, (x)&nbsp;otherwise act, alone or in concert with others, to seek to control or influence the management
or the policies of Company, (xi)&nbsp;disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing
or (xii)&nbsp;advise, assist or encourage or enter into any discussions, negotiations, agreements or arrangements with any other Persons
in connection with the foregoing; provided that the foregoing shall not prevent Tether from submitting confidential proposals to Company
with respect to the Proposed Transaction until such time as the Company notifies Tether that it is terminating discussions with Tether
concerning the Proposed Transaction. Tether&rsquo;s obligations under this paragraph shall terminate immediately (and without further
action by any party hereto) if any Person or group of Persons shall have acquired or entered into a definitive agreement with Company
to acquire, or the board of directors of Company has approved, an acquisition of, more than 50% of each class of equity securities of
Company, or assets of Company or its subsidiaries representing more than 50% of the consolidated earning power of Company and its subsidiaries.
Tether further agrees that during the Exclusivity Period Tether will not (and will ensure that Tether&rsquo;s affiliates and associates
(and any Person acting on behalf of or in concert with Tether or any of its affiliates or associates) will not), directly or indirectly,
without the prior written consent of Company take any action that would reasonably be expected to require Company to make a public announcement
regarding the possibility of a business combination, merger or other type of transaction described in this paragraph with Tether or any
of its affiliates.</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"></P>

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<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">In consideration of the Company&rsquo;s entering
into this Exclusivity Letter, Tether further agrees that it will not, and will not cause any direct or indirect affiliate to, without
the consent of the Company, which consent shall not be unreasonably withheld, for a period of three months following the date hereof
(the &ldquo;<B>Lock-Up Period</B>&rdquo;), (1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or
indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares (including without
limitation, Common Shares or such other securities which may be deemed to be beneficially owned by Tether in accordance with the rules&nbsp;and
regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant) (collectively with the Common Shares,
the &ldquo;<B>Lock-Up Securities</B>&rdquo;), (2)&nbsp;enter into any hedging, swap or other agreement or transaction that transfers,
in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described
in clause (1)&nbsp;or (2)&nbsp;above is to be settled by delivery of Lock-Up Securities, in cash or otherwise, or (3)&nbsp;publicly disclose
the intention to do any of the foregoing. Notwithstanding the foregoing, during the Lock-Up Period, Tether may transfer Lock-Up Securities
pursuant to a bona fide Third Party tender offer, merger, consolidation or other similar transaction made to all holders of the Company&rsquo;s
capital stock, involving a change of control of the Company, provided that in the event that such tender offer, merger, consolidation
or other such transaction is not completed, the Lock-Up Securities shall remain subject to the restrictions of this paragraph. Tether
acknowledges and agrees that the foregoing precludes Tether from engaging in any hedging or other transactions or arrangements (including,
without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward,
swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably
be expected to lead to or result in, a sale or disposition or transfer (whether by Tether or any other person) of any economic consequences
of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or
instrument provided for thereunder) would be settled by delivery of Lock-Up Securities, in cash or otherwise.</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">Each of the parties acknowledges and agrees that,
in addition to all other remedies available (at law or otherwise), each party shall be entitled to seek equitable relief (including injunction
and specific performance) as a remedy for any breach or threatened breach of any provision of this Exclusivity Letter by the other party.</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">For purposes of the foregoing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Alternative
                                            Transaction</B>&rdquo; means any transaction involving, directly or indirectly: (i)&nbsp;the
                                            sale, license or disposition (by the Company or any affiliate of the Company) of a material
                                            portion of the assets of the Company and its subsidiaries, taken as a whole; (ii)&nbsp;the
                                            sale, issuance or disposition by the Company of (A)&nbsp;a material portion of the capital
                                            stock of the Company or (B)&nbsp;any security or instrument convertible into or exchangeable
                                            for a material portion of the capital stock of the Company, in each case to any Person other
                                            than Tether; or (iii)&nbsp;any merger, consolidation, business combination, share exchange,
                                            reorganization, or similar transaction involving the Company that would directly or indirectly
                                            result in any of the foregoing, in each case, excluding the Proposed Transaction or any other
                                            transaction with Tether and its affiliates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&ldquo;<B>Expiration
Date</B>&rdquo; means the earliest of: (a) the date on which a definitive agreement is entered into between Tether and the Company with
respect to the Proposed Transaction (&ldquo;<B>Definitive Agreement</B>&rdquo;); (b) the date on which Tether advises the Company in
writing that Tether is terminating all negotiations regarding the Proposed Transaction; or (c) 11:59 pm Eastern Standard Time on March
16, 2025; provided that the Expiration Date may be extended by the mutual written agreement of the parties.</P>
</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Person</B>&rdquo;
                                            means any individual and any corporation, partnership, entity, group, tribunal or governmental
                                            authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Representatives</B>&rdquo;
                                            means, with respect to any Person, (i)&nbsp;the affiliates of such Person, and (ii)&nbsp;the
                                            officers, directors, attorneys, advisors, accountants, agents and other representatives of
                                            such Person.</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"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Third
                                            Party</B>&rdquo; means any Person other than Tether and its affiliates.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">This Exclusivity Letter shall be governed by and construed
in accordance with the laws of New York (without giving effect to principles of conflicts of laws). Any dispute arising out of or in connection
with Exclusivity Letter, including any question regarding its existence, validity, interpretation, breach or termination, shall be referred
to and finally resolved by arbitration administered by the London Court of International Arbitration (LCIA) under the LCIA Rules, which
are deemed to be incorporated by reference herein. The number of arbitrators shall be one. The seat, or legal place, of arbitration shall
be London, England. The language to be used in the arbitral proceedings shall be English. All proceedings, including any negotiations,
mediations, arbitrations and/or litigations, conducted pursuant to this Exclusivity Letter shall be confidential. Except as may be required
by law, neither a party nor any arbitrator(s) may disclose or publish the existence, content, documents exchanged, pleadings or written
submissions filed, testimony rendered or arguments made, orders or awards issued or results of any proceedings conducted hereunder without
the prior written consent of both parties.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">This Exclusivity Letter constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written
and oral, between the parties with respect to the subject matter hereof, other than that certain Nondisclosure Agreement dated February
24, 2025, by and between Tether and the Company (which shall remain in full force and effect). This Exclusivity Letter may not be amended,
changed, supplemented or otherwise modified except by an instrument in writing specifically designated as an amendment hereto, signed
on behalf of each party. This Exclusivity Letter may be executed in counterparts, which together shall constitute one instrument. Facsimiles
or scans of duly executed counterpart signature pages are acceptable and shall deemed to be originals.</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">Nothing in this Exclusivity Letter or the Letter
of Intent should be considered to constitute a binding obligation of Tether or the Company to enter into the Definitive Agreement or
any other agreement or otherwise proceed with the Proposed Transaction.</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"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Sincerely,</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">Tether Investments, S.A. de C.V.</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/
    Giancarlo Devasini</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Giancarlo Devasini</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sole Administrator</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>AGREED AND ACKNOWLEDGED:</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Adecoagro S.A.</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Mariano Bosch</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Mariano Bosch</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Director</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Emilio Gnecco</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Emilio Gnecco</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Authorized Officer</P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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


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

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