<SEC-DOCUMENT>0001104659-25-024108.txt : 20250317
<SEC-HEADER>0001104659-25-024108.hdr.sgml : 20250317
<ACCEPTANCE-DATETIME>20250317060127
ACCESSION NUMBER:		0001104659-25-024108
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250317
DATE AS OF CHANGE:		20250317

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:		25742195

	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>
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<?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>9</amendmentNo>
      <securitiesClassTitle>Common Shares, par value $1.50 per share</securitiesClassTitle>
      <dateOfEvent>03/15/2025</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>20.4</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 100,053,777 Common Shares outstanding as of December 31, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 13, 2025.</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>20.4</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Note in relation to Item 13: This percentage is calculated based upon 100,053,777 Common Shares outstanding as of December 31, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 13, 2025.</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>20.4</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 100,053,777 Common Shares outstanding as of December 31, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 13, 2025.</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, Amendment No. 7 filed on February 18, 2025 and Amendment No. 8 filed on February 25, 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. 9 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>
      <item5>
        <percentageOfClassSecurities>The Reporting Persons beneficially own an aggregate of 20,398,699 shares of the Issuer's Common Shares, representing 20.4% of the outstanding Common Shares.</percentageOfClassSecurities>
        <numberOfShares>Each of the Reporting Persons has voting and dispositive power with respect to the beneficially owned 20,398,699 shares. The percentages reported herein are calculated based upon 100,053,777 Common Shares outstanding as of December 31, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 13, 2025.</numberOfShares>
        <transactionDesc>Schedule B forth the transactions in the Common Shares effected by the Reporting Persons during the past 60 days.</transactionDesc>
        <listOfShareholders>None.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>Item 6 is hereby amended and supplemented to add the following:

On March 15, 2025, the Issuer and Tether Investments entered into an agreement (the "Extension Agreement") to extend the exclusivity period under the Exclusivity Agreement until March 30, 2025. Except as provided in the Extension Agreement, the Exclusivity Agreement remains unchanged and in full force and effect.

The foregoing summary of the Extension 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 99.4 and is incorporated herein by reference.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Schedule B - Open Market Purchases

Exhibit 99.4 - Exclusivity agreement extension letter, dated as of March 15, 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>03/17/2025</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>03/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Giancarlo Devasini</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Giancarlo Devasini</signature>
          <title>Giancarlo Devasini, individually</title>
          <date>03/17/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

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<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>2
<FILENAME>tm259305d1_ex99-b.htm
<DESCRIPTION>SCHEDULE B
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule B</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: justify">The following table lists all transactions completed
by the Reporting Persons in the Common Shares since January 16, 2025, which were all completed through open market purchases.</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>Tether Investments, S.A. de C.V.:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; border-collapse: collapse; margin-right: 3in">
  <TR>
    <TD STYLE="width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares Bought</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>January 16, 2025</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>38,995</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.8288</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>January 17, 2025</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>50,000</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.71</B></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>3
<FILENAME>tm259305d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="tm259305d1_ex99-4img001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 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">13-15 Avenue de la Liberte, N/A, N4, L-1931</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; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Extension of the Exclusivity Agreement</U></TD>
</TR></TABLE>

<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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Dear Mr. Bosch:</P>

<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: 0pt 0">Reference is made to that certain letter regarding exclusivity dated
February 24, 2025 (the &ldquo;<B>Exclusivity Letter</B>&rdquo;) between Tether Investments, S.A. de C.V. (&ldquo;<B>Tether</B>&rdquo;)
and Adecoagro S.A. (the &ldquo;<B>Company</B>&rdquo;). Capitalized terms used and not otherwise defined herein shall have their respective
meanings set forth in the Exclusivity Letter.</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">In consideration of the  discussions
between the parties  in respect of the Proposed Transaction, Tether and the Company hereby mutually
agree that the Exclusivity Period shall continue beyond March 16, 2025 and the &ldquo;<B>Expiration Date</B>&rdquo; shall mean the earliest
of: (a) the date on which a Definitive Agreement is entered into between Tether and the Company; (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 30, 2025; provided that the Expiration Date may be extended by the mutual written agreement of the parties. Except as provided
in this letter (this &ldquo;<B>Extension Letter</B>&rdquo;), the Exclusivity Letter shall remain unchanged and in full force and effect.</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">This Extension 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 this Extension 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 Extension 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: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nothing in this Extension Letter, the Exclusivity
Letter or the Letter of Intent should be considered to constitute a binding obligation of Tether or the Company to enter into a 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; text-align: justify">&nbsp;</P>

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

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




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Sincerely,</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Tether Investments, S.A. de C.V.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
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    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"> /s/ Giancarlo Devasini&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Giancarlo Devasini</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
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    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
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  <TR STYLE="font-size: 10pt; vertical-align: bottom">
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  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">Adecoagro S.A.</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"> /s/ Mariano Bosch</TD>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Director</TD>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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