DELTA AND PINE LAND COMPANY

                              AMENDED AND RESTATED

                          1995 LONG-TERM INCENTIVE PLAN


1. Purpose.  The purpose of the DELTA AND PINE LAND COMPANY AMENDED AND RESTATED
1995  LONG-TERM  INCENTIVE PLAN (the "Plan") is to further the earnings of DELTA
AND  PINE  LAND  COMPANY,   a  Delaware   corporation,   and  its   subsidiaries
(collectively,  the "Company") by assisting the Company in attracting, retaining
and motivating management employees and directors of high caliber and potential.
The Plan provides for the award of long-term incentives to those officers, other
key employees and directors who make substantial contributions to the Company by
their loyalty, industry and invention.


2.  Administration.   The  Plan  shall  be  administered  by  a  committee  (the
"Committee")  selected by the Board of  Directors  of the Company (the "Board of
Directors") consisting solely of two or more members who are "outside directors"
as described in Section 162(m) of the Internal  Revenue Code of 1986, as amended
(the  "Code").  Except  to the  extent  permitted  under  Rule  16b-3  under the
Securities  Exchange Act of 1934,  as amended (the "1934 Act") (or any successor
rule of similar  import),  each Committee member shall be ineligible to receive,
and shall  not have  been,  during  the  one-year  period  prior to  appointment
thereto,  granted or awarded  stock  options  pursuant to this Plan or any other
similar plan of the Company or any  affiliate of the Company.  Without  limiting
the  foregoing,  the  Committee  shall  have  full and  final  authority  in its
discretion to interpret  the  provisions of the Plan and to decide all questions
of fact  arising in its  application.  Subject  to the  provisions  hereof,  the
Committee shall have full and final authority in its discretion to determine the
employees  and  directors  to whom  awards  shall be made  under  the  Plan;  to
determine  the type of  awards  to be made and the  amount,  size and  terms and
conditions  of each such  award;  to  determine  the time when  awards  shall be
granted; to determine the provisions of each agreement  evidencing an award; and
to make all other  determinations  necessary or advisable for the administration
of the Plan.


3. Stock  Subject to the Plan.  The Company may grant awards under the Plan with
respect to not more than a total of  5,120,000  shares of $.10 par value  common
stock of the Company (the "Shares") (subject, however, to adjustment as provided
in paragraph 17, below).  Such Shares may be authorized  and unissued  Shares or
treasury Shares.  Except as otherwise  provided herein, any Shares subject to an
option or right which for any reason is surrendered  before  exercise or expires
or is terminated  unexercised as to such Shares shall again be available for the
granting of awards under the Plan.



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4.  Eligibility to Receive Awards.  Persons eligible to receive awards under the
Plan shall be limited to those  officers,  other key  employees and directors of
the Company who are in positions in which their  decisions,  actions and counsel
have a significant impact upon the profitability and success of the Company (but
excluding members of the Committee, except as provided in paragraph 6(h)).


5. Form of Awards.  Awards may be made from time to time by the Committee in the
form of stock options to purchase Shares. Stock options may be options which are
intended to qualify as  incentive  stock  options  ("Incentive  Stock  Options")
within  the  meaning  of Section  422(b) of the Code,  or options  which are not
intended to so qualify ("Nonqualified Stock Options").


6. Stock Options. Stock options for the purchase of Shares shall be evidenced by
written  agreements in such form not inconsistent with the Plan as the Committee
shall  approve from time to time;  provided  that the maximum  number of options
which may be granted to any one grantee during any twelve-month period is 75,000
(as adjusted pursuant to paragraph 17, below).  Such agreement shall contain the
terms and  conditions  applicable  to the options,  including  in substance  the
following terms and conditions:

(a) Type of Option. Each option agreement shall identify the options represented
thereby as Incentive  Stock Options or Nonqualified  Stock Options,  as the case
may be, and shall set forth the number of Shares subject to the options.

(b) Option Price.  The option  exercise  price to be paid by the optionee to the
Company  for each  Share  purchased  upon the  exercise  of an  option  shall be
determined by the Committee, but shall in no event be less than 100% of the fair
market value per Share on the date the option is granted,  as  determined by the
Committee.

(c) Exercise Term.  Each option  agreement  shall state the period or periods of
time  within  which  the  option  may be  exercised,  in whole  or in  part,  as
determined  by the  Committee  and subject to such terms and  conditions  as are
prescribed for such purpose by the  Committee,  provided that no option shall be
exercisable  after ten years from the date of grant thereof.  The Committee,  in
its discretion,  may provide in the option agreement  circumstances  under which
the option  shall  become  immediately  exercisable,  in whole or in part,  and,
notwithstanding the foregoing,  may accelerate the exercisability of any option,
in whole or in part, at any time.

(d) Payment for Shares.  The purchase  price of the Shares with respect to which
an option is exercised shall be payable in full at the time of exercise in cash,
Shares at fair market  value,  or a  combination  thereof,  as the Committee may
determine  and subject to such terms and  conditions as may be prescribed by the
Committee for such purpose.  Payment may also be made, in the  discretion of the
Committee,  by delivery (including by facsimile  transmission) to the Company or
its designated agent of an executed  irrevocable option exercise form,  together
with  irrevocable  instructions  to  a  broker-dealer  to  sell  (or  margin)  a
sufficient portion of the Shares, and deliver the sale (or margin loan) proceeds
directly to the Company to pay for the purchase  price. If the purchase price is
paid by tendering Shares, the Committee in its discretion may grant the optionee
a new stock option for the number of Shares used to pay the purchase price.

(e) Rights Upon  Termination.  In the event of Termination (as defined below) of
an  optionee's  status as an  employee  or director of the Company for any cause
other than  Retirement  (as  defined  below),  death or  Disability  (as defined
below), the optionee shall have the right to exercise the option during its term
within a period of three  months after such  Termination  to the extent that the
option was exercisable at the time of Termination,  or within such other period,
and subject to such terms and conditions,  as may be specified by the Committee.
(As  used  herein,  "Termination"  means,  (i) in the case of an  employee,  the
cessation of the grantee's employment by the Company for any reason, and (ii) in
the case of a director,  the cessation of the grantee's service as a director of
the Company;  and "Terminates" has the  corresponding  meaning.  As used herein,
"Retirement"  means  retirement  from  active  employment  (in  the  case  of an
employee), or active service (in the case of a director), with the Company on or
after age 65, or such earlier age with the express  written consent for purposes
of the  Plan of the  Company  at or  before  the  time of such  retirement,  and
"Retires" has the corresponding  meaning.  As used herein,  "Disability" means a
condition  that,  in the  judgment  of the  Committee,  has  rendered  a grantee
completely  and presumably  permanently  unable to perform any and every duty of
his regular occupation,  and "Disabled" has the corresponding  meaning).  In the
event that an optionee Retires, dies or becomes Disabled prior to the expiration
of his option and without having fully exercised his option, the optionee or his
Beneficiary  (as  defined  below)  shall have the right to  exercise  the option
during  its term  within  a period  of (i) one  year  after  Termination  due to
Retirement,  death or  Disability,  or (ii) one year after death if death occurs
either  within one year after  Termination  due to  Retirement  or Disability or
within three months after Termination for other reasons,  to the extent that the
option was exercisable at the time of death or Termination, or within such other
period,  and subject to such terms and  conditions,  as may be  specified by the
Committee. (As used herein, "Beneficiary" means the person or persons designated
in writing by the grantee as his Beneficiary  with respect to an award under the
Plan; or, in the absence of an effective designation or if the designated person
or persons predecease the grantee, the grantee's Beneficiary shall be the person
or persons who acquire by bequest or inheritance the grantee's rights in respect
of an award). In order to be effective, a grantee's designation of a Beneficiary
must be on file with the  Committee  before the  grantee's  death,  but any such
designation  may be revoked and a new  designation  substituted  therefor at any
time before the grantee's death.

(f)  Nontransferability.  Except as provided in Paragraph 13(b), options granted
under the Plan shall not be sold,  assigned,  transferred,  exchanged,  pledged,
hypothecated,  or  otherwise  encumbered,  other  than by will or by the laws of
descent and  distribution.  Except as provided in  Paragraph  13(b),  during the
lifetime of the optionee the option is exercisable only by the optionee.

(g) Incentive  Stock  Options.  In the case of an Incentive  Stock Option,  each
option shall be subject to such other terms  conditions  and  provisions  as the
Committee  determines  necessary or desirable in order to qualify such option as
an incentive  stock option within the meaning of Section  422(b) of the Code (or
any  amendment or substitute  or successor  thereto or  regulation  thereunder),
including in substance, without limitation, the following:

(i) The purchase  price of stock subject to an Incentive  Stock Option shall not
be less than 100 percent of the fair market  value of such stock on the date the
option is granted, as determined by the Committee.

(ii) The aggregate  fair market value  (determined  as of the time the option is
granted)  of the  stock  with  respect  to which  incentive  stock  options  are
exercisable  for the first time by an optionee in any  calendar  year (under all
plans of the  Company  and its  subsidiary  corporations  (which  term,  as used
hereinafter,  shall have the meaning  ascribed  thereto in Section 424(f) of the
Code (or successor provision of similar import))) shall not exceed $100,000.

(iii) No Incentive  Stock Option shall be granted to any employee if at the time
the option is granted the individual owns stock  possessing more than 10 percent
of the total combined  voting power of all classes of stock of the Company or of
a  subsidiary  corporation  of the  Company,  unless at the time such  option is
granted the option  price is at least 110  percent of the fair market  value (as
determined by the  Committee) of the stock subject to the option and such option
by its terms is not exercisable after the expiration of five years from the date
of grant.

(iv)  Directors  who are not  employees of the Company  shall not be eligible to
receive Incentive Stock Options.

(v) In the event of  Termination  of employment by reason of  Retirement,  if an
Incentive Stock Option is exercised after the expiration of the exercise periods
that apply for purposes of Section 422 of the Code,  the option will  thereafter
be treated as a Nonqualified Stock Option.

(h) Automatic Grant of Options to Directors.

(i) There  shall  automatically  be  granted to each  person who is an  Employee
Director  or  Non-Employee  Director  at the date of the  annual  meeting of the
stockholders  of the Company in each of the five (5) years following the meeting
of the Company's  stockholders  at which this  provision is adopted (and to each
person who is thereafter  first elected an Employee  director or a  Non-Employee
Director,  at date of the annual meeting of the  stockholders  of the Company in
each of the five (5) years  following the meeting of the Company's  stockholders
as which such person is first elected a Director),  a Nonqualified  Stock Option
to purchase 2,666 Shares (as adjusted pursuant to paragraph 17 below).



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(ii) If,  during the period  beginning  on  December 1, 1995 and ending with the
2006 annual meeting of the  stockholders of the Company  ("Annual  Meeting"),  a
person is first elected or appointed as an Employee or Non-employee  Director of
the Company,  such person shall thereupon be granted a Nonqualified Stock Option
to purchase 62,222 Shares (as adjusted pursuant to paragraph 17, below).

(iii) Immediately and automatically  upon the Amendment of the Plan on March 30,
2000,  there shall be granted to each  person who is an  Employee  Director or a
Non-employee  Director a Nonqualified Stock Option to purchase 80,000 Shares (as
adjusted pursuant to paragraph 17, below).

(ii) The automatic  grants described in this paragraph 6(h) shall constitute the
only awards under the Plan permitted to be made to Non-employee Directors of the
Company.

(i) Grants of Non-employee Directors. Notwithstanding any other provision of the
Plan, the grant of options  hereunder to directors who are not also employees of
the Company  ("Non-employee  Directors") shall be subject to the following terms
and conditions:

(i) The purchase  price of stock  subject to an option  granted to  Non-employee
Directors  under  Section  6(h) shall be equal to 100 percent of the fair market
value of such stock on the date the option is granted.

(ii) Except as provided in  paragraph  15, each option  granted to  Non-employee
Directors  under  paragraph  6(h) shall become  exercisable in  installments  as
follows:  to the extent of 20 percent of the number of Shares originally covered
by the option, at any time after the commencement of the second year of the term
of the option,  and to the extent of an  additional 20 percent of such number of
Shares, at any time after the commencement of each of the third,  fourth,  fifth
and sixth years of the term of the  option;  provided,  however,  that the stock
option agreements for options granted under paragraph 6(h) shall provide that if
the tenure of such Non-employee Director shall terminate by reason of Retirement
at or after age 65, such options shall be fully  exercisable with respect to all
Shares not  previously  purchased,  commencing on the date of retirement of such
Director and continuing for a period of three months.

(iii) Unless otherwise  provided in the Plan, all provisions with respect to the
terms of  Nonqualified  Stock Options  hereunder  shall be applicable to options
granted to Non-employee Directors under paragraph 6(h).


7. Loans and Supplemental Cash. The Committee, in its sole discretion to further
the purpose of the Plan, may provide for supplemental  cash payments or loans to
individuals  in  connection  with all or any part of an award  under  the  Plan.
Supplemental  cash  payments  shall be subject to such terms and  conditions  as
shall be prescribed  by the Committee at the time of grant,  provided that in no
event shall the amount of payment exceed the excess fair market value of a Share
on the date of exercise over the option price multiplied by the number of Shares
for which such option is  exercised.  Any loan shall be  evidenced  by a written
loan agreement or other  instrument in such form and  containing  such terms and
conditions  (including,  without  limitation,  provisions for interest,  payment
schedules,  collateral,  forgiveness  or  acceleration)  as  the  Committee  may
prescribe from time to time.


8.  General  Restrictions.  Each  award  under the Plan  shall be subject to the
requirement  that if at any  time  the  Company  shall  determine  that  (i) the
listing,  registration or qualification of the Shares subject or related thereto
upon any  securities  exchange  or under any state or federal  law,  or (ii) the
consent  or  approval  of any  regulatory  body,  or (iii) an  agreement  by the
recipient of an award with  respect to the  disposition  of Shares,  or (iv) the
satisfaction of withholding tax or other withholding liabilities is necessary or
desirable as a condition of or in connection  with the granting of such award or
the  issuance  or  purchase  of  Shares  thereunder,  such  award  shall  not be
consummated   in  whole  or  in  part   unless   such   listing,   registration,
qualification,  consent,  approval,  agreement,  or withholding  shall have been
effected or obtained free of any conditions  not acceptable to the Company.  Any
such  restriction  affecting an award shall not extend the time within which the
award may be  exercised;  and neither the Company nor its  directors or officers
nor the Committee  shall have any obligation or liability to the grantee or to a
Beneficiary  with  respect to any Shares  with  respect to which an award  shall
lapse or with  respect to which the grant,  issuance or purchase of Shares shall
not be effected, because of any such restriction.


9. Single or Multiple Agreements.  Multiple awards, multiple forms of awards, or
combinations  thereof  may  be  evidenced  by a  single  agreement  or  multiple
agreements, as determined by the Committee.


10. Rights of the Shareholder.  The recipient of any award under the Plan, shall
have  no  rights  as  a  shareholder  with  respect  thereto  unless  and  until
certificates  for Shares are issued to him,  and the  issuance  of Shares  shall
confer no retroactive right to dividends.


11.  Rights to Terminate.  Nothing in the Plan or in any agreement  entered into
pursuant  to the Plan shall  confer upon any person the right to continue in the
employment  of the Company or to serve as a director,  or affect any right which
the Company may have to terminate the employment or directorship of such person.


12. Withholding. Prior to the issuance or transfer of Shares under the Plan, the
recipient  shall  remit to the  Company  an amount  sufficient  to  satisfy  any
federal, state or local withholding tax requirements.  The recipient may satisfy
the withholding  requirement in whole or in part by electing to have the Company
withhold Shares having a value equal to the amount required to be withheld.  The
value of the Shares to be withheld shall be the fair market value, as determined
by the Committee, of the stock on the date that the amount of tax to be withheld
is  determined  (the "Tax Date").  Such  election  must be made prior to the Tax
Date,   must  comply  with  all  applicable   securities  law  and  other  legal
requirements,  as  interpreted  by the  Committee,  and may  not be made  unless
approved by the Committee, in its discretion.


13. Non-Assignability. (a) Except as provided in Paragraph 13(b), no award under
the Plan shall be sold, assigned, transferred, exchanged, pledged, hypothecated,
or  otherwise  encumbered,  other  than by will or by the  laws of  descent  and
distribution,  or by such other means as the  Committee  may approve.  Except as
provided in Paragraph 13(b) or as otherwise provided herein,  during the life of
the recipient,  such award shall be  exercisable  only by such person or by such
person's guardian or legal representative.

(b) The  Committee  may, in its sole  discretion,  permit  assignability  of any
Nonqualified Stock Option to a member of the optionee's "Immediate Family" or to
a "Charitable Organization."

(c) As used herein,  members of the optionee's  "Immediate Family" shall include
only (1) any person who, at the time of transfer,  is the  optionee's  spouse or
natural or  adoptive  lineal  ancestors  or  descendants,  (2) any trust for the
exclusive  benefit of the optionee,  or one or more Immediate  Family members or
Charitable  Organizations,   and  (3)  any  partnership,   corporation,  limited
liability company or other entity owned  exclusively by the optionee,  or one or
more Immediate Family members or Charitable Organizations.

(d) As used herein,  the term "Charitable  Organization"  means any organization
which is  described  in Code  Sections  170(c)(2),  2055(a) or  2522(a)  (or any
successor provision).


14. Non-Uniform  Determinations.  The Committee's  determinations under the Plan
(including without  limitation  determinations of the persons to receive awards,
the form,  amount and timing of such awards,  the terms and  provisions  of such
awards and the agreements  evidencing same, and the  establishment of values and
performance  targets)  need not be  uniform  and may be made  selectively  among
persons who receive, or are eligible to receive,  awards under the Plan, whether
or not such persons are similarly situated.


15.  Change In Control  Provisions.  (a) In the event of (1) a Change in Control
(as defined) or (2) a Potential Change in Control (as defined),  but only if and
to the extent so determined by the Board of Directors at or after grant (subject
to any right of approval  expressly  reserved by the Board of  Directors  at the
time of such determination), the following acceleration and valuation provisions
shall apply:

(i) Any stock options  awarded  under the Plan not  previously  exercisable  and
vested shall become fully exercisable and vested.

(ii) The value of all  outstanding  stock options to the extent  vested,  shall,
unless otherwise  determined by the Committee in its sole discretion at or after
grant but  prior to any  Change in  Control,  be cashed  out on the basis of the
Change in Control  Price (as  defined)  as of the date such Change in Control or
such  Potential  Change in Control is  determined to have occurred or such other
date as the Committee may determine prior to the Change in Control.

(b) As used herein,  the term "Change in Control"  means the happening of any of
the following:

(i) Any person or entity,  including a "group" as defined in Section 13(d)(3) of
the 1934 Act,  other than the  Company,  a  subsidiary  of the  Company,  or any
employee benefit plan of the Company or its subsidiaries, becomes the beneficial
owner of the  Company's  securities  having 20 percent  or more of the  combined
voting power of the then outstanding  securities of the Company that may be cast
for the  election  for  directors  of the Company  (other than as a result of an
issuance  of  securities  initiated  by the  Company in the  ordinary  course of
business), or

(ii) As the result of, or in connection with, any cash tender or exchange offer,
merger or other business  combination,  sale of assets or contested election, or
any  combination  of the  foregoing  transactions,  less than a majority  of the
combined voting power of the then  outstanding  securities of the Company or any
successor  corporation  or entity  entitled to vote generally in the election of
directors  of the  Company  or such  other  corporation  or  entity  after  such
transaction,  are held in the aggregate by holders of the  Company's  securities
entitled  to  vote  generally  in the  election  of  directors  of  the  Company
immediately prior to such transactions; or

(iii)  During  any  period  of two  consecutive  years,  individuals  who at the
beginning of any such period  constitute  the Board of  Directors  cease for any
reason to constitute at least a majority  thereof,  unless the election,  or the
nomination for election by the Company's  stockholders,  of each director of the
Company  first  elected  during such  period was  approved by a vote of at least
two-thirds  of the  directors  of the  Company  then  still in  office  who were
directors of the Company at the beginning of any such period.

(c) As used herein,  the term "Potential  Change in Control" means the happening
of any of the following:

(i)  The  approval  by  stockholders  of  an  agreement  by  the  Company,   the
consummation of which would result in a Change in Control of the Company; or

(ii) The  acquisition of beneficial  ownership,  directly or indirectly,  by any
entity,  person or group  (other than the  Company,  a  wholly-owned  subsidiary
thereof  or any  employee  benefit  plan  of  the  Company  or its  subsidiaries
(including  any trustee of such plan acting as such  trustee)) of  securities of
the Company  representing 5 percent or more of the combined  voting power of the
Company's then outstanding securities and the adoption by the Board of Directors
of a resolution to the effect that a Potential  Change in Control of the Company
has occurred for purposes of this Plan.

(d) As used herein,  the term "Change in Control  Price" means the highest price
per share  paid in any  transaction  reported  on the  National  Association  of
Securities Dealers Automated Quotation System (or the New York Stock Exchange or
other national securities  exchange,  as the case may be), or paid or offered in
any bona fide transaction  related to a Potential or actual Change in Control of
the  Company  at any time  during the 60 day period  immediately  preceding  the
occurrence of the Change in Control (or, where applicable, the occurrence of the
Potential  Change in Control  event),  in each case  determined by the Committee
except that, in the case of Incentive  Stock Options,  such price shall be based
only on transactions reported, where applicable,  for the date on which cash out
occurs under paragraph 15(a)(ii).


16.  Non-Competition  Provision.  Unless the award agreement relating to a stock
option specifies  otherwise,  a grantee shall forfeit all unexercised,  unearned
and/or unpaid awards, including, but not by way of limitation, awards earned but
not yet paid, all unpaid dividends and dividend  equivalents,  and all interest,
if any,  accrued on the foregoing if, (i) in the opinion of the  Committee,  the
grantee  without  the  written  consent  of the  Company,  engages  directly  or
indirectly  in any manner or capacity as  principal,  agent,  partner,  officer,
director,  employee or otherwise,  in any business or activity  competitive with
the business  conducted by the Company or any of its  subsidiaries;  or (ii) the
grantee  performs any act or engages in any activity which in the opinion of the
Chief Executive  Officer of the Company is inimical to the best interests of the
Company.


17.  Adjustments.  In the event of any change in the outstanding common stock of
the Company,  by reason of a stock dividend or  distribution,  recapitalization,
merger, consolidation, reorganization, split-up, combination, exchange of Shares
or  the  like,  the  Board  of  Directors,   in  its   discretion,   may  adjust
proportionately  the number of Shares  which may be issued  under the Plan,  the
number of Shares subject to outstanding awards, and the option exercise price of
each outstanding  option, and may make such other changes in outstanding options
as it  deems  equitable  in its  absolute  discretion  to  prevent  dilution  or
enlargement  of the rights of  grantees,  provided  that any  fractional  Shares
resulting from such adjustments shall be eliminated.


18. Amendment.  The Board of Directors may terminate,  amend,  modify or suspend
the Plan at any time, except that the Board shall not, without the authorization
of the  holders of a majority  of  Company's  voting  securities,  increase  the
maximum  number  of  Shares  which may be  issued  under  the Plan  (other  than
increases pursuant to paragraph 17 hereof), extend the last date on which awards
may be granted under the Plan, extend the date on which the Plan expires, change
the class of persons  eligible to receive  awards,  or change the minimum option
price. No termination,  modification,  amendment or suspension of the Plan shall
adversely  affect  the  rights  of any  grantee  or  Beneficiary  under an award
previously  granted,  unless the grantee or Beneficiary  shall  consent;  but it
shall be  conclusively  presumed  that any  adjustment  pursuant to paragraph 17
hereof does not adversely affect any such right.


19.  Effect  on Other  Plans.  Participation  in this Plan  shall  not  affect a
grantee's  eligibility  to participate in any other benefit or incentive plan of
the  Company.  Any  awards  made  pursuant  to this  Plan  shall  not be used in
determining  the benefits  provided  under any other plan of the Company  unless
specifically provided therein.


20.  Effective  Date and Duration of the Plan.  The Plan shall become  effective
when adopted by the Board of  Directors,  provided  that the Plan is approved by
the holders of a majority of the Company's voting  securities on the date of its
adoption by the Board or before the first anniversary of that date. Unless it is
sooner terminated in accordance with paragraph 18 hereof,  the Plan shall remain
in effect until all awards under the Plan have been satisfied by the issuance of
Shares or have  expired or otherwise  terminated,  but no award shall be granted
more than ten years  after the  earlier  of the date the Plan is  adopted by the
Board of  Directors  or is  approved  by the  holders  of the  Company's  voting
securities.


21.  Unfunded  Plan.  The Plan shall be  unfunded.  Neither  the Company nor any
affiliate  shall be required to segregate any assets that may be  represented by
stock options, and neither the Company nor any affiliate shall be deemed to be a
trustee of any amounts to be paid under any stock  option.  Any liability of the
Company or any  affiliate to pay any grantee or  Beneficiary  with respect to an
option shall be based solely upon any contractual  obligations  created pursuant
to the provisions of the Plan; no such  obligations will be deemed to be secured
by a pledge or encumbrance on any property of the Company or an affiliate.


22.  Governing Law. The Plan shall be construed and its provisions  enforced and
administered in accordance  with the laws of the State of Mississippi  except to
the extent that such laws may be superseded by any federal law.

ADOPTED BY THE BOARD OF DIRECTORS OF DELTA AND PINE LAND COMPANY ON THE 30TH DAY
OF MARCH, 2000 TO BE EFFECTIVE AS OF APRIL 1, 2000.

By:
/s/ W. Thomas Jagodinski
----------------------------
W. Thomas Jagodinski
Senior Vice President and
Chief Financial Officer