Document:

<PAGE>

                                                                    Exhibit 10-d

                       CHIQUITA BRANDS INTERNATIONAL, INC.

                      2002 STOCK OPTION AND INCENTIVE PLAN
<PAGE>

                                                                    Exhibit 10-d

                                  CHIQUITA 2002

                         STOCK OPTION AND INCENTIVE PLAN

                          T A B L E O F C O N T E N T S
                          -----------------------------

<TABLE>
<S>   <C>                                                                                    <C>
I.    PURPOSE................................................................................1

II.   DEFINITIONS............................................................................1

III.  ADMINISTRATION ........................................................................4

      3.1  The Committee.....................................................................4
      3.2  Powers of the Committee...........................................................4
      3.3  Guidelines .......................................................................5
      3.4  Delegation of Authority...........................................................5
      3.5  Decisions Final...................................................................5

IV.   SHARES SUBJECT TO PLAN.................................................................5

      4.1  Shares Available for Issuance of Awards...........................................5
      4.2  Maximum Shares Per Participant....................................................6
      4.3  Re-Use of Shares..................................................................6
      4.4  Adjustment Provisions.............................................................6

V.    CHANGE OF CONTROL; MERGER, CONSOLIDATION, ETC..........................................6

      5.1  Effect of Change of Control On Outstanding Awards.................................6
      5.2  Termination of Employment After Change of Control.................................6
      5.3  Merger, Consolidation, Etc........................................................6
      5.4  Applicability of Section V........................................................6

VI.   EFFECTIVE DATE AND DURATION OF PLAN....................................................7

      6.1  Effective Date....................................................................7
      6.2  Duration of Plan..................................................................7

VII.  STOCK OPTIONS..........................................................................7

      7.1  Grants............................................................................7
      7.2  Terms of Options..................................................................7
      7.3  Incentive Stock Options...........................................................8
      7.4  Replacement Options...............................................................9

VIII. RESTRICTED AND UNRESTRICTED STOCK AWARDS...............................................9

      8.1  Grants of Restricted Stock Awards.................................................9
</TABLE>

                                     - i -
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                                                                    Exhibit 10-d

<TABLE>
<S>   <C>                                                                                    <C>
      8.2  Terms and Conditions of Restricted Awards..........................................9
      8.3  Unrestricted Stock Awards.........................................................10

IX.   PERFORMANCE AWARDS.....................................................................10

      9.1  Performance Awards................................................................10
      9.2  Terms and Conditions of Performance Awards........................................10

X.    TERMINATION OF AWARDS..................................................................11

      10.1  Termination of Awards to Employees and Directors.................................11
      10.2  Acceleration of Vesting and Extension of Exercise Period Upon Termination........11
      10.3  Buyout and Settlement of Awards..................................................11

XI.   TERMINATION OR AMENDMENT OF THIS PLAN..................................................12

      11.1  Termination or Amendment.........................................................12

XII.  GENERAL PROVISIONS.....................................................................12

      12.1  No Right to Continued Employment.................................................12
      12.2  Awards to Persons Outside the United States......................................12
      12.3  Non-Transferability of Awards....................................................12
      12.4  Other Plans......................................................................12
      12.5  Unfunded Plan....................................................................12
      12.6  Withholding of Taxes.............................................................13
      12.7  Reimbursement of Taxes...........................................................13
      12.8  Governing Law....................................................................13
      12.9  Liability........................................................................13
      12.10 Successors.......................................................................13
</TABLE>

                                     - ii -
<PAGE>

                                  CHIQUITA 2002

                         STOCK OPTION AND INCENTIVE PLAN

                                   SECTION I.

                                     PURPOSE

     The purpose of the Chiquita 2002 Stock Option and Incentive Plan (the
"Plan") is to promote the long-term growth and financial success of Chiquita
Brands International, Inc. (the "Company") and its subsidiaries by enabling the
Company to compete successfully in attracting and retaining employees and
directors (and consultants and advisors) of outstanding ability, stimulating the
efforts of such persons to achieve the Company's long-range performance goals
and objectives, and encouraging the identification of their interests with those
of the Company's shareholders.

                                   SECTION II.

                                   DEFINITIONS

     For purposes of this Plan, the following terms shall have the following
meanings:

     2.1 "Advisor" means a person who provides bona fide advisory or consulting
          -------
services to the Company or a Subsidiary and whose Shares subject to an Award are
eligible for registration on Form S-8 under the Securities Act of 1933.

     2.2 "Award" means any form of Stock Option, Restricted Stock Award,
          -----
Unrestricted Stock Award or Performance Award granted under this Plan.

     2.3 "Award Agreement" means a written agreement setting forth the terms of
          ---------------
an Award.

     2.4 "Award Date" or "Grant Date" means the date designated by the Committee
          ----------      ----------
as the date upon which an Award is granted.

     2.5 "Award Period" or "Term" means the period beginning on an Award Date
          ------------      ----
and ending on the expiration date of such Award.

     2.6 "Board" means the Board of Directors of the Company.
          -----

     2.7 "Cause" means a Participant's engaging in any of the following acts:
          -----

          (i) any type of disloyalty to the Company, including, without
     limitation, fraud, embezzlement, theft, or dishonesty in the course of a
     Participant's employment or business relationship with the Company; or

          (ii) conviction of a felony or other crime involving a breach of trust
     or fiduciary duty owed to the Company; or

          (iii) unauthorized disclosure of trade secrets or confidential
     information of the Company; or

          (iv) a material breach of any agreement with the Company in respect of
     confidentiality, non-disclosure, non-competition or otherwise; or
<PAGE>

                                                                    Exhibit 10-d

          (v) any serious violation of Company policy that is materially
     damaging to the Company's interests.

     2.8 "Change of Control" means the occurrence after the Effective Date of
          -----------------
any of the following events:

          (i) any "person" (as such term is used in Sections 13(d) and 14(d) of
     the Exchange Act), other than an Exempt Entity, is or becomes the
     "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange
     Act, except that a person shall be deemed to have "beneficial ownership" of
     all shares that such person has the right to acquire, whether such right is
     exercisable immediately or only after the passage of time), directly or
     indirectly, of 30% or more of the total voting power of all of the
     Company's voting securities then outstanding ("Voting Shares");

          (ii) on any date, the individuals who constituted the Company's Board
     at the beginning of the two-year period immediately preceding such date
     (together with any new directors whose election by the Company's Board, or
     whose nomination for election by the Company's shareholders, was approved
     by a vote of at least two-thirds of the directors then still in office who
     were either directors at the beginning of such period or whose election or
     nomination for election was previously so approved) cease for any reason to
     constitute a majority of the directors then in office; or

          (iii) immediately after a merger or consolidation of the Company or
     any Subsidiary of the Company with or into, or the sale or other
     disposition of all or substantially all of the Company's assets to, any
     other corporation (where pursuant to the terms of such transaction
     outstanding Awards are assumed by the surviving, resulting or acquiring
     corporation or new Awards are substituted therefor), the Voting Shares of
     the Company outstanding immediately prior to such transaction do not
     represent (either by remaining outstanding or by being converted into
     voting securities of the surviving or acquiring entity or any parent
     thereof) more than 50% of the total voting power of the voting securities
     of the Company or surviving or acquiring entity or any parent thereof
     outstanding immediately after such merger or consolidation.

     2.9 "Code" means the United States Internal Revenue Code of 1986, as
          ----
amended, or any successor legislation. Reference to any particular section of
the Code includes any successor amendments or replacements of such section.

     2.10 "Committee" means the committee appointed by the Board and consisting
           ---------
of two or more Directors of the Company, each of whom shall be a "non-employee
director" as defined in Rule 16b-3 and an "outside director" as defined in the
regulations under Section 162(m) of the Code.

     2.11 "Common Stock" means the Company's Common Stock, $.01 par value.
           ------------

     2.12 "Company" means Chiquita Brands International, Inc.
           -------

     2.13 "Control" means the power to direct or cause the direction of the
           -------
management and policies of a corporation or other entity.

     2.14 "Director" means any person serving on the Board of Directors of the
           --------
Company or any of its Subsidiaries who is not an Officer (or officer) or
Employee of the Company or any Subsidiary.

     2.15 "Disability" means a "permanent and total disability" within the
           ----------
meaning of Section 22(e)(3) of the Code, or in the case of an Employee, a
disability which qualifies as a long-term disability under the Company's Long
Term Disability insurance, or any other definition of disability adopted by the
Committee.

     2.16 "Effective Date" means [the Effective Date of the Company's Plan of
           --------------
Reorganization].

                                      -2-
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                                                                    Exhibit 10-d

     2.17 "Eligible Person" means any person who is either an Employee, Director
           ---------------
or Advisor.

     2.18 "Employee" means (i) any officer or employee of the Company or a
           --------
Subsidiary (including those employees on a temporary leave of absence approved
by the Company or a Subsidiary); or (ii) any person who has received and
accepted an offer of employment from the Company or a Subsidiary; or (iii) if
approved by the Committee, a person who at the request of the Company or a
Subsidiary accepts employment with any corporation or partnership in which the
Company has a direct or indirect substantial interest. Solely for purposes of
Section X, unless otherwise determined by the Committee, a person specified in
clause (iii) above shall be considered an employee of a Subsidiary.

     2.19 "Exchange Act" means the Securities Exchange Act of 1934.
           ------------

     2.20 "Exempt Entity" means (i) an underwriter temporarily holding
           -------------
securities pursuant to an offering of such securities and (ii) the Company, any
of its subsidiaries or any employee benefit plan (or related trust) sponsored or
maintained by the Company or any of its subsidiaries

     2.21 "Fair Market Value" means, as of any date, (i) the average of the
           -----------------
highest and lowest quoted selling prices of a Share as reported on the New York
Stock Exchange Composite Tape (or such other consolidated transaction reporting
system on which the Shares are primarily traded) or, if the Shares were not
traded on such day, then the next preceding day on which the Shares were traded,
all as reported by such source as the Committee may select or (ii), if and to
the extent specified by the Committee with respect to any particular Award, the
average of the closing selling prices of a Share as so reported for a period of
not more than 30 consecutive trading days as specified by the Committee. If the
Shares are not traded on a national securities exchange or other market system,
Fair Market Value shall be determined in the manner established by the
Committee.

     2.22 "Immediate Family" means any child, stepchild, grandchild, spouse,
           ----------------
son-in-law or daughter-in-law and shall include adoptive relationships;
provided, however, that if the Committee adopts a different definition of
"immediate family" (or similar term) in connection with the transferability of
Stock Options awarded under this Plan, such definition shall apply, without
further action of the Board.

     2.23 "Incentive Stock Option" means any Stock Option awarded under Section
           ----------------------
VII of this Plan intended to be and designated as an "Incentive Stock Option"
within the meaning of Section 422 of the Code or any successor provision.

     2.24 "Non-Qualified Stock Option" means any Stock Option awarded under
           --------------------------
Section VII of this Plan that is not an Incentive Stock Option.

     2.25 "Officer" means a person who has been determined to be an officer of
           -------
the Company under Rule 16a-1(f) in a resolution adopted by the Board and, for
purposes of Sections 10.1(a) and 10.2 shall also mean any other person who has
been elected an officer of the Company by the Board (other than a person who has
been elected solely as an assistant officer).

     2.26 "Option Price" or "Exercise Price" means the price per share at which
           ------------      --------------
Common Stock may be purchased upon the exercise of an Option or an Award.

     2.27 "Participant" means an Eligible Person to whom an Award has been made
           -----------
pursuant to this Plan.

     2.28 "Performance Award" means an Award granted pursuant to Section IX.
           -----------------

     2.29 "Replacement Option" means a Non-Qualified Stock Option granted
           ------------------
pursuant to Section 7.4 upon the exercise of a Stock Option granted pursuant to
the Plan where the Option Price is paid with previously owned shares of Common
Stock.

                                      -3-
<PAGE>

                                                                    Exhibit 10-d

     2.30 "Restricted Stock" means those shares of Common Stock issued pursuant
           ----------------
to a Restricted Stock Award which are subject to the restrictions set forth in
the related Award Agreement.

     2.31 "Restricted Stock Award" means an award of a fixed number of Shares to
           ----------------------
a Participant which is subject to forfeiture provisions and other conditions set
forth in the Award Agreement.

     2.32 "Retirement" means any termination of an Employee's employment with,
           ----------
or a Director's service on the Board of, the Company or a Subsidiary (in each
case other than by death, Disability or for Cause) by an Employee or a Director
who is (i) at least 65 years of age or (ii) at least 55 years of age with at
least 10 years of employment with, or service on the Board of, the Company or a
Subsidiary.

     2.33 "Rule 16b-3" and "Rule 16a-1(f)" mean Rules 16b-3 and 16a-1(f) under
           ----------       -------------
the Exchange Act or any corresponding successor rules or regulations.

     2.34 "Share" means one share of the Company's Common Stock.
           -----

     2.35 "Stock Option" or "Option" means the right to purchase shares of
           ------------      ------
Common Stock (including a Replacement Option) granted pursuant to Section VII of
this Plan.

     2.36 "Subsidiary" means any corporation, partnership, joint venture, or
           ----------
other entity (i) of which the Company owns or controls, directly or indirectly,
25% or more of the outstanding voting stock (or comparable equity participation
and voting power) or (ii) which the Company otherwise Controls (by contract or
any other means); except that when the term "Subsidiary" is used in the context
of an award of an Incentive Stock Option, the term shall have the same meaning
given to it in the Code.

     2.37 "Transfer" means alienation, attachment, sale, assignment, pledge,
           --------
encumbrance, charge or other disposition; and the terms "Transferred" or
"Transferable" have corresponding meanings.

     2.38 "Unrestricted Stock Award" means an Award granted pursuant to Section
           ------------------------
8.3.

     2.39 "Vest" means, in the case of any Award to become exercisable or become
           ----
free of restrictions solely as a result of either (i) the passage of required
time periods specified under the terms of the Award ("Passage of Time Criteria")
or (ii) the inapplicability of Passage of Time Criteria due to a Change of
Control or a termination of employment or service as a Director pursuant to the
provisions of Section XI. For purposes of this Plan, "Vest" does not refer to an
Award becoming exercisable or free of restrictions due to the attainment of
performance criteria or any other criteria not solely related to the passage of
time ("Other Criteria"). An Award whose terms specify Other Criteria that have
not been fully satisfied at the time of a Change of Control or termination of
employment or service will not Vest (unless otherwise determined by the
Committee or specifically provided by such terms) as a result of such Change of
Control or termination (even if the terms of such Award contain Passage of Time
Criteria in addition to, in combination with, or as an alternative to such Other
Criteria).

                                  SECTION III.

                                 ADMINISTRATION

     3.1 The Committee. This Plan shall be administered and interpreted by the
         -------------
Committee, except that any function of the Committee also may be performed by
the Board. Actions of the Committee may be taken by a majority of its members at
a meeting or by the unanimous written consent of all of its members without a
meeting.

     3.2 Powers of the Committee. The Committee shall have the power and
         -----------------------
authority to operate, manage and administer the Plan on behalf of the Company
which includes, but is not limited to, the power and authority:

                                      -4-
<PAGE>

                                                                    Exhibit 10-d

          (i) to grant to Eligible Persons one or more Awards consisting of
     either or a combination of Stock Options, Restricted Stock, Unrestricted
     Stock, and Performance Awards;

          (ii) to select the Eligible Persons to whom Awards may be granted;

          (iii) to determine the types and combinations of Awards to be granted
     to Eligible Persons;

          (iv) to determine the number of Shares or monetary units which may be
     subject to each Award;

          (v) to determine the terms and conditions, not inconsistent with the
     terms of the Plan, of any Award (including, but not limited to, the term,
     price, exercisability, method of exercise and payment, any restriction or
     limitation on transfer, any applicable performance measures or
     contingencies, any vesting schedule or acceleration, or any forfeiture
     provisions or waiver, regarding any Award) and the related Shares, based on
     such factors as the Committee shall determine; and

          (vi) to modify or waive any restrictions, contingencies or limitations
     contained in, and grant extensions to the terms or exercise periods of, or
     accelerate the vesting of, any outstanding Awards as long as such
     modifications, waivers, extensions or accelerations are not inconsistent
     with the terms of the Plan, but no such changes shall impair the rights of
     any Participant without his or her consent.

     3.3 Guidelines. The Committee will have the authority and discretion to
         ----------
interpret the Plan and any Awards granted under the Plan, to establish, amend,
and rescind any rules and regulations relating to the Plan, and to make all
other determinations that may be necessary or advisable for the administration
of the Plan. Any interpretation of the Plan by the Committee and any decision
made by it under the Plan is final and binding on all persons. The Committee may
correct any defect, supply any omission or reconcile any inconsistency in the
Plan or in any related Award Agreement in the manner and to the extent it deems
necessary to carry the Plan into effect.

     3.4 Delegation of Authority. The Committee may delegate to one or more of
         -----------------------
the Company's Officers or (in the case of ministerial duties only) other
employees all or any portion of the Committee's authority, powers,
responsibilities and administrative duties under the Plan, with such conditions
and limitations as the Committee shall prescribe in writing; provided, however,
that only the Committee is authorized to grant Awards to, or make any decisions
with respect to Awards granted to, Officers. A record of all actions taken by
any Officer to whom the Committee has delegated a portion of its powers or
responsibilities shall be filed with the minutes of the meetings of the
Committee and shall be made available for review by the Committee upon request.

     3.5 Decisions Final. Any action, decision, interpretation or determination
         ---------------
by or at the direction of the Committee (or of any person acting under a
delegation pursuant to Section 3.4) concerning the application or administration
of the Plan shall be final and binding upon all persons and need not be uniform
with respect to its determination of recipients, amount, timing, form, terms or
provisions of Awards.

                                   SECTION IV.

                             SHARES SUBJECT TO PLAN

     4.1 Shares Available for Issuance of Awards. Subject to adjustment as
         ---------------------------------------
provided in Section 4.4, the aggregate number of Shares which may be issued
under this Plan shall not exceed 5,925,926 Shares. As determined from time to
time by the Committee, the Shares available under this Plan for grants of Awards
may consist either in whole or in part of authorized but unissued Shares or
Shares which have been reacquired by the Company following original issuance.

                                      -5-
<PAGE>

                                                                    Exhibit 10-d

     4.2 Maximum Shares Per Participant. The maximum number of shares that may
         ------------------------------
be covered by Options granted to any one individual shall be 2,000,000 shares
during any one calendar-year period.

     4.3 Re-Use of Shares. If any Award granted under this Plan shall expire,
         ----------------
terminate or be forfeited or canceled for any reason before it has vested or
been exercised in full, the number of unissued or undelivered Shares subject to
such Award shall again be available for future grants. The Committee may make
such other determinations regarding the counting of Shares issued pursuant to
this Plan as it deems necessary or advisable, provided that such determinations
shall be permitted by law.

     4.4 Adjustment Provisions.
         ---------------------

          (a) Adjustment for Change in Capitalization. If the Company shall at
any time change the number of issued Shares without new consideration to the
Company (such as by stock dividend, stock split, recapitalization,
reorganization, exchange of shares, liquidation, combination or other change in
corporate structure affecting the Shares) or make a distribution to shareholders
of cash or property, which in the Committee's sole judgment, has a substantial
impact on the value of outstanding Shares, the total number of Shares reserved
for issuance under the Plan, the number of Shares covered by each outstanding
Award, and the Option Price for each outstanding Award shall be proportionately
adjusted in such manner as the Committee in its sole judgment determines to be
equitable and appropriate.

          (b) Other Equitable Adjustments. Notwithstanding any other provision
of the Plan, and without affecting the number of Shares reserved or available
hereunder, the Committee may authorize the issuance, continuation or assumption
of Awards or provide for equitable adjustments or changes in the terms of
Awards, in connection with any merger, consolidation, sale of assets,
acquisition of property or stock, recapitalization, reorganization or similar
occurrence in which the Company is the continuing or surviving corporation, upon
such terms and conditions as it may deem equitable and appropriate.

                                   SECTION V.

                 CHANGE OF CONTROL; MERGER, CONSOLIDATION, ETC.

     5.1 Effect of Change of Control On Outstanding Awards. In the event of, and
         -------------------------------------------------
upon a Change of Control, all Awards outstanding on the date of such Change of
Control shall become fully (100%) Vested.

     5.2 Termination of Employment After Change of Control. In the event that an
         -------------------------------------------------
Employee's employment by the Company or a Subsidiary is terminated by the
Company or such Subsidiary for any reason, other than for Cause, within one (1)
year after a Change of Control, all of the outstanding Vested Stock Options held
by such Employee on the date of termination of employment shall be exercisable
for a period ending on the earlier to occur of the first anniversary of the date
of termination or the respective Expiration Dates of such Stock Options.

     5.3 Merger, Consolidation, Etc. In the event that the Company shall,
         --------------------------
pursuant to action by its Board of Directors, propose to (i) merge into,
consolidate with, sell or otherwise dispose of all or substantially all of its
assets, to another corporation or other entity and provision is not made
pursuant to the terms of such transaction for the assumption by the surviving,
resulting or acquiring corporation of outstanding Awards under the Plan, or the
substitution of new Awards therefor, or (ii) dissolve or liquidate, then (A) the
Committee shall cause written notice of such proposed transaction to be given to
each Participant not less than 30 days prior to the anticipated date of such
proposed transaction, and (B) all outstanding Awards that are not so assumed or
substituted for shall become fully (100%) Vested immediately prior, but subject,
to actual consummation of the transaction. Prior to a date specified in the
notice, which shall not be more than 3 days prior to the consummation of such
transaction, each Participant shall have the right to exercise all Stock Options
held by such Participant that are not so assumed or substituted for on the
following basis: (i) such exercise shall be conditioned on consummation

                                      -6-
<PAGE>

                                                                    Exhibit 10-d

of such transaction, (ii) such exercise shall be effective immediately prior to
the consummation of such transaction, and (iii) the Option Price for such Stock
Options shall not be required to be paid until 7 days after written notice by
the Company to the Participant that such transaction has been consummated. If
such transaction is consummated, each Option, to the extent not previously
exercised prior to the date specified in the foregoing notice of proposed
transaction, shall terminate upon the consummation of such transaction. If such
transaction is abandoned, (a) any and all conditional exercises of Stock Options
in accordance with this Section 5.3 shall be deemed annulled and of no force or
effect and (b) to the extent that any Award shall have Vested solely by
operation of this Section 5.3, such Vesting shall be deemed annulled and of no
force or effect and the Vesting provisions of such Award shall be reinstated.

     5.4 Applicability of Section V. The provisions of Section V shall apply to
         --------------------------
all Awards granted under the Plan, unless and to the extent that the Committee
expressly provides otherwise in the terms of an Award at the time it is granted.

                                   SECTION VI.

                       EFFECTIVE DATE AND DURATION OF PLAN

     6.1 Effective Date. This Plan shall become effective on [the Effective Date
         --------------
of the Plan of Reorganization].

     6.2 Duration of Plan. The Plan shall continue in effect indefinitely until
         ----------------
terminated by the Board pursuant to Section XI. Notwithstanding the continued
effectiveness of this Plan, no Incentive Stock Option shall be granted under
this Plan on or after the tenth anniversary of the effective date of the Plan.

                                  SECTION VII.

                                  STOCK OPTIONS

     7.1 Grants. Stock Options may be granted alone or in addition to other
         ------
Awards granted under this Plan. Each Option granted shall be designated as
either a Non-Qualified Stock Option or an Incentive Stock Option. One or more
Stock Options may be granted to any Eligible Person, except that only
Non-Qualified Stock Options may be granted to any Director of or Advisor to the
Company.

     7.2 Terms of Options. Except as otherwise required by Sections 7.3 and 7.4,
         ----------------
Options granted under this Plan shall be subject to the following terms and
conditions and shall be in such form and contain such additional terms and
conditions, not inconsistent with the terms of this Plan, as the Committee shall
deem desirable:

          (a) Option Price. The Option Price per share of Common Stock
purchasable under a Stock Option shall be determined by the Committee at the
time of grant, except that no Stock Option may be granted to an Officer, and no
Incentive Stock Option may be granted to any Eligible Person, for an Option
Price less than 100% of Fair Market Value on the Grant Date.

          (b) Option Term. The Term of each Stock Option shall be fixed by the
Committee, but no Stock Option shall be exercisable more than ten (10) years
after its Award Date.

          (c) Exercisability. A Stock Option shall be exercisable at such time
or times and subject to such terms and conditions as shall be specified in the
Award Agreement; provided, however, that an Option may not be exercised as to
less than one hundred (100) Shares at any time unless the number of Shares for
which the Option is exercised is the total number available for exercise at that
time under the terms of the Option.

                                      -7-
<PAGE>

                                                                    Exhibit 10-d

          (d) Method of Exercise. Stock Options may be exercised in whole or in
part at any time during the Option Term by giving written notice of exercise to
the Company specifying the number of Shares to be purchased. Such notice shall
be accompanied by payment in full of the Option Price in cash unless some other
form of consideration is approved by the Committee at or after the grant.
Payment in full or in part also may be made in the form of Shares of Common
Stock owned by the Participant for at least six (6) months prior to exercise,
which Shares shall be valued at the Fair Market Value of the Common Stock on the
Exercise Date.

          (e) Cashless Exercise. A Participant may elect to pay the Exercise
Price upon the exercise of an Option by authorizing a broker to sell all or a
portion of the Shares acquired upon exercise of the Option and remit to the
Company a sufficient portion of the sale proceeds to pay the entire Exercise
Price and any tax withholding resulting from such exercise.

          (f) Non-Transferability of Options. Stock Options shall be
Transferable only to the extent provided in Section 12.3 of this Plan.

          (g) Termination. Stock Options shall terminate in accordance with
Section X of this Plan.

          (h) Buyout and Settlement Provisions. The Committee may at any time
offer to buy out an Option previously granted, based on such terms and
conditions as the Committee shall establish. The Committee may also substitute
new Stock Options for previously granted Stock Options having higher Option
Prices than the new Stock Options being substituted therefor.

     7.3 Incentive Stock Options. Incentive Stock Options shall be subject to
         -----------------------
the following terms and conditions:

          (a) Award Agreement. Any Award Agreement relating to an Incentive
Stock Option shall contain such terms and conditions as are required for the
Option to be an "incentive stock option" as that term is defined in Section 422
of the Code.

          (b) Ten Percent Shareholder. An Incentive Stock Option shall not be
awarded to any person who, at the time of the Award, owns or is deemed to own
(by reason of attribution rules of Section 424(d) of the Code) Shares possessing
more than ten percent (10%) of the total combined voting power of all classes of
stock of the Company, its parent, and its Subsidiaries.

          (c) Qualification under the Code. Notwithstanding anything in this
Plan to the contrary, no term of this Plan relating to Incentive Stock Options
shall be interpreted, amended or altered, nor shall any discretion or authority
granted under this Plan be exercised, so as to disqualify this Plan under
Section 422 of the Code, or, without the consent of an affected Participant, to
disqualify any Incentive Stock Option under Section 422 of the Code, except as
may result in the event of a Change of Control.

          (d) Notification of Disqualifying Disposition. Each Award Agreement
with respect to an Incentive Stock Option shall require the Participant to
notify the Company of any disposition of Shares of Common Stock issued pursuant
to the exercise of such Option under the circumstances described in Section
421(b) of the Code (relating to certain disqualifying dispositions), within ten
(10) days of such disposition.

     7.4 Replacement Options. The Committee may provide at the time of grant
         -------------------
that an Option shall include the right to acquire a Replacement Option upon the
exercise of such Option (in whole or in part) prior to an Employee's termination
of employment if the payment of the Option Price is paid in Shares. In addition
to any other terms and conditions the Committee deems appropriate, the
Replacement Option shall be subject to the following terms:

                                      -8-
<PAGE>

                                                                    Exhibit 10-d

          (a) Number of Shares. The number of Shares subject to the Replacement
Option shall not exceed the number of whole Shares used to satisfy the Option
Price (whether by delivery of Shares to the Company or by reduction of Shares
otherwise deliverable to the Participant on exercise) of the original Option and
the number of whole Shares, if any, used to satisfy the payment for withholding
taxes (whether by such delivery or such reduction) in accordance with Section
12.6.

          (b) Grant Date. The Replacement Option Grant Date will be the date of
the exercise of the original Option.

          (c) Option Price. The Option Price per share shall be the Fair Market
Value of a Share on the Replacement Option Grant Date.

          (d) Vesting. The Replacement Option shall be exercisable no earlier
than one (1) year after the Replacement Option Grant Date.

          (e) Term. The Term of the Replacement Option will not extend beyond
the Term of the original Option.

          (f) Non-Qualified. The Replacement Option shall be a Non-Qualified
Stock Option.

                                  SECTION VIII.

                    RESTRICTED AND UNRESTRICTED STOCK AWARDS

     8.1 Grants of Restricted Stock Awards. The Committee may, in its
         ---------------------------------
discretion, grant one or more Restricted Stock Awards to any Eligible Person.
Each Restricted Stock Award shall specify the number of Shares to be issued to
the Participant, the date of such issuance, the price, if any, to be paid for
such Shares by the Participant and the restrictions imposed on such Shares. The
Committee may grant Awards of Restricted Stock subject to the attainment of
specified performance goals, continued employment or such other limitations or
restrictions as the Committee may determine.

     8.2 Terms and Conditions of Restricted Awards. Restricted Stock Awards
         -----------------------------------------
shall be subject to the following provisions:

          (a) Issuance of Shares. Shares of Restricted Stock may be issued
immediately upon grant or upon vesting as determined by the Committee.

          (b) Stock Powers and Custody. If shares of Restricted Stock are issued
immediately upon grant, the Committee may require the Participant to deliver a
duly signed stock power, endorsed in blank, relating to the Restricted Stock
covered by such an Award. The Committee may also require that the stock
certificates evidencing such Shares be held in custody by the Company until the
restrictions on them shall have lapsed.

          (c) Shareholder Rights. Unless otherwise determined by the Committee
at the time of grant, Participants receiving Restricted Stock Awards shall not
be entitled to dividend or voting rights for the Restricted Shares until they
are fully vested.

     8.3 Unrestricted Stock Awards. The Committee may make Awards of
         -------------------------
unrestricted Common Stock to Eligible Persons in recognition of outstanding
achievements or contributions by such persons. Unrestricted Shares issued on a
bonus basis under this Section 8.3 may be issued for no cash consideration.

                                      -9-
<PAGE>

                                                                    Exhibit 10-d

                                   SECTION IX.

                               PERFORMANCE AWARDS

     9.1 Performance Awards. The Committee may, in its discretion, grant
         ------------------
Performance Awards to Eligible Persons in accordance with the following terms
and conditions:

          (a) Grant. A Performance Award shall consist of the right to receive
either (i) Common Stock or cash of an equivalent value, or a combination of
both, at the end of a specified Performance Period (defined below) or (ii) a
fixed-dollar amount payable in cash or Shares, or a combination of both, at the
end of a specified Performance Period. The Committee shall determine the
Eligible Persons to whom and the time or times at which Performance Awards shall
be granted, the number of Shares or the amount of cash to be awarded to any
person, the duration of the period (the "Performance Period") during which, and
the conditions under which, a Participant's Performance Award will vest, and the
other terms and conditions of the Performance Award in addition to those set
forth in Section 9.2.

          (b) Criteria for Awards. The Committee may condition the grant or
vesting of a Performance Award upon the attainment of specified performance
goals, including, but not limited to, appreciation in the Fair Market Value,
book value or other measure of value of the Common Stock, the performance of the
Company based on earnings or cash flow.

     9.2 Terms and Conditions of Performance Awards. Performance Awards granted
         ------------------------------------------
pursuant to this Section IX shall be subject to the following terms and
conditions:

          (a) Dividends. Unless otherwise determined by the Committee at the
time of the grant of the Award, amounts equal to any dividends declared during
the Performance Period with respect to any Shares covered by a Performance Award
will not be paid to the Participant.

          (b) Payment. Subject to the provisions of the Award Agreement and this
Plan, at the expiration of the Performance Period, share certificates, cash or
both (as the Committee may determine) shall be delivered to the Participant, or
his or her legal representative or guardian, in a number or an amount equal to
the vested portion of the Performance Award.

          (c) Non-Transferability. Performance Awards shall not be Transferable
except in accordance with the provisions of Section 12.3 of this Plan.

          (d) Termination of Employment. Subject to the applicable provisions of
the Award Agreement and this Plan, upon termination of a Participant's
employment with the Company or a Subsidiary for any reason during the
Performance Period for a given Award, the Performance Award in question will
vest or be forfeited in accordance with the terms and conditions established by
the Committee.

                                   SECTION X.

                              TERMINATION OF AWARDS

     10.1 Termination of Awards to Employees and Directors. Subject to the
          ------------------------------------------------
provisions of Section 10.2, all Awards issued to Employees and Directors under
this Plan shall terminate as follows:

          (a) Termination by Death, Disability or Retirement. Unless otherwise
determined by the Committee at the time of grant, if an Employee's employment
by, or a Director's service on the board of, the Company or a Subsidiary
terminates by reason of death, Disability or Retirement, any Awards held by such
Participant shall become fully Vested and, in the case of Stock Options, may
thereafter be exercised by the Participant or by the Participant's beneficiary
or legal representative, for a period of one

                                      -10-
<PAGE>

                                                                    Exhibit 10-d

(1) year (or such longer period as the Committee or,except in the case of
Participants who are Officers, the President of the Company may specify at or
after grant) after the date of such death, Disability or Retirement or until the
expiration of the stated term of such Award, whichever period is shorter.

          (b) Termination For Cause. If an Employee's employment by, or a
Director's service on the board of, the Company or a Subsidiary is terminated
for Cause, or if after such termination such Participant engages in any act
which would have warranted a termination of such employment or service for
Cause, such Participant shall forfeit all of his or her rights to any
outstanding Awards which have not been exercised and all of such unexercised
Awards shall terminate upon the earlier to occur of the date of termination of
such employment or service or the date upon which the Participant has engaged in
any of the conduct described as justifying such a termination for Cause.

          (c) Other Termination. Unless otherwise determined by the Committee at
the time of grant, if an Employee's employment by, or a Director's service on
the board of, the Company or a Subsidiary terminates for any reason other than
death, Disability, Retirement, or for Cause, all of such Participant's Vested or
otherwise exercisable Stock Options will terminate on the earlier to occur of
the stated expiration date of the Awards or ninety (90) calendar days after
termination of such employment or directorship. If a Participant dies during the
ninety (90) day period following the termination of the employment or
directorship, any unexercised Award held by the Participant shall be
exercisable, to the full extent that such Award was exercisable at the time of
death, for a period of one (1) year from the date of death or until the
expiration of the stated term of the Award, whichever occurs first.

     10.2 Acceleration of Vesting and Extension of Exercise Period Upon
          -------------------------------------------------------------
Termination. Upon the termination of a Participant's employment or directorship
-----------
with the Company or any of the Company's Subsidiaries, excluding, however, any
Participant who has been terminated for Cause, either the Committee or, unless
the Committee determines otherwise, the President may in its or his sole
discretion:

          (a) Accelerate the Vesting of, or otherwise cause to be exercisable or
free of restrictions, all or part of any Awards held by such terminated
Participant so that such Awards will be fully or partially exercisable as of the
date of termination of employment or such other date as the Committee or
President may choose; and

          (b) Extend the exercise period of all or part of any Stock Options
held by such terminated Participant for up to five years from the date of
termination (whether such termination was because of death, Disability,
Retirement or otherwise) but in no event longer than the original expiration
date of such Award;

provided, however, that no person or entity other than the Committee shall have
-----------------
the authority or discretion to accelerate the Vesting of, otherwise cause to be
exercisable or free of restrictions, or extend the exercise period of, any Award
granted to an Officer or Director of the Company.

     10.3 Buyout and Settlement of Awards. The Committee may at any time offer
          -------------------------------
to buy out an Award (of any type or kind) previously granted, based on such
terms and conditions as the Committee shall establish. The Committee may also
substitute new Awards for previously granted Awards with the new Awards
containing different terms and conditions, including different exercise prices,
than those contained in the Awards being replaced.

                                   SECTION XI.

                      TERMINATION OR AMENDMENT OF THIS PLAN

     11.1 Termination or Amendment. The Board may at any time, amend, in whole
          ------------------------
or in part, any or all of the provisions of this Plan, or suspend or terminate
it entirely; provided, however, that, unless otherwise required by law, the
rights of a Participant with respect to any Awards granted prior to such

                                      -11-
<PAGE>

                                                                    Exhibit 10-d

amendment, suspension or termination may not be impaired without the consent of
such Participant. In addition, no amendment may be made without first obtaining
shareholder approval if such amendment would increase the maximum number of
Shares which may be granted to any individual Participant, or increase the total
number of Shares available for issuance under this Plan.

                                  SECTION XII.

                               GENERAL PROVISIONS

     12.1 No Right to Continued Employment. The adoption of this Plan and the
          --------------------------------
granting of Awards hereunder shall not confer upon any Employee the right to
continued employment nor shall it interfere in any way with the right of the
Company or any Subsidiary to terminate the employment or directorship,
respectively, of any Employee at any time.

     12.2 Awards to Persons Outside the United States. To the extent necessary
          -------------------------------------------
or appropriate to comply with foreign law or practice, the Committee may,
without amending this Plan: (i) establish special rules applicable to Awards
granted to Eligible Persons who are either or both foreign nationals or employed
outside the United States, including rules that differ from those set forth in
this Plan, and (ii) grant Awards to such Eligible Persons in accordance with
those rules.

     12.3 Non-Transferability of Awards. Except as otherwise provided by the
          -----------------------------
Committee at or after grant, no Award or benefit payable under this Plan shall
be Transferable by the Participant during his or her lifetime, nor may it be
assigned, exchanged, pledged, transferred or otherwise encumbered or disposed of
except by will or the laws of descent and distribution; and no Award shall be
exercisable by anyone other than the Participant or the Participant's guardian
or legal representative during such Participant's lifetime. The Committee may in
its sole discretion permit a Participant to transfer a Non-Qualified Stock
Option for no consideration to or for the benefit of the Participant's Immediate
Family (including, without limitation, to a trust for the benefit of the
Participant's Immediate Family or to a partnership or limited liability company
for one or more members of the Participant's Immediate Family), subject to such
limits as the Committee may establish, and the transferee shall remain subject
to all the terms and conditions applicable to such Award.

     12.4 Other Plans. In no event shall the value of, or income arising from,
          -----------
any Awards issued under this Plan be treated as compensation for purposes of any
pension, profit sharing, life insurance, disability or other retirement or
welfare benefit plan now maintained or hereafter adopted by the Company or any
Subsidiary, unless such plan specifically provides to the contrary.

     12.5 Unfunded Plan. This Plan is not a "Retirement Plan" or "Welfare Plan"
          -------------
under the Employee Retirement Income Security Act of 1974, as amended. This Plan
shall be unfunded and shall not create (or be construed to create) a trust or a
separate fund or funds. This Plan shall not establish any fiduciary relationship
between the Company and any Participant or any other person. To the extent any
person holds any rights by virtue of an Award granted under this Plan, such
rights shall be no greater than the rights of an unsecured general creditor of
the Company.

     12.6 Withholding of Taxes. The Company shall have the right to deduct from
          --------------------
any payment to be made pursuant to this Plan, or to otherwise require, prior to
the issuance or delivery of any Shares or the payment of any cash to a
Participant, payment by the Participant of any Federal, state, local or foreign
taxes which the Company reasonably believes are required by law to be withheld.
The Committee may permit all or a portion of any such withholding obligation
(not exceeding the minimum amount required to be so withheld) to be satisfied by
reducing the number of shares otherwise deliverable or by accepting the delivery
of Shares previously owned by the Participant, which Shares shall be valued at
the Fair Market Value of the Common Stock on the exercise date. Any fraction of
a Share required to satisfy such tax obligations shall be disregarded and the
amount due shall be paid instead in

                                      -12-
<PAGE>

                                                                    Exhibit 10-d

cash by the Participant. The Company may also withhold from any future earnings
of salary, bonus or any other payment due to the Participant the amount
necessary to satisfy any outstanding tax obligations related to the grant or
exercise of any Award granted pursuant to this Plan.

     12.7 Reimbursement of Taxes. The Committee may provide in its discretion
          ----------------------
that the Company may reimburse a Participant for Federal, state, local and
foreign tax obligations incurred as a result of the grant or exercise of an
Award issued under this Plan.

     12.8 Governing Law. This Plan and all actions taken in connection with it
          -------------
shall be governed by the laws of the State of Ohio, without regard to the
principles of conflict of laws.

     12.9 Liability. No employee of the Company nor member of the Committee or
          ---------
the Board shall be liable for any action or determination taken or made in good
faith with respect to the Plan or any Award granted hereunder and, to the
fullest extent permitted by law, all employees and members of the Committee and
the Board shall be indemnified by the Company for any liability and expenses
which they may incur through any claim or cause of action arising under or in
connection with this Plan or any Awards granted under this Plan.

     12.10 Successors. All obligations of the Company under this Plan shall be
           ----------
binding upon and inure to the benefit of any successor to the Company, whether
the existence of such successor is the result of a direct or indirect purchase,
merger, consolidation, or otherwise, of all or substantially all of the
business, stock, and/or assets of the Company.

                                      -13-<PAGE>

                                                                    Exhibit 10-p

                               SEVERANCE AGREEMENT
                               -------------------

                CONFORMED TO INCLUDE AMENDMENTS MADE BY AMENDMENT
                 TO SEVERANCE AGREEMENT DATED FEBRUARY 14, 2001

                                                                               *

          THIS AGREEMENT, dated January 16, 2001, is made by and between
Chiquita Brands International, Inc., a New Jersey corporation (the "Company"),
and Carla Byron (the "Executive").

          WHEREAS, the Company considers it essential to the best interests of
its stockholders to foster the continued employment of key management personnel;
and

          WHEREAS, the Board recognizes that, as is the case with many publicly
held corporations, the possibility of a Change in Control exists and that such
possibility, and the uncertainty and questions which it may raise among
management, may result in the departure or distraction of management personnel
to the detriment of the Company and its stockholders; and

          WHEREAS, the Board has determined that appropriate steps should be
taken to reinforce and encourage the continued attention and dedication of
members of the Company's management, including the Executive, to their assigned
duties without distraction in the face of potentially disturbing circumstances
arising from the possibility of a Change in Control;

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Company and the Executive hereby agree as
follows:

          1. Defined Terms. The definitions of capitalized terms used in this
             -------------
Agreement are provided in the last Section hereof.

          2. Term Of Agreement. The Term of this Agreement shall commence on the
             -----------------
date hereof and shall continue in effect through December 31, 2004; provided,
                                                                    --------
however, that if a Change in Control described in Section 6.1 hereof shall have
-------
occurred during the Term, the Term shall expire on the third anniversary of such
Change in Control; and further, provided, however, that if an event or
                       -------  --------  -------
transaction described in clause (a) of the second sentence of Section 6.1 hereof
shall have occurred during the Term, the Term shall be extended, if necessary,
so as to expire not earlier than six months following the occurrence of such
event or transaction.
<PAGE>

          3. Company's Covenants Summarized.
             ------------------------------

          3.1 In order to induce the Executive to remain in the employ of the
Company and in consideration of the Executive's covenants set forth in Section 4
hereof, the Company agrees, under the conditions described herein, to pay the
Executive the Severance Payments and the other payments and benefits described
herein. Except as provided in Section 9.1 hereof, no Severance Payments shall be
payable under this Agreement unless there shall have been a termination of the
Executive's employment with the Company during the Term and following a Change
in Control described in Section 6.1 hereof.

          3.2 This Agreement shall not be construed as creating an express or
implied contract of employment and, except as otherwise agreed in writing
between the Executive and the Company, the Executive shall not have any right to
be retained in the employ of the Company.

          3.3 If the Executive materially breaches any of the terms of this
Agreement, the Company shall immediately be entitled, in its sole discretion, to
terminate its obligations to the Executive under this Agreement.

          3.4 If Executive is now, or at any time during the term of this
Agreement becomes, employed by a subsidiary of the Company (including an
indirect subsidiary of the Company), (a) all references herein to his
employment, or termination of employment, by or with the Company shall, except
where the context otherwise indicates, be deemed to be references to his
employment, or termination of employment, by or with such subsidiary and (b) the
Company shall have the right to cause such subsidiary to pay amounts and provide
other benefits due to the Executive under this Agreement on the Company's
behalf, provided that nothing in this clause (b) shall relieve the Company of
its obligation to cause all such amounts to be paid and such benefits to be
provided to the Executive when due. The transfer of the Executive to the employ
of the Company or any subsidiary of the Company shall not constitute a
termination of his employment for purposes of this Agreement.

          4. The Executive's Covenants.
             -------------------------

          4.1 Prior to the occurrence of a Change in Control, unless and until
required to be disclosed by the Company pursuant to a filing made under the
Federal securities laws, or as otherwise required by law or to enforce the
Executive's rights under this Agreement, the Executive shall keep the terms of
this Agreement confidential and not discuss them with any person other than the
Executive's immediate family members or personal professional advisors.
<PAGE>

          4.2 The Executive shall execute a release of claims against the
Company substantially in the form set forth as Exhibit A hereto, at such time
and in such manner as may reasonably be requested by the Company, in connection
with the Executive's termination of employment under the terms of this Agreement
and as a condition to any payment or other provision of benefits by the Company
hereunder.

          4.3 Following termination of his employment with the Company, the
Executive shall not use or disclose confidential information with respect to the
Company or any of its subsidiaries to any person not authorized by the Company
to receive such information, and the Executive shall assist the Company, in such
manner as may reasonably be requested by the Company, in any litigation in which
the Company or any of its subsidiaries is or may become involved. The
Executive's obligations under this Section 4.3 shall not be limited by the Term
of this Agreement and shall continue in full force following the expiration of
this Agreement.

          5. Compensation Other Than Severance Payments.
             ------------------------------------------

          5.1 If the Executive's employment shall be terminated for any reason
during the Term and following a Change in Control described in Section 6.1
hereof, the Company shall pay the Executive's full salary to the Executive
through the Date of Termination at the rate in effect immediately prior to the
Date of Termination or, if higher, the rate in effect immediately prior to the
Change in Control, together with all compensation and benefits (including
without limitation, pay for accrued but unused vacation) payable to the
Executive through the Date of Termination under the terms of the Company's
compensation and benefit plans, programs or arrangements as in effect
immediately prior to the Date of Termination or, if more favorable to the
Executive, as in effect immediately prior to the Change in Control.

          5.2 If the Executive's employment shall be terminated for any reason
during the Term and following a Change in Control described in Section 6.1
hereof, the Company shall provide to the Executive the Executive's normal
post-termination compensation and benefits (including but not limited to
outplacement services and, if the Executive's place of employment was outside
the United States, all benefits under the Company's repatriation policy to which
the Executive would be entitled if there were approval by all Company
departments whose approval is required under such policy) as such payments and
benefits become due. Such post-termination compensation and benefits shall be
determined under, and paid in accordance with, the Company's retirement,
insurance and other compensation or benefit plans, programs, policies and
arrangements as in effect immediately prior to the Date of Termination or, if
more favorable to the Executive, as in effect immediately prior to the
occurrence of the Change in Control.
<PAGE>

          6. Severance Payments.
             ------------------

          6.1 Subject to Section 6.2 hereof, if (1) a Change in Control occurs
on or prior to December 31, 2004, and (2) the Executive's employment is
terminated (other than (A) by the Company for Cause, (B) by reason of death or
Disability, or (C) by the Executive without Good Reason) and the Date of
Termination in connection therewith occurs within three (3) years after such
Change in Control then the Company shall pay the Executive the amounts, and
provide the Executive the benefits, hereinafter described in this Section 6.1
("Severance Payments"), together with any payments that may be due under Section
6.2 hereof, in addition to any payments and benefits to which the Executive is
entitled under Section 5 hereof. For purposes of this Agreement, the Executive's
employment shall be deemed to have been terminated following a Change in Control
by the Company without Cause or by the Executive for Good Reason if (a) in
connection with Executive's termination of employment by the Company without
Cause or by the Executive for Good Reason (other than pursuant to clause (V) of
the definition thereof, but otherwise determined by treating the event or
transaction hereinafter described as the Change in Control), a Notice of
Termination is furnished following an event or transaction described in Section
15(G)(1)(x) or Section 15(G)(3)(x) which occurs on or prior to December 31,
2004, and (b) a Management Change occurs in connection with or within twelve
(12) months following such event or transaction and subsequent to, but not more
than six (6) months after, the furnishing of such Notice of Termination.

               (A) In lieu of any further salary payments to the Executive for
          periods subsequent to the Date of Termination and in lieu of any
          severance benefit otherwise payable by the Company or any of its
          subsidiaries to the Executive, the Company shall pay to the Executive
          a lump sum severance payment, in cash, equal to (1) if the Date of
          Termination occurs on or prior to the second anniversary of the Change
          in Control, three (3.0) times the sum of (i) the Executive's base
          salary as in effect immediately prior to the Date of Termination or,
          if higher, in effect immediately prior to the Change in Control (the
          "Base Salary"), plus (ii) the target annual bonus established for the
          Executive under the bonus plan maintained by the Company in respect of
          the fiscal year in which occurs the Date of Termination (or, if
          higher, in respect of the fiscal year in which occurs the Change in
          Control), or (2) if the Date of Termination occurs after the second
          anniversary of the Change in Control, one (1.0) times the sum of such
          Base Salary plus such target annual bonus. If, notwithstanding the
          foregoing provision that the lump sum severance is to be in lieu of
          any severance benefit otherwise payable, the Company or any of its
          subsidiaries is required by applicable law to pay such a benefit, the
          Company's
<PAGE>

          obligation to pay such lump sum severance hereunder shall be offset
          and reduced by the amount of the benefit required to be paid by
          applicable law.

               (B) For the 36-month period immediately following the Date of
          Termination, the Company shall arrange to provide the Executive and
          his dependents with life, disability, accident and health insurance
          benefits substantially similar to those provided to the Executive and
          his dependents immediately prior to the Date of Termination (or, if
          more favorable to the Executive, those provided to the Executive and
          his dependents immediately prior to the Change in Control), at no
          greater cost to the Executive on an after-tax basis than the cost to
          the Executive immediately prior to such date or occurrence; PROVIDED,
          HOWEVER, that the foregoing benefits shall be provided for a period of
          only twelve (12) months if the Date of Termination occurs after the
          second anniversary of the Change in Control. Benefits otherwise
          receivable by the Executive pursuant to this Section 6.1(B) shall be
          reduced to the extent benefits of the same type are received by or
          made available to the Executive at no greater cost by a subsequent
          employer during the applicable period set forth above (and any such
          benefits received by or made available to the Executive shall be
          reported to the Company by the Executive). If the Severance Payments
          shall be decreased pursuant to Section 6.2(B) hereof, and the Section
          6.1(B) benefits which remain payable after the application of Section
          6.2 hereof are thereafter reduced pursuant to the immediately
          preceding sentence, the Company shall, no later than five (5) business
          days following such reduction, pay to the Executive the least of (a)
          the amount of the decrease made in the Severance Payments pursuant to
          Section 6.2 hereof, (b) the amount of the subsequent reduction in
          these Section 6.1(B) benefits, or (c) the maximum amount which can be
          paid to the Executive without being, or causing any other payment to
          be, nondeductible by reason of section 280G of the Code.

               (C) Notwithstanding any provision of any incentive, stock,
          retirement, savings or other plan to the contrary, as of the Date of
          Termination, (i) the Executive shall be fully vested in (1) all then
          outstanding options to acquire stock of the Company (or if such
          options have been assumed by, or replaced with options for shares of,
          a parent, surviving or acquiring company, such assumed or replacement
          options), and all then outstanding restricted shares of stock of the
          Company (or the stock of any parent, surviving or acquiring company
          into which such restricted shares have been converted or for which
          they have been exchanged) held by the Executive, (2) all accrued basic
          match and incremental match employer contributions under the Company's
          Capital Appreciation Plan (but not deemed
<PAGE>

          participation match contributions thereunder), and (3) to the extent
          permissible under the Code and the Employee Retirement Income Security
          Act of 1974, as amended ("ERISA"), all amounts credited to his account
          under the Company's 401(k) Savings and Investment Plan which are
          attributable to employer contributions; and (ii) all stock options
          referred to in clause (i) above shall remain exercisable until the
          earlier of (x) the third anniversary of the Date of Termination or (y)
          the otherwise applicable expiration date of such option. To the extent
          that the full vesting of the Executive under clause (i)(3) of the
          preceding sentence would violate either ERISA or the Code, the Company
          shall pay to the Executive a lump sum amount, in cash, equal to the
          amount which cannot become fully vested.

               (D) The Company shall pay to the Executive a lump sum amount, in
          cash, equal to the Executive's target annual bonus under the bonus
          plan maintained by the Company in respect of the fiscal year in which
          occurs the Date of Termination (or, if higher, in respect of the
          fiscal year in which occurs the Change of Control) multiplied by a
          fraction, the numerator of which is the number of days in such fiscal
          year through and including the Date of Termination, and the
          denominator of which is 365. For purposes of this clause (D), the
          Executive's target annual bonus in respect of 2001 shall be deemed to
          be 150% of his actual target annual bonus in respect of 2001 (less, if
          previously paid to the Executive, 60% of his actual target annual
          bonus in respect of 2001).

          6.2 (A) Except as otherwise provided in Section 6.2(B), if the
Severance Payments together with any payment or benefit received or to be
received by the Executive in connection with a Change in Control or the
termination of the Executive's employment (whether pursuant to the terms of this
Agreement or otherwise) (all such payments and benefits, excluding the Gross- Up
Payment, being hereinafter called "Total Payments") will be subject (in whole or
part) to the Excise Tax, then the Company shall pay to the Executive an
additional amount (the "Gross-Up Payment") such that the net amount retained by
the Executive, after deduction of any Excise Tax on the Total Payments and any
federal, state and local income and employment taxes and Excise Tax upon the
Gross-Up Payment, shall be equal to the Total Payments. For purposes of
determining the amount of the Gross-Up Payment, the Executive shall be deemed to
pay federal income taxes at the highest marginal rate of federal income taxation
in the calendar year in which the Gross-Up Payment is to be made and state and
local income taxes at the highest marginal rate of taxation in the state and
localities of the Executive's residence and employment, as applicable, on
<PAGE>

the Date of Termination, net of the maximum reduction in federal income tax
which could be obtained from deduction of such state and local taxes.

               (B) If the Total Payments would (but for this Section 6.2(B)) be
          subject (in whole or part) to the Excise Tax, but the aggregate value
          of the portion of the Total Payments which are considered "parachute
          payments" within the meaning of section 280G(b)(2) of the Code is less
          than 330% of the Executive's Base Amount, then subsection (A) of this
          Section 6.2 shall not apply, and the cash Severance Payments shall be
          reduced (if necessary, to zero), and all other Severance Payments
          shall thereafter be reduced (if necessary, to zero), to the extent
          necessary to cause the Total Payments not to be subject to the Excise
          Tax.

               (C) For purposes of determining whether any of the Total Payments
          will be subject to the Excise Tax and the amount of such Excise Tax,
          (i) all of the Total Payments shall be treated as "parachute payments"
          within the meaning of section 280G(b)(2) of the Code, unless in the
          opinion of the accounting firm which was, immediately prior to the
          Change in Control, the Company's independent auditor (the "Auditor"),
          such other payments or benefits (in whole or in part) do not
          constitute parachute payments, including by reason of section
          280G(b)(4)(A) of the Code, (ii) all "excess parachute payments" within
          the meaning of section 280G(b)(l) of the Code shall be treated as
          subject to the Excise Tax unless, in the opinion of the Auditor, such
          excess parachute payments (in whole or in part) represent reasonable
          compensation for services actually rendered, within the meaning of
          section 280G(b)(4)(B) of the Code, in excess of the Base Amount
          allocable to such reasonable compensation, or are otherwise not
          subject to the Excise Tax, and (iii) the value of any noncash benefits
          or any deferred payment or benefit shall be determined by the Auditor
          in accordance with the principles of sections 280G(d)(3) and (4) of
          the Code. Prior to the payment date set forth in Section 6.3 hereof,
          the Company shall provide the Executive with its calculation of the
          amounts referred to in this Section 6.2(C) and such supporting
          materials as are reasonably necessary for the Executive to evaluate
          the Company's calculations. If the Executive disputes the Company's
          calculations (in whole or in part), the reasonable opinion of the
          Auditor with respect to the matter in dispute shall prevail.

               (D) (I) In the event that (1) amounts are paid to the Executive
          pursuant to Section 6.2(A), (2) there is a Final Determination that
          the Excise Tax is less than the amount taken into account hereunder in
          calculating the Gross-Up Payment, and (3) after giving effect to such
          Final Determination, the Severance Payments are to be reduced pursuant
          to Section 6.2(B), the Executive shall repay to the Company, within
          five (5) business days following the date of the Final Determination,
          the Gross-Up Payment and the amount of the reduction in the
<PAGE>

          Severance Payments, plus interest on the amount of such repayments at
          120% of the rate provided in section 1274(b)(2)(B) of the Code.

                    (II) In the event that (1) amounts are paid to the Executive
          pursuant to Section 6.2(A), (2) there is a Final Determination that
          the Excise Tax is less than the amount taken into account hereunder in
          calculating the Gross-Up Payment, and (3) after giving effect to such
          Final Determination, the Severance Payments are not to be reduced
          pursuant to Section 6.2(B), the Executive shall repay to the Company,
          within five (5) business days following the date of the Final
          Determination, the portion of the Gross-Up Payment attributable to
          such reduction (plus that portion of the Gross-Up Payment attributable
          to the Excise Tax and federal, state and local income and employment
          taxes imposed on the Gross-Up Payment being repaid by the Executive),
          to the extent that such repayment results in a reduction in the Excise
          Tax and a dollar-for-dollar reduction in the Executive's taxable
          income and wages for purposes of federal, state and local income and
          employment taxes, plus interest on the amount of such repayment at
          120% of the rate provided in section 1274(b)(2)(B) of the Code.

                    (III) Except as otherwise provided in clause (IV) below, in
          the event there is a Final Determination that the Excise Tax exceeds
          the amount taken into account hereunder in determining the Gross-Up
          Payment (including by reason of any payment the existence or amount of
          which cannot be determined at the time of the Gross-Up Payment), the
          Company shall pay to the Executive, within five (5) business days
          following the date of the Final Determination, the sum of (1) a
          Gross-Up Payment in respect of such excess and in respect of any
          portion of the Excise Tax with respect to which the Company had not
          previously made a Gross-Up Payment, including a Gross-Up Payment in
          respect of any Excise Tax attributable to amounts payable under
          clauses (2) and (3) of this paragraph (III) (plus any interest,
          penalties or additions payable by the Executive with respect to such
          excess and such portion), (2) if Severance Payments were reduced
          pursuant to Section 6.2(B) but after giving effect to such Final
          Determination, the Severance Payments should not have been reduced
          pursuant to Section 6.2(B), the amount by which the Severance Payments
          were reduced pursuant to Section 6.2(B), and (3) interest on such
          amounts at 120% of the rate provided in section 1274(b)(2) of the
          Code.

                    (IV) In the event that (1) Severance Payments were reduced
          pursuant to Section 6.2(B) and (2) the aggregate value of Total
          Payments which are considered "parachute payments" within the meaning
          of section 280G(b)(2) of the Code is subsequently redetermined in a
          Final Determination, but such redetermined value still does not exceed
          330% of the Executive's Base Amount, then, within five (5) business
          days following such Final Determination, (x) the Company shall pay to
          the Executive the amount (if any) by which the reduced Severance
          Payments (after
<PAGE>

          taking the Final Determination into account) exceeds the amount of the
          reduced Severance Payments actually paid to the Executive, plus
          interest on the amount of such repayment at 120% of the rate provided
          in section 1274(b) of the Code, or (y) the Executive shall pay to the
          Company the amount (if any) by which the reduced Severance Payments
          actually paid to the Executive exceeds the amount of the reduced
          Severance Payments (after taking the Final Determination into
          account), plus interest on the amount of such repayment at 120% of the
          rate provided in section 1274(b) of the Code.

          6.3 The payments provided in subsection (A) and (D) (and to the extent
applicable, subsection (C)) of Section 6.1 hereof and in Section 6.2 hereof
shall be made not later than the fifteenth (15th) day following the Date of
Termination, PROVIDED, HOWEVER, that if the amounts of such payments, and the
potential limitation on such payments set forth in Section 6.2 hereof, cannot be
finally determined on or before such day, the Company shall pay to the Executive
on such day an estimate, as determined in good faith by the Company or, in the
case of payments under Section 6.2 hereof, in accordance with said Section 6.2,
of the minimum amount of such payments to which the Executive is clearly
entitled and shall pay the remainder of such payments (together with interest on
the unpaid remainder (or on all such payments to the extent the Company fails to
make such payments when due) at 120% of the rate provided in section
1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but
in no event later than the sixtieth (60th) day after the Date of Termination. At
the time that payments are made under this Agreement, the Company shall provide
the Executive with a written statement setting forth the manner in which such
payments were calculated and the basis for such calculations including, without
limitation, any opinions or other advice the Company has received from the
Auditor or other advisors or consultants (and any such opinions or advice which
are in writing shall be attached to the statement).

          6.4 The Company also shall pay to the Executive all legal fees and
expenses incurred by the Executive in disputing in good faith any issue
hereunder relating to the termination of the Executive's employment, in seeking
in good faith to obtain or enforce any benefit or right provided by this
Agreement or in connection with any tax audit or proceeding to the extent
attributable to the application of section 4999 of the Code to any payment or
benefit provided hereunder. Such payments shall be made within five (5) business
days after delivery of the Executive's written requests for payment accompanied
with such evidence of fees and expenses incurred as the Company reasonably may
require.
<PAGE>

          7. Termination Procedures And Compensation During Dispute.
             ------------------------------------------------------

          7.1 Notice Of Termination. Any purported termination of the
              ---------------------
Executive's employment hereunder (other than by reason of death) shall be
communicated by written Notice of Termination from one party hereto to the other
party hereto in accordance with Section 10 hereof. For purposes of this
Agreement, a "Notice of Termination" shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon and shall set
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive's employment under the provision so
indicated. Further, a Notice of Termination for Cause is required to include a
copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters (3/4) of the entire membership of the Board at a meeting of the
Board which was called and held for the purpose of considering such termination
(after reasonable notice to the Executive and an opportunity for the Executive,
together with the Executive's counsel, to be heard before the Board) finding
that, in the good faith opinion of the Board, the Executive was guilty of
conduct set forth in clause (i) or (ii) of the definition of Cause herein, and
specifying the particulars thereof in detail.

          7.2 Date Of Termination. "Date of Termination," with respect to any
              -------------------
purported termination of the Executive's employment hereunder, including a
termination described in the second sentence of Section 6.1 hereof, shall mean
the date specified in the Notice of Termination (which, except in the case of a
termination for Cause, shall not be less than fifteen (15) days nor more than
thirty (30) days, respectively, from the date such Notice of Termination is
given).

          7.3 Dispute Concerning Termination. If, prior to the Date of
              ------------------------------
Termination (as determined without regard to this Section 7.3), the party
receiving such Notice of Termination notifies the other party that a dispute
exists concerning the termination, the Date of Termination shall be extended
until the earlier of (i) the date on which the Term ends or (ii) the date on
which the dispute is finally resolved, either by mutual written agreement of the
parties or by a final judgment, order or decree of an arbitrator (which is not
appealable or with respect to which the time for appeal therefrom has expired
and no appeal has been perfected); provided, however, that the Date of
                                   --------  -------
Termination shall be extended by a notice of dispute given by the Executive only
if such notice is given in good faith and the Executive pursues the resolution
of such dispute with reasonable diligence.

          7.4 Compensation During Dispute. If a purported termination occurs
              ---------------------------
following a Change in Control and during the Term and the Date of Termination is
extended in accordance with Section 7.3 hereof, the Company shall continue to
pay
<PAGE>

the Executive the full compensation in effect when the notice giving rise to the
dispute was given (including, but not limited to, salary) and continue the
Executive as a participant in all compensation, benefit and insurance plans in
which the Executive was participating when the notice giving rise to the dispute
was given, until the Date of Termination, as determined in accordance with
Section 7.3 hereof. Payments of compensation otherwise receivable pursuant to
this Section 7.4 shall be reduced to the extent cash compensation is received by
the Executive from a subsequent employer for services rendered during the period
described in this Section 7.4 (and any such compensation received by a
subsequent employer shall be reported by the Executive to the Company), and
benefits otherwise receivable pursuant to this Section 7.4 shall be also be
reduced in the manner provided in the penultimate sentence of Section 6.1(B)
hereof. Amounts paid under this Section 7.4 are in addition to all other amounts
due under this Agreement (other than those due under Section 5.1 hereof) and
shall not be offset against or reduce any other amounts due under this
Agreement.

          8. No Mitigation. The Company agrees that, if the Executive's
             -------------
employment with the Company terminates during the Term, the Executive is not
required to seek other employment or to attempt in any way to reduce any amounts
payable to the Executive by the Company pursuant to Section 6 hereof or Section
7.4 hereof. Further, the amount of any payment or benefit provided for in this
Agreement (other than as expressly provided in Section 6.1(A), 6.1(B) or 7.4
hereof) shall not be reduced by any compensation earned by the Executive as the
result of employment by another employer, by retirement benefits, by offset
against any amount claimed to be owed by the Executive to the Company, or
otherwise.

          9. Successors; Binding Agreement.
             -----------------------------

          9.1 In addition to any obligations imposed by law upon any successor
to the Company, the Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. Failure of the Company to obtain such assumption and agreement
within 30 days after a written demand therefor is delivered to the Board by the
Executive shall be a breach of this Agreement and shall entitle the Executive to
compensation from the Company in the same amount and on the same terms as the
Executive would be entitled to hereunder if the Executive were to terminate the
Executive's employment for Good Reason after a Change in Control, except that,
for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination.
<PAGE>

          9.2 This Agreement shall inure to the benefit of and be enforceable by
the Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If the Executive shall
die while any amount would still be payable to the Executive hereunder (other
than amounts which, by their terms, terminate upon the death of the Executive)
if the Executive had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to
the executors, personal representatives or administrators of the Executive's
estate.

          10. Notices. For the purpose of this Agreement, notices and all other
              -------
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given if (a) mailed by registered mail, return receipt
requested, postage prepaid, (b) transmitted by hand delivery, (c) sent by
next-day or overnight delivery through Federal Express, UPS or another similar
nationally recognized delivery service, (d) sent by facsimile or telecopy
(provided a copy is contemporaneously mailed by first class mail), addressed in
each case if to the Executive, to the address inserted below the Executive's
signature on the final page hereof and, if to the Company, to the address set
forth below, or to such other address as either party may have furnished to the
other in writing in accordance herewith, except that notice of change of address
shall be effective only upon actual receipt:

               To the Company:

               Chiquita Brands International, Inc.
               250 East Fifth Street
               Cincinnati, Ohio 45202
               Attention:  Corporate Secretary

               All such notices shall be deemed to have been received (w) if by
certified or registered mail, on the seventh business day after the mailing
thereof, (x) if by personal delivery, on the business day after such delivery,
(y) if by next- day or overnight delivery, on the business day after such
delivery and (z) if by facsimile or telecopy, on the business day following the
sending of such facsimile or telecopy.

          11. Miscellaneous. No provision of this Agreement may be modified,
              -------------
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and such officer as may be specifically
designated by the Board. No waiver by either party hereto at any time of any
breach by the other party hereto of, or of any lack of compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or
<PAGE>

subsequent time. This Agreement supersedes any other agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof which have been made by either party; provided, however,
                                                            --------  -------
that this Agreement shall supersede any agreement setting forth the terms and
conditions of the Executive's employment with the Company only in the event that
the Executive's employment with the Company is terminated on or following a
Change in Control, by the Company other than for Cause or by the Executive for
Good Reason. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of Ohio. All references to
sections of the Exchange Act or the Code shall be deemed also to refer to any
successor provisions to such sections. Any payments provided for hereunder shall
be paid net of any applicable withholding required under federal, state or local
law and any additional withholding to which the Executive has agreed. The
obligations of the Company and the Executive under this Agreement which by their
nature may require either partial or total performance after the expiration of
the Term (including, without limitation, those under Sections 6 and 7 hereof)
shall survive such expiration. All pronouns shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as the identity of the person or
persons referred to may require.

          12. Validity. The invalidity or unenforceability of any provision of
              --------
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

          13. Counterparts. This Agreement may be executed in several
              ------------
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

          14. Settlement Of Disputes; Arbitration.
              -----------------------------------

          14.1 All claims by the Executive for benefits under this Agreement
shall be directed to and determined by the Employee Benefits Committee of the
Company and shall be in writing. Any denial by the Employee Benefits Committee
of a claim for benefits under this Agreement shall be delivered to the Executive
in writing and shall set forth the specific reasons for the denial and the
specific provisions of this Agreement relied upon. The Employee Benefits
Committee shall afford a reasonable opportunity to the Executive for a review of
the decision denying a claim and shall further allow the Executive to appeal to
the Compensation Committee of the Board a decision of the Employee Benefits
Committee within sixty (60) days after notification by the Employee Benefits
Committee that the Executive's claim has been denied.

          14.2 Any further dispute or controversy arising under or in connection
with this Agreement shall be settled exclusively by arbitration in Cincinnati,
Ohio, in
<PAGE>

accordance with the rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitrator's award in any court having
jurisdiction. Notwithstanding any provision of this Agreement to the contrary,
the Executive shall be entitled to seek specific performance of the Executive's
right to be paid until the Date of Termination during the pendency of any
dispute or controversy arising under or in connection with this Agreement.

          15. Definitions. For purposes of this Agreement, the following terms
              -----------
shall have the meanings indicated below:

          (A) "Affiliate" shall have the meaning set forth in Rule 12b-2
promulgated under Section 12 of the Exchange Act.

          (B) "Auditor" shall have the meaning set forth in Section 6.2 hereof.

          (C) "Base Amount" shall have the meaning set forth in section
280G(b)(3) of the Code.

          (D) "Beneficial Owner" shall have the meaning set forth in Rule 13d-3
under the Exchange Act.

          (E) "Board" shall mean the Board of Directors of the Company.

          (F) "Cause" for termination by the Company of the Executive's
employment shall mean (i) the willful and continued failure by the Executive to
substantially perform the Executive's duties with the Company (other than any
such failure resulting from the Executive's incapacity due to physical or mental
illness or any such actual or anticipated failure after the issuance of a Notice
of Termination for Good Reason by the Executive pursuant to Section 7.1 hereof)
that has not been cured within 30 days after a written demand for substantial
performance is delivered to the Executive by the Board, which demand
specifically identifies the manner in which the Board believes that the
Executive has not substantially performed the Executive's duties, or (ii) the
willful engaging by the Executive in conduct which is demonstrably and
materially injurious to the Company or its subsidiaries, monetarily or
otherwise. For purposes of clauses (i) and (ii) of this definition, no act, or
failure to act, on the Executive's part shall be deemed "willful" unless done,
or omitted to be done, by the Executive not in good faith and without reasonable
belief that the Executive's act, or failure to act, was in the best interest of
the Company.
<PAGE>

          (G) A "Change in Control" shall be deemed to have occurred if:

          (1) (x) any Person is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company representing 20% or more of the
combined voting power of the Company's then outstanding securities (excluding
any Person who becomes such a Beneficial Owner in connection with a transaction
described in clause (x) of subparagraph (3) below), unless such combined voting
power of any such Person does not equal or exceed the combined voting power of
Exempt Holders, and (y) a Management Change occurs in connection with or within
twelve (12) months following the event described in clause (x) of this
subparagraph (1);

          (2) the following individuals cease for any reason to constitute a
majority of the number of directors then serving: individuals who, on November
15, 2000, constituted the Board and any new director (other than a director
whose initial assumption of office is in connection with an actual or threatened
election contest, including but not limited to a consent solicitation, relating
to the election of directors of the Company) whose appointment or election by
the Board or nomination for election by the Company's stockholders was approved
or recommended by a vote of at least two-thirds (2/3) of the directors then
still in office who either were directors on November 15, 2000, or whose
appointment, election or nomination for election was previously so approved or
recommended;

          (3) (x) there is consummated a merger or consolidation of the Company
or any direct or indirect subsidiary of the Company with any other corporation,
or there is consummated a sale of all or substantially all of the assets of the
Company or a similar transaction, and the voting securities of the Company
outstanding immediately prior to such merger, consolidation, sale or similar
transaction do not represent at least 50% of the combined voting power of the
securities of the Company, or the surviving or acquiring entity or any parent
thereof, outstanding immediately after such merger, consolidation, sale or
similar transaction, and (y) a Management Change occurs in connection with or
within twelve (12) months following the transaction described in clause (x) of
this subparagraph (3); or

          (4) any other transaction or event that the Board, in its sole
judgment, determines to be a Change in Control for purposes of this Agreement.

In no event shall the institution or pendency of proceedings involving the
Company under any applicable bankruptcy or insolvency laws constitute, by
itself, a "Change of Control".
<PAGE>

          (H) "Code" shall mean the Internal Revenue Code of 1986, as amended
from time to time.

          (I) "Company" shall mean Chiquita Brands International, Inc., and,
except in determining under Section 15(G) hereof whether or not any Change in
Control of the Company has occurred, shall include any successor to its business
and/or assets which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

          (J) "Date of Termination" shall have the meaning set forth in Section
7.2 hereof.

          (K) "Disability" shall be deemed the reason for the termination by the
Company of the Executive's employment, if, as a result of the Executive's
incapacity due to physical or mental illness, the Executive shall have been
absent from the full-time performance of the Executive's duties with the Company
for a period of six (6) consecutive months, the Company shall have given the
Executive a Notice of Termination for Disability, and, within thirty (30) days
after such Notice of Termination is given, the Executive shall not have returned
to the full-time performance of the Executive's duties.

          (L) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

          (M) "Excise Tax" shall mean the excise tax imposed under section 4999
of the Code.

          (N) "Executive" shall mean the individual named in the first paragraph
of this Agreement.

          (O) "Exempt Holders" shall mean American Financial Group, Inc., each
of its subsidiaries and Affiliates, Carl H. Lindner, his spouse, his children
and their spouses and his grandchildren (or the legal representative of any such
person) and each trust for the benefit of each such person.

          (P) "Final Determination" means an audit adjustment by the Internal
Revenue Service that is either (i) agreed to by both the Executive (or his
estate) and the Company (such agreement by the Company to be not unreasonably
withheld) or (ii) sustained by a court of competent jurisdiction in a decision
with which the Executive and the Company concur (such concurrence by the Company
to be not unreasonably withheld) or with respect to which the period within
which an appeal
<PAGE>

may be filed has lapsed without a notice of appeal being filed or there is no
further right of appeal.

          (Q) "Good Reason" for termination by the Executive of the Executive's
employment shall mean the occurrence (without the Executive's express written
consent) after any Change in Control described in Section 6.1 hereof, of any one
of the following acts by the Company, failures by the Company to act or, in the
case of clause (V) below, act by the Executive:

               (I) the assignment to the Executive of any duties inconsistent
          with the Executive's status as an executive officer of the Company
          (including by reason of the Company becoming a subsidiary of another
          company) or a substantial adverse alteration in the nature or status
          of the Executive's title or responsibilities from those in effect
          immediately prior to such Change in Control;

               (II) a reduction by the Company in the Executive's annual base
          salary or target annual bonus opportunity as in effect immediately
          prior to such Change in Control or as the same may thereafter be
          increased from time to time, or a failure to providethe Executive with
          participation in any stock option or other equity-based plan in which
          other employees of the Company (and any parent, surviving or acquiring
          company) participate on a basis that does not unreasonably
          discriminate against the Executive as compared to such other employees
          who have similar levels of responsibility and compensation;

               (III) the relocation of the Executive's principal place of
          employment to a location more than 50 miles from the Executive's
          principal place of employment immediately prior to such Change in
          Control, except for required travel on the Company's business to an
          extent substantially consistent with the Executive's business travel
          obligations immediately prior to such Change in Control;

               (IV) any material breach by the Company of its obligations under
          this Agreement; or

               (V) the voluntary termination of the Executive of his employment
          for any reason during the four-month period commencing on the date
          with is six months following the occurrence of any Change in Control;
          provided that the Executive has communicated a Noticeof Termination to
          the Company at least four months prior to the effectiveness of such
          voluntary termination;
<PAGE>

          provided, however, that, except with respect to clause (V) above, the
          Notice of Termination in connection with the foregoing acts or failure
          to act must be communicated by the Executive to the Company within six
          months of the Executive becoming aware of such act or failure to act.

          The Executive's right to terminate the Executive's employment for Good
Reason shall not be affected by the Executive's incapacity due to physical or
mental illness. Except as provided above, the Executive's continued employment
shall not constitute consent to, or a waiver of rights with respect to, any act
or failure to act constituting Good Reason hereunder.

          (R) "Gross-Up Payment" shall have the meaning set forth in Section 6.2
hereof.

          (S) "Management Change" shall mean that (i) the Chief Executive
Officer of the Company (or, if (x) the Company becomes a subsidiary of any other
company, the Chief Executive Officer of the Company's ultimate parent company,
or (y) if clause (x) does not apply and the Company has been merged or
consolidated or has sold all or substantially all of its assets, the Chief
Executive Officer of the acquiring or surviving company) is not Carl H. Lindner,
Keith E. Lindner or Steven G. Warshaw or (ii) less than 50% of the "executive
officers" (as defined in Rule 16a-1(f) under the Exchange Act) of the Company
(or such ultimate parent, acquiring or surviving company, as the case may be)
are at any time either (A) persons who were "executive officers" of the Company
immediately prior to the first public announcement of the event or transaction
that, if consummated (together with the occurrence of a Management Change, if
applicable), would constitute a Change in Control, or (B) persons who were
employees of the Company or one of its subsidiaries immediately prior to such
first public announcement whose election or designation as an "executive
officer" in each case was approved or recommended to the Board of Directors by
Carl H. Lindner, Keith E. Lindner or Steven G. Warshaw, as the case may be,
acting in his capacity as Chief Executive Officer of the Company.

          (T) "Notice of Termination" shall have the meaning set forth in
Section 7.1 hereof.

          (U) "Person" shall have the meaning given in Section 3(a)(9) of the
Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except
that such term shall not include (i) the Company or any of its subsidiaries,
(ii) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any of its Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, (iv) a
corporation owned, directly or indirectly, by the
<PAGE>

stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company or (v) the Exempt Holders.

          (V) "Severance Payments" shall have the meaning set forth in Section
6.1 hereof.

          (W) "Term" shall mean the period of time described in Section 2 hereof
(including any extension described therein).

          (X) "Total Payments" shall mean those payments so described in Section
6.2 hereof.

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

                                        CHIQUITA BRANDS INTERNATIONAL, INC.

                                        By:   /s/ Bryan M. Valentine
                                           -----------------------------------
                                        Name   Bryan M. Valentine
                                        Title: Vice President, Human Resources

                                        EXECUTIVE:  /s/ Carla Byron
                                                  ---------------------------
                                        Name:       Carla Byron

                                        Address:    [Included in original
                                                    agreement, not included
                                                    in filed version]
<PAGE>

                                    EXHIBIT A

                           GENERAL RELEASE AND WAIVER

     In exchange for the payments and benefits identified in the Severance
Agreement (the "Agreement") between Chiquita Brands International, Inc. (the
"Company") and Carla Byron ("Employee"), which Employee acknowledges are in
addition to anything of value to which he is already entitled, Employee hereby
releases, settles and forever discharges the Company, its parent, subsidiaries,
affiliates, successors and assigns, together with their past and present
directors, officers, employees, agents, insurers, attorneys, and any other party
associated with the Company, to the fullest extent permitted by applicable law,
from any and all claims, causes of action, rights, demands, debts, liens,
liabilities or damages of whatever nature, whether known or unknown, suspected
or unsuspected, which Employee ever had or may now have against the Company or
any of the foregoing. This includes, without limitation, any claims, liens,
demands, or liabilities arising out of or in any way connected with Employee's
employment with the Company and the termination of that employment pursuant to
any federal, state or local laws regulating employment such as the Civil Rights
Act of 1964, the Civil Rights Act of 1991, the Americans With Disabilities Act
of 1990, the Family and Medical Leave Act of 1993, the Civil Rights Act known as
42 USC 1981, the Employee Retirement Income Security Act of 1974 ("ERISA"), the
Worker Adjustment and Retraining Notification Act ("WARN"), the Fair Labor
Standards Act of 1938, as well as all other federal, state and local laws,
except that this release shall not affect any rights of Employee for benefits
payable under any Social Security, Worker's Compensation or Unemployment laws or
rights arising out of any breach of the Agreement by the Company.

[FOR EMPLOYEES AGE 40 OR OLDER]

     Employee further expressly and specifically waives any and all rights or
claims under the Age Discrimination In Employment Act of 1967 and the Older
Workers Benefit Protection Act (collectively the "Act"). Employee acknowledges
and agrees that this waiver of any right or claim under the Act (the "Waiver")
is knowing and voluntary, and specifically agrees as follows: (a) that the
Agreement and this Waiver are written in a manner which he understands; (b) that
this Waiver specifically relates to rights or claims under the Act; (c) that he
does not waive any rights or claims under the Act that may arise after the date
of execution of this Waiver; (d) that he waives rights or claims under the Act
in exchange for consideration in addition to anything of value to which he is
already entitled; and (e) that he is advised in writing to consult with an
attorney prior to executing this General Release and Waiver.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]