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exv10w23w1

 

EXHIBIT 10.23.1

AMENDMENT TO FISCAL YEAR 2007

ANNUAL INCENTIVE PLAN SUMMARY

EFFECTIVE OCT. 24, 2006

(September 1, 2006 through August 31, 2007 Performance Period)

The Fiscal Year 2007 Annual Incentive Plan Summary has been amended to include the following:

An award under the Plan is deemed to be an “incentive award” covered by the terms of the
Monsanto Company Recoupment Policy adopted by the Board of Directors of the Company on October
24, 2006, if the participant is a “Specified Executive Officer” (within the meaning of said
Recoupment Policy) at the relevant time or times.exv10w24

 

EXHIBIT 10.24

Monsanto Company Recoupment Policy

(adopted by the Board of Directors on Oct. 24, 2006)

In the event the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company with any financial reporting requirement under the securities laws, as
a result of misconduct (as determined by the members of the Board of Directors who are considered
“independent” for purposes of the listing standards of the New York Stock Exchange) each of the
Company’s “Specified Executive Officers” shall reimburse the Company for any incentive award made
to such executive officer on the basis of having met or exceeded specific targets for performance
periods occurring in whole or in part during the 12-month period following the first public
issuance or filing with the Securities and Exchange Commission (whichever first occurs) of the
financial document embodying such financial reporting requirement for periods beginning after
August 31, 2006. For purposes of this policy, (i) the term “incentive awards” means awards under
the Company’s Annual Incentive Plans and Long-Term Incentive Plans, the amount of which is
determined in whole or in part upon specific performance targets relating to the financial results
of the Company; and (ii) the term “Specified Executive Officers” means the Company’s President and
Chief Executive Officer; Executive Vice President and Chief Financial Officer; Executive Vice
President and Chief Technology Officer; Executive Vice President, North America Commercial;
Executive Vice President, International Commercial; Executive Vice President, Manufacturing; Senior
Vice President, Secretary and General Counsel; and Vice President and Controller. From and after
September 1, 2006, the award statement or terms and conditions of any incentive award by the
Company to a Specified Executive Officer shall include a provision incorporating the requirements
of this policy.exv10w26

 

EXHIBIT 10.26

Annual Cash Compensation of Named Executive Officers

The executive officers named in the compensation table in Monsanto’s proxy statement dated
December 14, 2005 (the “Named Executive Officers”) have their base salaries determined yearly by
the People and Compensation Committee (the “Committee”) of the Board of Directors. It is
anticipated that such determinations will occur annually, effective as of the first day of the
pay period in which the subsequent January 1 occurs. The Named Executive Officers are all “at
will” employees, and do not have written or oral employment agreements other than change of
control agreements, the form of which is filed, as required, as an exhibit to reports filed by
the Company under the Securities Exchange Act of 1934. The Company, upon the approval of the
Committee, retains the right to unilaterally decrease or increase the Named Executive Officers’
base salaries at any time.

The Named Executive Officers are eligible to participate in the Company’s annual incentive
compensation plans for all regular employees, including executive officers, which provide for
cash awards. Summaries of such annual incentive compensation plans are filed as exhibits, as
required, to reports filed by the Company under the Exchange Act.

On October 23, 2006, the Committee approved for the Company’s Named Executive Officers the
following base salaries to become effective as of January 1, 2007 and the following annual
incentive awards for the 2006 fiscal year, which will be paid on November 10, 2006:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Base Salary	 	Base Salary	 	FY 2006 Annual
	Named Executive Officer
	 	(as of 01/02/06)
	 	(as of 01/01/07)
	 	Incentive Award

	Hugh Grant

	 	$	1,100,000	 	 	$	1,144,000	 	 	$	1,958,000	 
	Chairman of the Board, President
	 	 	 	 	 	 	 	 	 	 	 	 
	and Chief Executive Officer
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Charles W. Burson

	 	$	460,000	 	 	 	N/A*	 	 	$	485,000	 
	Special Assistant and Counsel
	 	 	 	 	 	 	 	 	 	 	 	 
	to the Chief Executive Officer*
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Carl M. Casale

	 	$	490,000	 	 	$	510,000	 	 	$	605,000	 
	Executive V.P., North
	 	 	 	 	 	 	 	 	 	 	 	 
	America Commercial
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Terrell K. Crews

	 	$	510,000	 	 	$	540,000	 	 	$	600,000	 
	Executive V.P. and
	 	 	 	 	 	 	 	 	 	 	 	 
	Chief Financial Officer
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Robert T. Fraley, Ph.D.

	 	$	525,000	 	 	$	550,000	 	 	$	650,000	 
	Executive V.P. and Chief
	 	 	 	 	 	 	 	 	 	 	 	 
	Technology Officer
	 	 	 	 	 	 	 	 	 	 	 	 

* During the 2006 fiscal year, Mr. Burson served as Executive Vice President, Secretary and
General Counsel. Mr. Burson will serve as Special Assistant and Counsel to the Chief Executive
Officer through his retirement on Dec. 31, 2006.

The Company intends to
provide additional information regarding other compensation awarded to the Named Executive Officers in respect of and during the 2006 fiscal year in the proxy
statement for its 2007 annual meeting of shareowners, which is expected to be filed with the
Securities and Exchange Commission in December 2006.exv10w28

 

EXHIBIT 10.28

MONSANTO COMPANY

EXECUTIVE HEALTH MANAGEMENT PROGRAM

(As Amended and Restated as of October 23, 2006)

	1.	 	Purpose. The purpose of the Monsanto Company Executive Health Management Program
(“Plan”) is to reimburse eligible executives for the cost of certain medical diagnostic
procedures, including routine medical examinations, blood tests and X-rays, or to arrange to
have such procedures made available to such eligible executives.

	2.	 	Effective Date. This Plan was originally effective as of July 19, 2004. The Plan, as
amended and restated, is effective as of October 23, 2006.

	3.	 	Eligibility. Each member of the Executive Team of Monsanto Company (“Monsanto”) or
such other executive as designated by the People and Compensation Committee of the Board of
Directors of Monsanto Company (the “Committee”) shall be a Participant as of the later of: (i)
the date he or she becomes a member of the Executive Team, (ii) in the case of any other
executive, the date he or she is designated a Participant by the Committee, or (iii) the
Effective Date. If a Participant ceases to be a member of the Executive Team or other
eligible executive officer, his or her participation in the Plan shall cease unless otherwise
provided by the Committee, subject to any right of continuation coverage described in Section
5.
	 
	4.	 	Benefits.

     A. Medical Benefits. A Participant will be eligible to receive medical
diagnostic procedures approved or made available by Monsanto’s Corporate Occupational
Medicine department from time to time, at such facilities as determined by the Director,
Occupational Medicine. Such procedures may include routine medical examinations, blood
tests, X-rays and other diagnostic procedures. Such procedures will not include expenses
incurred or services for (a) the treatment, cure or testing of a known illness or
disability, (b) the treatment or testing for a physical injury, complaint or specific
symptom of a bodily malfunction or (c) any activity undertaken for exercise, fitness,
nutrition, recreation or general improvement of health.

     B. Travel Expenses. To the extent medical diagnostic procedures approved or
made available under the Plan are provided at facilities which would result in a Participant
incurring travel to obtain such benefits, all such expenses (including but not limited to
airfare, meals and lodging) shall be borne by Monsanto.

     C. Tax Gross-Up. In the event medical diagnostic procedures approved or made
available under the Plan are taxable to the Participant, the

 

 

Participant shall be entitled to receive an additional payment, (the “Gross Up Payment”) in
an amount such that, after payment by the Participant of all federal, state, and local
taxes, including, but not limited to any taxes imposed by a foreign jurisdiction, and any
interest or penalties imposed with respect to any such taxes (the “Taxes”), imposed on the
Gross-up Payment, the Participant retains an amount equal to any Taxes imposed on the
benefits described in Section 4A.

          For purposes of determining the amount of the Gross-Up Payment, the Participant 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 locality of
residence at the time or times of such payment, net of the maximum reduction in federal
income taxes that could be obtained from the deduction of any other Taxes.

	5.	 	Continuation of Coverage. To the extent required by law (including Section 4980B of
the Internal Revenue Code of 1986, as amended), if a Participant ceases to be a member of the
Executive Team or other eligible executive officer and undertakes to pay any applicable
premium to Monsanto for continuation coverage, coverage under the Plan may continue so long as
such payments are made, but not beyond the end of the period for which such coverage is
required by law. In addition, the former Participant shall be treated as a Participant under
the Plan to such extent as is required by law, and shall be entitled to any benefits otherwise
made available to Participants during such period of continued coverage, as described in
Section 4 A.

	6.	 	Source of Funds. Monsanto shall contribute the amount required to pay benefits
under this Plan out of its general assets at the time such benefits are to be paid. There
shall be no special fund out of which benefits shall be paid.

	7.	 	Plan Administrator. The Employee Benefits Plans Committee of Monsanto shall be the
Plan Administrator and the named fiduciary and shall have the discretionary authority to
construe and interpret the provisions of the Plan, decide all questions of eligibility and
participation and control and manage the operation and administration of the Plan. No member
of the Employee Benefits Plans Committee shall make any decision or take any action covering
exclusively his or her own benefits under the Plan.

	8.	 	Claims. Any claim for benefits shall be processed in accordance with Section 503
of the Employee Retirement Income Security Act of 1974, as amended and the regulations
thereunder.

	9.	 	Amendment and Termination. The Plan may, at any time, be amended or terminated by
the Committee by a written instrument executed by an authorized executive officer or by its
own action.

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	10.	 	Taxation of Benefits. Pursuant to Treasury Regulation Section 1.105-11(g),
reimbursements for medical benefits described in Section 4.A shall be excludable from a
Participant’s income for U.S. federal income tax purposes. Notwithstanding any of the
foregoing, all applicable tax laws and regulations will be applied with respect to a
Participant’s participation in the Plan.

	11.	 	Governing State Law. This Plan shall be construed and enforced according to the laws
of the State of Missouri, to the extent not preempted by federal law.

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