Document:

CQB - Exhibit 10.8-12-31-2011

Exhibit 10.8

CHIQUITA BRANDS INTERNATIONAL, INC. 
EXECUTIVE OFFICER SEVERANCE PAY PLAN

Effective as of January 30, 2012

CHIQUITA BRANDS INTERNATIONAL, INC.  
EXECUTIVE OFFICER SEVERANCE PAY PLAN
Chiquita Brands International, Inc. and certain of its subsidiaries (individually and collectively, the “Company”) have adopted this Plan to provide Severance Benefits as delineated herein to any executive officer of the Company whose employment is terminated by the Company for reasons other than “Cause”, or by the executive officer for “Good Reason” or by the executive officer not receiving or accepting an offer of transfer upon relocation of the Company’s corporate headquarters. The Plan is administered by the Company’s Benefits Committee, which is the Plan Administrator.  The term “Benefits Committee” means the Compensation and Development Committee of the Company’s Board of Directors, or such other committee as may be appointed as the “Benefits Committee” by the Compensation and Development Committee of the Board of Directors.  The Plan’s “Plan Year” is the 12-month period ending December 31.
The Plan is amended, restated, and continued in the form set forth herein.  The Plan (as so amended and restated) is effective with respect to terminations of employment occurring on or after January 30, 2012.
1. Eligibility 
You are eligible for benefits under this Plan if you are an executive officer (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of the Company reporting directly to the Chief Executive Officer, you are employed in the United States on a payroll maintained in the United States, you have been employed for one year or more and you are not excluded by Section (3). 
2. Participation 
If you are eligible for the Plan, you will become entitled to Plan benefits if you meet one of the requirements in Subsection 2(a) and 2(b), meet the requirement in Subsection 2(c), and are not excluded from eligibility under Section 3. 
(a) Termination Requirement 
Your employment must be terminated by you for “Good Reason” or by the Company for reasons other than “Cause,” subject to the following:
(i)  “Cause” means any one or more of the following: 
(A) the willful and continued failure by you to substantially perform your duties that is not cured within 30 days after specific notice by the Chief Executive Officer of the Company, 
(B) the willful engaging by you in conduct demonstrably and materially injurious to the Company or its subsidiaries or 
(C) your refusal to cooperate with any legal proceeding or investigation if so requested to do so by the Company. 
To be “willful,” your conduct must be not in good faith and without reasonable belief that you acted in the best interest of the Company. 
(ii)  “Good Reason” means:
(A) a substantial adverse alteration in the nature or status of your responsibilities; or
(B) a reduction in your annual salary or target annual bonus opportunity, or a failure to provide you with participation in any stock option or other equity-based compensation plan in which other employees of the Company (and any parent, surviving or acquiring company) participate; unless either such reduction or failure does not unreasonably discriminate against you, as compared to such other employees who have similar levels of responsibility and compensation, or such reduction is not material to the compensation paid to you.

(iii)  The Chief Executive Officer of the Company will determine whether your employment was terminated by the Company for reasons other than “Cause” or by you for “Good Reason.”  Notwithstanding the foregoing, any resignation by you shall not be considered to have been for “Good Reason” unless the resignation occurs within 90 days after your becoming aware of the act or acts constituting “Good Reason.”

(iv)  References in the Plan to your termination of employment (including references to your employment termination, and to your terminating employment) shall mean your ceasing to be employed by the Company and the Related Companies, subject to the following:
(A)  The employment relationship will be deemed to have ended at the time you and your employer reasonably anticipate that the level of bona fide services you would perform for the Company and the Related Companies after such date (whether as an employee or independent contractor, but not as a director) would permanently decrease to no more than 20% of the average level of bona fide services performed over the immediately preceding 36 month period for the Company and the Related Companies (or the full period of service to the Company and the Related Companies if you have has performed services for the Company and the Related Companies for less than 36 months).  In the absence of an expectation that you will perform at the above-described level, the date of termination of employment will not be delayed solely by reason of your continuing to be on the Company's and the Related Companies' payroll after such date.
(B)  The employment relationship will be treated as continuing intact while you are on a bona fide leave of absence (determined in accordance with Treas. Reg. §1.409A-1(h)).
You shall be treated as having terminated employment at the time your employer ceases to be a Related Company; provided, however, that to the extent required by Internal Revenue Code (“Code”) Section 409A, no such termination of employment will be deemed to occur by reason of a spinoff or other transaction where you continue to be employed by your employer immediately after the time of the consummation of the transaction, or thereafter until you cease to be employed by the employer or its affiliates.
"Related Companies" shall mean all companies and other persons with whom the Company is considered to be a single employer under Code Section 414(b), and all persons with whom the Company would be considered a single employer under Code Section 414(c) and the guidance thereunder (“Code Section 409A”).
(b) Not Offered or Declining Offer to Relocate
You either are not offered employment or you decline the offer of employment at the Company’s new headquarters by responding in the negative to either the Letter of Intent or the Transfer Election Form, and then remain employed by the Company until your employment is terminated as part of the relocation by the Company.
(c) Release Requirements 
(i) You must sign the Separation Agreement and Release prescribed by the Plan Administrator, which will contain a customary release and your agreement (as appropriate under applicable law) (A) to refrain from disclosure of confidential information or disparaging the Company and to assist the Company in any litigation matters and (B) for one year after termination of your employment, refrain directly or indirectly (x) from soliciting customers, suppliers or employees of the Company or any of its subsidiaries or (y) competing with the Company or working for specified competitors; and 
(ii) the Separation Agreement and Release must become irrevocable. 
You shall be eligible for benefits under the Plan only if the Separation Agreement and Release is returned by such time as is established by the Company; provided that to the extent benefits provided pursuant to the Plan would constitute Deferred Compensation, such benefits shall be paid to you only if the release is returned in time to permit the distribution of the benefits to satisfy the requirements of Code Section 409A 

with respect to the time of payment.
3. Ineligibility for Benefits 
The following render you ineligible for benefits under this Plan:
(a) Resignation or Discharge 
You will not be eligible for benefits under this Plan if the Plan Administrator determines, in its sole discretion, that your employment was terminated by retirement, resignation without “Good Reason”, death, disability, or involuntary discharge by the Company for “Cause.”  A decision to decline the offer of employment as provided for in Subsection 2(b) is not considered a resignation or discharge within the meaning of this Subsection 3(a). 
(b) Changed Decisions 
If your employment is terminated by the Company, it has the right to cancel or reschedule your separation before you terminate employment. You will not be eligible for benefits under this Plan if your separation is canceled. 
(c) Substantially Equivalent Substitute Employment 
You will not be eligible for benefits under this Plan, if the Plan Administrator determines, in its sole discretion, that you have been offered substantially equivalent substitute employment, whether you accept the position, and that the substitute employment would not constitute or result in there being “Good Reason”.  Substantially Equivalent Substitute Employment is: 
(i) an offer of substantially equivalent employment by any entity that assumes operations or functions formerly carried out by the Company (such as the buyer of a facility or any entity to which a Company operation or function has been outsourced); 
(ii) an offer of substantially equivalent employment by any affiliate of the Company; 
(iii) an offer of substantially equivalent employment by any entity making the job offer at the request of the Company (such as a joint venture of which the Company or an affiliate is a member); or 
(iv) an offer of substantially equivalent employment by the Company. 
“Substantially Equivalent Substitute Employment” does not include an offer of employment contained in a Letter of Transfer Acceptance and/or Transfer Election Form that is made in conjunction with the relocation of employment to the Company’s new Charlotte headquarters.
(d) Transition Assistance 
You will not be eligible for benefits under this Plan unless you stay until officially released by the Company and satisfy all transition assistance requests of the Company to the Company’s satisfaction, such as aiding in the location of files, preparing accounting records, returning all Company property in your possession, or repaying any amounts you owe the Company. 
(e) Employee Abrogation of Transfer Election
You will not be eligible for benefits under this Plan if, after committing to relocate to the Company’s new Charlotte headquarters by executing the Transfer Election Form, you do not relocate to Charlotte, or you relocate to Charlotte and then either voluntarily terminate your employment or are terminated for violation of the Chiquita Code of Conduct, within twelve (12) months of the first day of your assignment in Charlotte.
(f)    Other Exclusions
You will not be eligible for benefits under this Plan if you are on a leave of absence, except as otherwise required by applicable law.
4. Cash Benefit 
If you are entitled to Plan benefits, you will receive aggregate cash severance payments (your “Cash 

Benefit”) equal to the sum of your then current annual base salary and annual bonus target.  You will also receive a pro-rata cash bonus (your "Pro Rata Bonus") for the year of termination in an amount equal to the product of (A) the bonus that would have been paid to you based on actual performance had your employment not terminated, and (B) a fraction, the numerator of which is the number of days in such year through the date of your Termination of Employment, and the denominator of which is 365.  Such payments will be made as set forth in Section 5. 
5. Payment 
(a) Cash Benefit 
(i) Except as otherwise provided in clause (ii) below, your Cash Benefit under this Plan will be paid over the first twelve months following the date your Separation Agreement and Release has become irrevocable (the “Effective Date”) in equal bi-weekly installments, beginning with the first payroll date after the Effective Date, in accordance with the Company’s customary payroll practices. 
(ii) The portion of the benefits to which you are otherwise entitled in accordance with paragraph (i) above that is Deferred Compensation will be paid to you during the calendar year of your termination of employment, to the extent it would have been paid to you as installment payments in accordance with paragraph (i) above (and subject to paragraph (iii) below) if you had signed and returned the release, and it became irrevocable 21 days after your termination date, provided that in no event will you be entitled to payments under this Plan unless you execute such release.
(iii) If any portion of the benefits to which you are otherwise entitled in accordance with paragraph (i) above is Deferred Compensation and you are a Specified Employee, that portion will be paid as follows: (A) any portion of your Cash Benefit that would otherwise be payable during the first six months following your termination of employment will instead be paid in a lump sum on the first business day after six months have elapsed following your termination of employment (the “Six-Month Anniversary”) and (B) the remainder of your Cash Benefit will be paid in equal bi-weekly installments, beginning with the first payroll date after the Six-Month Anniversary. 
(b) Pro Rata Bonus Payment 
Your Pro Rata Bonus will be paid on the date when annual bonuses for other executives are normally paid; provided that if any portion of your Pro Rata Bonus is Deferred Compensation and you are a Specified Employee, and the Pro Rata Bonus is treated as being paid by reason of termination of employment, that portion will be paid not earlier than the first business day after the Six-Month Anniversary.
(c) Definitions
For purposes of the Plan:
(A)  The term “Deferred Compensation” means payments or benefits that would be considered to be provided under a nonqualified deferred compensation plan as that term is defined in Treas. Reg. §1.409A-1.  
(B)  The term “Specified Employee” shall be defined in accordance with Treas. Reg. §1.409A-1(i) and such rules as may be established by the Administrative Committee from time to time.
(C)  The term "Administrative Committee" shall mean the Chiquita Brands International, Inc. Employee Benefits Committee which has been appointed under the Capital Accumulation Plan.  Notwithstanding the foregoing, "Administrative Committee" may also include any individual or committee to which the Administrative Committee has delegated authority to act with respect to a specific activity.  
6. Additional Benefits 
You may continue your health benefits under the normal COBRA rules, but the Company will pay the full premium for COBRA coverage for twelve (12) months. Thereafter, you will be charged the full COBRA premium. 
You will also receive one additional year of vesting for purposes of Company employee stock options and restricted stock. If permissible under Code Section 409A, your vested stock options will remain exercisable for one 

year following termination (but no later than the date they would have expired if you remained employed by the Company). 
You will receive outplacement services, the level and duration of which is determined by job category, provided that you begin using those services within 30 days of your separation date, and further provided that in no event shall the outplacement services be provided later than the last day of the second calendar year following the calendar year in which your termination of employment occurred, with any reimbursement that may be due for such expenses to be paid no later than the end of the third calendar year following the calendar year in which the termination of employment occurred.
7. Integration With Other Payments 
Benefits under this Plan are not intended to duplicate such benefits as workers’ compensation wage replacement benefits, disability benefits, pay-in-lieu-of-notice, other severance pay, or similar benefits under other benefit plans, or similar benefits under other severance plans or programs, employment contracts, or applicable laws, such as the WARN Act. Should such other benefits be payable, your benefits under this Plan will be reduced accordingly or, alternatively, benefits previously paid under this Plan will be treated as having been paid to satisfy such other benefit obligations. U.S. citizens or green card holders working outside the United States and subject to locally mandated separation or severance payments by the host country will receive the greater of the benefits according to such laws in their host country or this Plan. If you have an Employment Contract, you will not receive any benefits under this Plan unless you waive all benefits of any kind or nature that are created to you under the Employment Contract. In any case, the Plan Administrator, in its sole discretion, will determine how to apply this provision and may override other provisions in this Plan in doing so.  Further, adjustments under this Section 7 or Section 10 shall not be applicable to amounts payable under the Plan that would constitute Deferred Compensation except to the extent permitted by Code Section 409A.
8. Reemployment 
If you are reemployed by the Company or have been offered Substantially Equivalent Substitute Employment while benefits are still payable under the Plan, all such benefits will cease and unpaid benefits shall be forfeited, except as otherwise specified by the Plan Administrator, in its sole discretion. 
9. Taxes 
Taxes will be withheld from benefits under the Plan to the extent required by law.  
10. Relation to Other Plans 
Any prior severance or similar plan of the Company that might apply to you is hereby revoked as to you while you are eligible for Plan benefits. Benefits under this Plan will not be counted as “compensation” for purposes of determining benefits under any other benefit plan, pension plan, non-qualified plan or similar arrangement. All such plans or similar arrangements, to the extent inconsistent with this Plan, are hereby so amended. No benefits that would constitute “excess parachute payments” within the meaning of Code Section 280G, or cause any other amounts to be excess parachute payments, will be paid by this Plan.
11. Amendment or Termination 
The Company, acting through the Compensation & Organization Development Committee or its chief executive officer, in its nonfiduciary settlor capacity, may modify, amend or terminate the Plan at any time, prospectively or retroactively, for any reason, without notice and even if currently payable benefits are reduced or eliminated provided however, that no such amendment shall have the effect of causing an acceleration or other distribution that would otherwise result in the application of penalties under Code Section 409A. The Plan Administrator also has the right to amend the Plan, as elsewhere provided in the Plan. No person has any vested right to benefits under this Plan. The Company may amend the Plan to provide greater or lesser benefits to particular employees by sending affected employees a letter setting forth the applicable benefit modification. 
12. Claims Procedures 
(a) Claims Normally Not Required 

Normally, you do not need to present a formal claim to receive benefits payable under this Plan. 
(b) Disputes 
If any person (Claimant) believes that benefits are being denied improperly, that the Plan is not being operated properly, that fiduciaries of the Plan have breached their duties, or that the Claimant’s legal rights are being violated with respect to the Plan, the Claimant must file a formal claim with the Plan Administrator. This requirement applies to all claims that any Claimant has with respect to the Plan, including claims against fiduciaries and former fiduciaries. 
(c) Time for Filing Claims 
A formal claim must be filed within 180 days from the date of separation, unless the Plan Administrator in writing consents otherwise. The Plan Administrator shall provide a Claimant, on request, with a copy of the claims procedures established under subsection (d). 
(d) Procedures 
The Plan Administrator has adopted the procedures for considering claims which are contained in the Appendix and which it may amend from time to time as it sees fit. These procedures provide that final and binding arbitration shall be the ultimate means of contesting a denied claim (even if the Plan Administrator or its delegates have failed to follow the prescribed procedures with respect to the claim). The right to receive benefits under this Plan is contingent on a Claimant using the prescribed claims and arbitration procedures to resolve any claim. 
13. Plan Administration 
(a) Discretion 
The Plan Administrator is responsible for the general administration and management of the Plan and shall have all powers and duties necessary to fulfill its responsibilities, including, but not limited to, the discretion to interpret and apply the Plan and to determine all questions relating to eligibility for benefits. The Plan shall be interpreted in accordance with its terms and their intended meanings. However, the Plan Administrator and all Plan fiduciaries shall have the discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion they deem to be appropriate in their sole discretion, and to make any findings of fact needed in the administration of the Plan. The validity of any such interpretation, construction, decision, or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly arbitrary or capricious. 
(b) Finality of Determinations 
All actions taken and all determinations made in good faith by the Plan Administrator or by Plan fiduciaries will be final and binding on all persons claiming any interest in or under the Plan. To the extent the Plan Administrator or any Plan fiduciary has been granted discretionary authority under the Plan, the Plan Administrator’s or Plan fiduciary’s prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter. 
(c) Drafting Errors 
If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or other evidence of intent, or as determined by the Plan Administrator in its sole discretion, the provision shall be considered ambiguous and shall be interpreted by the Plan Administrator and all Plan fiduciaries in a fashion consistent with its intent, as determined in the sole discretion of the Plan Administrator. The Plan Administrator shall amend the Plan retroactively to cure any such ambiguity. 
(d) Scope 
This Section may not be invoked by any person to require the Plan to be interpreted in a manner inconsistent with its interpretation by the Plan Administrator or other Plan fiduciaries. 
(e) Code Section 409A

This Plan and the benefits provided hereunder are intended to satisfy the requirements of Code Section 409A, and is to be interpreted to avoid accelerated recognition of income or imposition of additional tax under Code Section 409A.
14. Costs and Indemnification 
All costs of administering the Plan and providing Plan benefits will be paid by the Company, with one exception: Any expenses (other than arbitrator fees) incurred in resolving disputes with multiple Claimants concerning their entitlement to the same benefit may be charged against the benefit, which will be reduced accordingly. To the extent permitted by applicable law and in addition to any other indemnities or insurance provided by the Company, the Company shall indemnify and hold harmless its (and its affiliates’) current and former officers, directors, and employees against all expenses, liabilities, and claims (including legal fees incurred to defend against such liabilities and claims) arising out of their discharge in good faith of their administrative and fiduciary responsibilities with respect to the Plan. Expenses and liabilities arising out of willful misconduct will not be covered under this indemnity. 
15. Limitation on Employee Rights 
This Plan shall not give any employee the right to be retained in the service of the Company or interfere with or restrict the right of the Company to discharge or retire the employee. 
16. Governing Law 
This Plan is a welfare plan subject to the Employee Retirement Income Security Act of 1974 and it shall be interpreted, administered, and enforced in accordance with that law. This Plan is intended to comply with Code Section 409A and shall be considered and interpreted in accordance with such intent. To the extent that the benefits under the Plan are subject to Code Section 409A, they shall be provided in a manner that will comply with Code Section 409A, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto (the “Guidance”).  Any provision of this Plan that would cause the payment of the benefits to fail to satisfy Code Section 409A shall have no force and effect until amended to comply with Code Section 409A, which amendment may be retroactive to the extent permitted by the Guidance. To the extent that state law is applicable, the statutes and common law of the State of Ohio (excluding its choice of law, statutes or common law) shall apply. 
17. Miscellaneous 
Where the context so indicates, the singular will include the plural and vice versa. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Plan. Unless the context clearly indicates to the contrary, a reference to a statute or document shall be construed as referring to any subsequently enacted, adopted, or executed counterpart.

APPENDIX 
Detailed Claim and Arbitration Procedures 
1. Claims Procedure 
(a) Initial Claims 
All claims shall be presented to the Plan Administrator in writing. Within 90 days after receiving a claim, a claims official appointed by the Plan Administrator shall consider the claim and issue his or her determination thereon in writing. The claims official may extend the determination period for up to an additional 90 days by giving the Claimant written notice. The initial claim determination period can be extended further with the consent of the Claimant. Any claims that the Claimant does not pursue in good faith through the initial claims stage shall be treated as having been irrevocably waived. 
(b) Claims Decisions 
If the claim is granted, the benefits or relief the Claimant seeks shall be provided. If the claim is wholly or partially denied, the claims official shall, within 90 days (or a longer period, as described above), provide the Claimant with written notice of the denial, setting forth, in a manner calculated to be understood by the Claimant: (1) the specific reason or reasons for the denial; (2) specific references to the provisions on which the denial is based; (3) a description of any additional material or information necessary for the Claimant to perfect the claim, together with an explanation of why the material or information is necessary; and (4) an explanation of the procedures for appealing denied claims. If the Claimant can establish that the claims official has failed to respond to the claim in a timely manner, the Claimant may treat the claim as having been denied by the claims official. 
(c) Appeals of Denied Claims 
Each Claimant shall have the opportunity to appeal the claims official’s denial of a claim in writing to an appeals official appointed by the Plan Administrator (which may be a person, committee, or other entity). A Claimant must appeal a denied claim within 60 days after receipt of written notice of denial of the claim, or within 60 days after it was due if the Claimant did not receive it by its due date. The Claimant (or his or her duly authorized representative) may review pertinent documents in connection with the appeals proceeding and may present issues and comments in writing. The Claimant only may present evidence and theories during the appeal that the Claimant presented during the initial claims stage, except for information the claims official may have requested the Claimant to provide to perfect the claim. Any claims that the Claimant does not pursue in good faith through the appeals stage, such as by failing to file a timely appeal request, shall be treated as having been irrevocably waived. 
(d) Appeals Decisions 
The decision by the appeals official shall be made not later than 60 days after the written appeal is received by the Plan Administrator, unless special circumstances require an extension of time, in which case a decision shall be rendered as soon as possible, but not later than 120 days after the appeal was filed, unless the Claimant agrees to a further extension of time. The appeal decision shall be in writing, shall be set forth in a manner calculated to be understood by the Claimant, and shall include specific reasons for the decision, as well as specific references to the provisions on which the decision is based, if applicable. If a Claimant does not receive the appeal decision by the date it is due, the Claimant may deem his or her appeal to have been denied. 
(e) Procedures 
The Plan Administrator shall adopt procedures by which initial claims shall be considered and appeals shall be resolved; different procedures may be established for different claims. All procedures shall be designed to afford a Claimant full and fair consideration of his or her claim. 
(f) Arbitration of Rejected Appeals 
If a Claimant has pursued his or her claim through the appeal stage of these claims procedures, the Claimant may contest the actual or deemed denial of that claim through arbitration, as described below. In no event shall any denied claim be subject to resolution by any means (such as in a court of law) other than arbitration in 

accordance with the following provisions. 
2. Arbitration Procedure 
(a) Request for Arbitration 
A Claimant must submit a request for arbitration to the Plan Administrator within 60 days after receipt of the written denial of his or her appeal (or within 60 days after he or she should have received the determination). The Claimant or the Plan Administrator may bring an action in any court of appropriate jurisdiction to compel arbitration in accordance with these procedures. 
(b) Applicable Arbitration Rules 
The arbitration shall be held under the auspices of the American Arbitration Association (AAA) in accordance with the AAA’s then-current Employment Dispute Resolution Rules and the Due Process Protocol for Mediation and Arbitration of Statutory Disputes Arising Out of the Employment Relationship. 
(c) Location 
The arbitration will take place in Cincinnati, Ohio, or in such other location as may be acceptable to both the Claimant or the Plan Administrator. 
834640.2CQB-Exhibit 10.29-12.31.2011

EXHIBIT 10.29
SEPARATION AGREEMENT
The following is an agreement (the “Agreement”) executed as of September 2, 2011, between Tanios Viviani (“Employee”) and Chiquita Brands International, Inc. (the “Company”) with respect to Employee’s separation from the Company.
In consideration of the mutual promises contained in this Agreement, the Company and Employee agree as follows:
1.Employee will separate from the service of, and will resign as an officer and employee of the Company and all of its subsidiaries and affiliates on October 15, 2011, which shall be his last day of employment with the Company (the “Separation Date”).  Effective as of the Separation Date, Employee hereby resigns all his positions as director, officer or otherwise with respect to the Company and its subsidiaries.  The Company and Employee agree that, from and after the Separation Date (and notwithstanding the provisions of Sections 4(a) and 4(f) hereof), Employee will not perform services for the Company or its subsidiaries and affiliates to any extent which would result in Employee's separation not being treated as a separation from service for purposes of Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A").
2.    In accordance with its normal payment schedule, the Company shall pay to Employee his normal salary through the close of business on the Separation Date, subject to all normal withholdings and taxes.  Employee shall accrue vacation through the Separation Date and the Company shall pay to Employee in a lump sum all remaining earned and accrued, banked and/or carryover vacation pay due in accordance with the Company’s paid time off policy.  Upon the payments of such amounts, Employee will have been paid all amounts due for salary and for earned and accrued, banked and/or carryover vacation pay as of the Separation Date.  Such amount shall be paid on the normal payment date for the pay period immediately following the Separation Date. 
3.    Company’s Obligations. Subject to Employee's satisfaction of Employee's obligations under Section 4 and 15 hereof:
(a)    Cash Benefit. The Company will pay Employee a cash benefit of   $807,500 (“Cash Benefit”), which amount is equivalent to the sum of Employee’s current annual base salary and annual bonus target.  In order to ensure compliance with the provisions of Section 409A of the Internal Revenue Code, the Employee will receive his Cash Benefit as follows: (A) $403,750 will be paid in a lump sum on the first payroll date following the sixth month anniversary of the Separation Date and (B) the remainder of Employee’s Cash Benefit will be paid in equal bi-weekly installments, beginning with the first payroll date following the sixth month anniversary of the Separation Date and ending on the one year anniversary of the Separation Date.
(b)    Pro-Rata Annual Bonus.  The Company will pay to Employee an amount equal to a pro-rata bonus for the period of 2011 during which he was employed by the Company (i.e., through the Separation Date).  The amount will be determined based on Employee’s actual performance had his employment not terminated and the Company’s actual performance for purposes of the Company’s Management Incentive Plan (“MIP”) as determined by the Company pursuant to the MIP for all other MIP-eligible employees.  The amount will be paid on February 15, 2012, or as soon as administratively feasible thereafter, or the date on which MIP bonus payments are made to other MIP-eligible employees for the 2011 performance year, whichever is later (but not later than December 31, 2012). 
(c)    Health Benefits.  Employee will retain any health benefits coverage in which he is enrolled through the Separation Date.  If Employee extends the medical and/or dental and/or vision benefits in which he is enrolled as of the Separation Date by timely electing coverage under COBRA 

(which right is not contingent upon his effectiveness of this Agreement), the Company will pay the full premium for COBRA coverage for the first twelve months after the Separation Date.  For the remaining balance of the COBRA period, Employee will be responsible for paying the full premium for COBRA coverage in effect from time to time, in accordance with the ordinary terms and conditions applicable to COBRA coverage.  All other benefits in which Employee is enrolled or eligible as of the Separation Date will cease as of the Separation Date.
(d)    Outplacement Service; Legal Fees.  Employee will receive 12 months of career transition services through OI Partners, commencing on the Separation Date.  The outplacement service will be forfeited if Employee does not initiate outplacement services within thirty (30) days following the Separation Date.   The outplacement service will not be exchangeable for any other payment or benefit.  The Company will reimburse Employee up to an aggregate of $10,000 for legal fees incurred by Employee in connection with the negotiation and execution of this Agreement, which reimbursement shall be made in a lump sum within 60 days following the Separation Date.
(e)    Restricted Stock.   13,737 shares of unvested restricted stock units previously granted to Employee under the Company’s Stock and Incentive Plan shall vest upon the satisfaction by Employee of his obligations under Section 15 hereof and will be delivered to Employee as soon as administratively practicable thereafter during 2011, provided, however that the shares will not be delivered to Employee until the earliest date permissible which would not result in a violation of Section 409A of the Internal Revenue Code.
(f)    Defined Contribution Plan Benefits.    The Company acknowledges that Employee is fully vested in his accounts under the Company’s Capital Accumulation Plan (the “CAP”).  The full amount of Employee’s Deferral Contribution account (including earnings therein) under the CAP, and the portions of his other accounts (including earnings therein) under the CAP which vested prior to January 1, 2005, if any, shall be paid to Employee in accordance with the terms of the CAP, as amended so as to comply with the provisions of Section 409A of the Internal Revenue Code.  The Company acknowledges that Employee is fully vested in his accounts under the Company’s Savings and Investment Plan (the “SIP”).  The full amount of Employee’s accounts (including earnings therein) under the SIP shall be paid to Employee in accordance with the terms of the SIP. Notwithstanding any provision of the CAP or SIP to the contrary, Employee shall remain eligible to receive any Company matching contributions or credits to the CAP and the SIP with respect to the 2011 plan year, with the amount of any such match to be based on compensation paid to Employee through the Separation Date and otherwise eligible for Company matching contributions under the terms of the applicable plan. Any such contributions or credits shall be credited under the CAP and the SIP, as the case may be at the time applicable to active plan participants under the applicable plan and shall only be made if such contributions or credits are provided to active plan participants with respect to the 2011 plan year.  Notwithstanding the foregoing, Company reserves the right to pay Employee an equivalent amount outside the CAP or SIP.  
(g)    Insurance.  The Company shall not cancel any coverage for Employee under any director and officer liability insurance policy otherwise maintained by the Company with respect to any other current or former officers and directors and shall not discriminate against Employee vis-à-vis other officers and former officers in any purchase or renewal of any such policy or any purchase of an extended reporting period under a policy that is not renewed.
(h)    Mortgage Subsidy.  The Company shall make payment to Employee of amounts remaining under the mortgage subsidy arrangements entered into with Employee upon his relocation to California, such payments to be made in a manner consistent with past practice.
4.    Employee’s Obligations.
(a)    Employee will transfer his responsibilities in an appropriate manner and use reasonable best efforts to effect a smooth transition;
(b)    Employee will not following the date hereof represent or bind the Company or 

any of its subsidiaries or enter into any agreement on behalf of the Company or any of its subsidiaries;
(c)    Employee will return to the Company no later than the Separation Date his Company credit cards, keys, identification cards, iPad and laptop computer (if applicable);
(d)    Employee will return to the Company no later than the Separation Date all other Company property and materials, including but not limited to computer hardware and accessories, computer software disks or other media, computer files, books, documents, records and memoranda;
(e)    Employee will no later than the Separation Date repay all cash advances and file a final expense report;
(f)    Employee will fully cooperate and assist the Company with any litigation matters or agency proceedings for which Employee’s testimony or cooperation is requested (including following the Separation Date), provided that Employee is compensated for any reasonable and necessary expenses incurred or actual income lost as a result of his cooperation and assistance.
(g)    At the Company's request, Employee will (i) sign all necessary documents to effect Employee’s resignation from all director, officer or other positions with the Company and its subsidiaries, as well as any such positions with joint venture companies and other companies in which the Company and its subsidiaries have a direct or indirect ownership interest and (ii) sign all documentation, and take any other action, necessary to transfer to the Company’s designee all title or other interest Employee has in “nominee” or similar shares of any company in which Chiquita has a direct or indirect ownership interest, if any. 
(h)     Without limiting the provisions of any confidentiality or similar agreement in effect between Employee and the Company or a subsidiary, from and after the Separation Date, Employee will hold in a fiduciary capacity for the sole benefit of the Company all information, knowledge or data relating to the Company or any of its subsidiaries and their respective businesses and investments, including investments in joint ventures, which information, knowledge or data the Company or any of its subsidiaries consider to be proprietary, confidential, or not public knowledge (including but not limited to trade secrets) that Employee obtains or has previously obtained during Employee’s employment by the Company or any of its subsidiaries  ("Proprietary, Confidential or Non-Public Information"), provided, however, that Proprietary, Confidential or Non-Public Information shall not include information that is now or later becomes part of the public domain, unless such information becomes part of the public domain as a result of any action or inaction on the part of Employee.  Until and from and after the Separation Date, Employee will not, except as required by applicable law, directly or indirectly use, communicate, divulge or disseminate any Proprietary, Confidential or Non-Public Information for any purpose not authorized by the Company or its subsidiaries, or for any purpose not related to the performance of Employee’s work for the Company or any of its subsidiaries.  Neither the Company’s senior executive officers or directors nor Employee shall by speech or actions disparage the other party; provided, however, that nothing herein shall prevent either party from responding truthfully in any legal or regulatory proceeding.  At any time requested by the Company or any of its subsidiaries, and in any event on or prior to the Separation Date, Employee shall return all copies of all documents, materials or information in any form, written or electronic or otherwise, that constitute, contain, refer or relate to any Proprietary, Confidential or Non-Public Information.
(i)    For a period of one year after the Separation Date, Employee will not, without the written consent of the Company, directly or indirectly, engage in, invest in or participate in any business or activity conducted by those entities listed on Appendix A hereto (any such company a "Competing Business"), whether as an employee, officer, director, partner, joint venturer, consultant, independent contractor, agent, representative, shareholder or in any other capacity (other than as a holder of less than five percent (5%) of any class of publicly traded securities of any such Competing Business).   
(j)    For a period of one year after the Separation Date, Employee will not, without the written consent of the Company, directly or indirectly, solicit, entice, persuade or induce, or attempt to 

solicit, entice, persuade or induce (i) any customer, supplier, distributor or other person or entity that has a business relationship, contractual or otherwise, with the Company or any of its subsidiaries (or any of their respective joint ventures) to direct or transfer away from the Company or any of its subsidiaries (or such joint ventures), or eliminate, interfere with, disrupt or reduce or modify to the detriment of the Company or any of its subsidiaries (or such joint ventures) any business, patronage or source of supply, or (ii) any person to leave the employment or service of the Company or any of its subsidiaries (or any such joint ventures) (other than persons employed in a clerical, non-professional or non-managerial position).
(k)    Employee understands and agrees that the restrictions set forth in paragraphs (h), (i) and (j) above, including, without limitation, the duration and scope of such restrictions, are reasonable and necessary to protect the legitimate business interests of the Company and its subsidiaries.  Employee further agrees that the Company will be entitled to seek and obtain injunctive relief against Employee in the event of any actual or threatened breach of such restrictions, and Employee hereby consents to the exercise of personal jurisdiction and venue in a federal or state court of competent jurisdiction located in Hamilton County, Ohio, and Employee agrees not to initiate any legal action relating to the subject matter hereof in any other forum.  Employee understands and agrees that this Agreement shall be construed and enforced in accordance with the laws of the State of Ohio applicable to contracts executed in and to be performed in that State.  If any provision of this Agreement is determined to be unenforceable or unreasonable by any Court, then such provision will be modified or omitted only to the extent necessary to make such provisions and the remaining provisions of this Agreement enforceable.
5.    General Release.  In exchange for the payments and benefits identified in the Agreement, 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, joint venture companies, 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 and 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 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.  Employee acknowledges and agrees that the payments and benefits payable pursuant to this Agreement are in lieu of any payments or benefits which may otherwise be due to Employee in connection with Employee's separation or termination of employment, including the Chiquita Brands International, Inc. Executive Officer Severance Pay Plan.  Employee shall not be entitled to any recovery, in any action or proceeding that may be commenced on the Employee's behalf in any way arising out of or relating to the matters released under Section 5 or Section 6 hereof.  Notwithstanding the foregoing, nothing herein shall release the Company from any claim based on (i) Employee's vested benefits under the employee benefit plans of the Company or (ii) Employee's eligibility for indemnification in accordance with applicable laws or the certificate of incorporation or by-laws of the Company (or any affiliate or subsidiary).
6.    Waiver and Release Under ADEA and OWBPA.  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 this Agreement and this Waiver is 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 Agreement; (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 Agreement.
7.    It is understood and agreed that for purposes of this Agreement, the term “Company” as used herein, shall include not only Chiquita Brands International, Inc., but also all of its direct or indirect subsidiaries or affiliated companies.
8.    This Agreement shall bind the Employee’s heirs, executors, administrators, personal representatives, spouse, dependents, successors and assigns.
9.    This Agreement shall not be construed as an admission by the Company of any wrongdoing or any violation of any federal, state or local law, regulation or ordinance, and the Company specifically disclaims any wrongdoing whatsoever against Employee on the part of itself, its employees, representatives or agents.
10.    Neither this Agreement, nor any right or interest hereunder, shall be assignable by Employee, his beneficiaries or legal representatives without the prior written consent of an officer of the Company.  
11.    This Agreement shall in all respects be interpreted, enforced and governed by the laws of the State of Ohio.  Except as otherwise provided in paragraph 4(k) of this Agreement, the parties agree that any controversy or claim arising out of or relating in any manner to this Agreement or to Employee’s relationship with the Company shall be settled by arbitration administered by the American Arbitration Association under its Employment Dispute Resolution Rules  and in accordance with the Due Process Protocol for Mediation and Arbitration of Statutory Disputes Arising Out of the Employment Relationship, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.
12.    If any provision of this Agreement is determined to be unenforceable by any court, then such provision will be modified or omitted to the extent necessary to make the remaining provisions of this Agreement enforceable.
13.    The Company may withhold from amounts payable under this Agreement all federal, state, local, and foreign taxes that are required to be withheld by applicable laws or regulations.  
14.    Employee and the Company intend for the provisions of this Agreement to comply with the requirements of Section 409A and the Company and Employee have no reason to believe that the provisions of this Agreement violate such section.
15.    This Agreement is effective as of the date hereof.  However, the obligations of the Company under Section 3 hereof will not become effective unless following the Separation Date Employee re-affirms in writing his agreement to the provisions of this Agreement and re-executing Sections 5 and 6 hereof, as of a date following the Separation Date.  Employee acknowledges that he understands that(a) he has twenty one (21) days after receipt of this Agreement to decide whether to accept it and that he may revoke any acceptance of this Agreement within (7) days of such acceptance and (b) he will have 21 days following the Separation Date to decide whether to complete the re-execution and re-affirmation described in the preceding sentence and may revoke such re-execution and re-affirmation within 7 days of such re-execution and re-affirmation.  The obligations of the Company under this Agreement shall not become effective until the second seven (7) day revocation period has expired.  
Notwithstanding the foregoing, and provided that the obligations set forth in this Agreement have otherwise been complied with fully, the provisions of this Section 15 shall be subject to the following:
(a)If Employee dies or becomes disabled prior to the Separation Date, this Agreement shall remain in full force and effect notwithstanding the fact that Employee has not executed a 

document re-affirming his agreement to the provisions of this Agreement and re-executing Sections 5 and 6 hereof;  and
(b)Upon Employee’s re-affirmation of his agreement to the provisions of this Agreement and re-execution of Sections 5 and 6 hereof effective as of the Separation Date, the Agreement shall remain in full force and effect.
16.  No modification or amendment of this Agreement will be valid unless made in writing and signed by or on behalf of each party by a duly authorized representative of Employee and the Company. 

	
				
	TAKE THIS AGREEMENT HOME, READ IT AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT.  IT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS.
	 

	

IN WITNESS WHEREOF, the Company hereby offers this Agreement to Employee on this 2nd day of September, 2011.  

	 
	 

	 
	CHIQUITA BRANDS INTERNATIONAL, INC.

	 
	By:
	/s/James E. Thompson

	 
	

Its:
	James E. Thompson
Senior Vice President, General Counsel and Secretary

	 
	 
	

	ACCEPTANCE

	

I hereby agree to the terms of this Agreement and acknowledge my acceptance of it this _02__ day of __September____, 2011.

	 

	WITNESS:

	 
	 
	/s/Tanios Viviani

	 
	 
	Tanios Viviani

APPENDIX A

The Competing Businesses consist of:

(A) the following companies and their subsidiaries and affiliates, as well as any company which acquires all or substantially all of the banana, fresh fruit or fresh cut fruit business, as the case may be, of any of the following companies:

Dole Food Company, Inc.
Fresh Del Monte Produce Inc.
Fyffes plc
Noboa Group. 

and 

(B) any company that was, at the time of your termination of employment with the Company or one of its subsidiaries, in direct competition with the Company or any of its subsidiaries or joint ventures in the bagged or packaged salad, vegetable or fruit products businesses in the United States, the fresh or processed produce business in the Far East, or the processed fruit or fruit ingredients business in the United States or Europe, provided that you were employed in or provided substantial services to such business or businesses conducted by the Company or any of its subsidiaries or joint ventures within two years prior to the date of your termination of employment.

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