Document:

Sale and Purchase Agreement dated as of May 13, 2008

 Exhibit 10.2 
 CONFIDENTIAL TREATMENT 
 Portions of this exhibit have been omitted pursuant to a request for confidential treatment
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934. Such Portions are marked “[*]” in this document; they have been filed separately with the Commission. 
 SALE AND PURCHASE AGREEMENT 
 of May 13, 2008 
 by and among 
 “HAMEICO” FRUIT TRADE GMBH 
 Breitenweg 29-33, 
 28195 Bremen, 
 Germany 
 (hereinafter also referred to as the
“Seller”), 
 with the acknowledgement of 
 Chiquita Brands International, Inc., 
 250 East Fifth Street, 
 Cincinnati, OH 45202, 
 United States of America

 and 
 UNIVEG
FRUIT & VEGETABLES B.V. 
 Middel Broekweg 29, 
 2675KB Honselersdijk, 
 The Netherlands

 (hereinafter also referred to as the “Purchaser”), 
 with the acknowledgement of 
 De Weide Blik N.V., 
 Strijbroek 10, 
 2860 Sint-Katelijne-Waver,
Belgium 
 the Seller and the Purchaser hereinafter collectively referred to as the “Parties”, 
 and each of them as a “Party”. 

 Preamble 
 WHEREAS, the Seller is a limited liability company organized under German law with registered offices in Bremen, Germany, and registered in the commercial register of the local court (Amtsgericht) Bremen under HRB 12786; 

WHEREAS, the Purchaser is a limited liability company (Besloten vennootschap) organized under the law of the Netherlands with registered offices in
Honselersdijk, the Netherlands, and registered in the commercial register of the chamber of commerce of Den Haag (Kamer van Koophandel voor Den Haag) under file number 29042645 and an indirect subsidiary ofDe Weide Blik N.V., Belgium;

 WHEREAS, Atlanta AG, a stock company organized under German law with registered offices in Breitenweg 29-33, 28195 Bremen, Germany, and registered in the
commercial register of the local court (Amtsgericht) Bremen under HRB 12008 (hereinafter referred to as the “Company”), carries out directly and through its subsidiaries the business of ripening, pre-packing, trade and
distribution of fruits and vegetables and other related services (such business hereinafter also referred to as the “Business”); 
 WHEREAS,
the Seller has determined to sell its entire shareholding in the Company and the Purchaser wishes to acquire such shareholding in accordance with the terms and conditions set out in this sale and purchase agreement (hereinafter referred to as the
“Agreement”). The date on which this Agreement is signed shall hereinafter be referred to as the “Signing Date”; 
 WHEREAS, the Seller intends further to sell and the Company is intended to acquire rights with regard to two buildings in accordance with the terms and conditions set out in this Agreement, one of such buildings being located in Cologne and
the other in Munich; 
 WHEREAS, the Seller intends to transfer the remaining shareholding in Meneu Distribution S.A. to the Company prior to the Closing
Date. 
 WHEREAS, the Company and its Business have been described in detail in a confidential offering memorandum prepared by Taylor Companies of October
2007 (hereinafter referred to as the “Offering Memorandum”), which has been made available to the Purchaser prior to the negotiation and execution of this Agreement; 
 WHEREAS, prior to the negotiation and execution of this Agreement, the Purchaser has further conducted a thorough due diligence investigation on (i) the business, financial and legal matters concerning the
Company and its subsidiaries and (ii) the two aforementioned building rights; 
  

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 NOW, THEREFORE, the Parties hereto agree as follows: 
 SECTION 1 
 CORPORATE
OWNERSHIP / STRUCTURE OF THE ACQUISITION 
  

	1.1	Particulars of the Company 

  

	 	Atlanta AG is a stock company (Aktiengesellschaft) organized under the laws of Germany with registered offices in Breitenweg 29-33, 28195 Bremen, Germany, and registered in
the commercial register of the local court (Amtsgericht) Bremen under HRB 12008. 

  

	1.2	Share Capital of the Company 

  

	 	The registered share capital (Stammkapital) of the Company amounts to EUR 48,805,000.00 (forty eight million eight hundred and five thousand Euros) (hereinafter referred
to as the “Registered Share Capital”) which consists of 976,000 ordinary shares (Stammaktien) with a nominal value (Nennbetrag) of EUR 50.00 (fifty Euros) and 100 registered preference shares
(Namens-Vorzugsaktien) with a nominal value (Nennbetrag) of EUR 50.00 (fifty Euros) (hereinafter collectively referred to as the “Company Shares”), which are held by the Seller. 

  

	1.3	Subsidiaries of the Company 

  

	1.3.1	The Company holds shares in its directly or indirectly wholly-owned subsidiaries as listed in Annex 1.3.1 (hereinafter collectively referred to as the “wholly-owned
Subsidiaries”, and each of them as a “wholly-owned Subsidiary”). The Company and the wholly-owned Subsidiaries are hereinafter referred to as the “Group Companies”. The Company Shares and the shares in the
wholly-owned Subsidiaries are hereinafter collectively referred to as the “Group Companies’ Shares”. For the avoidance of doubt, irrespective of the fact that Meneu Distribucion S.A. will become a wholly-owned subsidiary of the
Company prior to the Closing, for all purposes of this Agreement it shall not be considered as a “wholly-owned Subsidiary” or a “Group Company”. 

  

	1.3.2	The Company holds shares in its directly or indirectly majority-owned subsidiaries as listed in Annex 1.3.2 (hereinafter collectively referred to as the
“majority-owned Subsidiaries”, and each of them as a “majority-owned Subsidiary”). 

  

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	1.4	Cash Pooling Arrangements; Intra-Group Financing 

  

	1.4.1	The Company is party to a cash pooling arrangement with Chiquita Banana Company B.V. Any balance under this cash pooling arrangement will be settled as set out in Section 1.4.2
below, and the cash pooling arrangement will be terminated, on or before the Closing Date. 

  

	1.4.2	For the purpose of settling any claims (including from loans, borrowings or claims arising from operational agreements, together referred to as “Claims”) of the
Seller or any of its Affiliates (other than the Group Companies) (such entities together referred to as the “Seller Group Companies” or the “Seller’s Group”) against one or more of the Group Companies, the
Seller shall acquire from the other Seller Group Companies all such Claims, set off (subject to the following sentence) the aggregate amount of the Claims of the Seller’s Group’s (including its own) against any Claims that any of the Group
Companies may have against the Seller Group Companies, and transfer any remaining balance to the Purchaser pursuant to Section 2.1 (the “Shareholder Claim”). Such acquisition and transfer of Shareholder Claims will be
implemented by the Seller VAT neutral for the Purchaser and the Group Companies. If prior to the Closing, the Company has not completed the sale of shares of Atabel, such set-off shall be effected so that an amount of EUR [*] remains due from the
Company to the Seller and will be payable to the Seller upon completion of the sale of Atabel. In the event that the sale and transfer of Atabel generates a net amount of less than EUR [*] only such lower amount shall be due.

 SECTION 2 
 SALE AND PURCHASE; RIGHTS TO PROFITS; 
 BASE PURCHASE PRICE; CONDITIONS OF PAYMENT 
  

	2.1	Sale and Purchase of the Shares; Right to Profits 

  

	2.1.1	The Seller hereby sells, and the Purchaser hereby purchases, upon the terms and conditions of this Agreement and with legal effect as of the Closing Date, 24:00 hours CET, the
Company Shares. 

  

	2.1.2	The sale and purchase of the Company Shares hereunder shall include any and all rights pertaining to the Company Shares, including without limitation, the rights to receive
dividends (Gewinnbezugsrechte) for any time period up to the Closing Date. The sale and purchase of the Company Shares shall further include the Shareholder Claim. 

  

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	2.1.3	The Seller and the Purchaser agree that the Company Shares sold and purchased hereunder are not transferred by virtue of this Agreement but will be transferred (together with the
Shareholder Claim) with effect in rem at the Closing by means of a separate transfer deed substantially in the form as attached hereto as Annex 2.1.3. 

  

	2.2	Sale and Purchase of Building Rights 

  

	2.2.1	The Seller shall sell and shall procure that the Company purchases, upon the terms and conditions of this Agreement and with legal and economic effect as of the Closing Date, 24:00
hours CET, (i) the usage right with regard to the building on the real estate located in Cologne pertaining to the Business as identified in Annex 2.2.1 (a) and (ii) the building on the real estate located in Munich pertaining
to the Business as identified in Annex 2.2.1 (b) (such real estate interests hereinafter referred to as the “Sold Building Rights”). 

  

	2.2.2	The sale and transfer of the Sold Building Rights shall be effected on the Closing Date by virtue of a separate sale and transfer agreement to be executed between the Seller and the
Company substantially in the form attached hereto as Annex 2.2.2 (such agreement hereinafter referred to as the “Building Rights Sale and Transfer Agreement”). 

  

	2.3	Base Purchase Price 

  

	2.3.1	The Base Purchase Price to be paid by the Purchaser to the Seller for the Company Shares, the Shareholder Claim and the Building Rights shall be the sum of:

  

	 	(a)	EUR [*], 

  

	 	(b)	an increase equal to the amount of combined Net Cash (Debt) of the Company and Meneu Distribucion S.A. at the Measurement Date, if positive, or a decrease equal to such amount if
negative, 

  

	 	(c)	an increase equal to the amount of the Company’s Consolidated Working Capital at the Measurement Date in excess of EUR [*], or a decrease equal to the amount by Consolidated
Working Capital is less than EUR [*] (Euro [*]). Consolidated Working Capital is defined in Section 2.3.3, and a sample computation is provided as part of the sample of the Closing Net Financial Position in Annex 2.3.2.

  

	 	 out of which an amount of EUR [*] (Euro [*]) shall constitute the purchase price for the Building Rights, the nominal amount of the Shareholder Claim shall
constitute the purchase price for the Shareholder Claim (provided that if the Measurement Date 

  

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does not coincide with the Closing Date pursuant to Section 4.1, then the Parties shall review the business of the Group Companies between the
Measurement Date and the Closing Date and agree in good faith on the amount of the Shareholder Claim as of the Closing Date for the purposes of this Section 2.3.1) and the remainder shall constitute the purchase price for the Company Shares.
The Parties agree that, by paying the Base Purchase Price, the Purchaser also discharges the obligation of the Company towards the Seller to pay the purchase price under the Building Rights Sale and Transfer Agreement. For avoidance of doubt, the
Base Purchase Price includes consideration for the outstanding capital stock of Meneu Distribution S.A. not yet owned by the Company, but which will be transferred by the Seller from one of its affiliates in accordance with Section 4.2.

  

	2.3.2	The Seller will determine and provide to the Purchaser as soon as practicable following fulfillment of all Closing Conditions, but not later than two (2) Business Days before
the Closing Date (Section 4.1), a good faith estimate of the Base Purchase Price and a good faith estimate of the net financial position of the Group (including the Consolidated Working Capital) as of the Measurement Date according to the format
attached as Annex 2.3.2 (the “Closing Net Financial Position”) under the assumption that all intercompany balances with Seller Group Companies will be considered in the Shareholder Claim as defined in Section 1.4.2.

  

	2.3.3	“Cash” means, at any time, cash allocated at that time to an account in the name of any subsidiary of the Company with a bank and to which such member of the
Company is alone beneficially entitled provided that 

  

	 	(a)	such cash is repayable on demand; and 

  

	 	(b)	repayment of such cash is not contingent on the prior discharge of any indebtedness of any Company’s subsidiary or of any person whatsoever or on the satisfaction of any other
condition. 

  

	 	“Cash Equivalents” means 

  

	 	(a)	securities with maturities less than 12 months from the date of acquisition issued or fully guaranteed or insured which is rated at least AA by Standard & Poor’s
Rating Group or Aa2 by Moody’s Investors Service, Inc.; 

  

	 	(b)	commercial paper or other debt security issued by an issuer rated at least A-1 by Standard & Poor’s Rating Group or P-1 by Moody’s Investors Service, Inc.;

  

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	 	(c)	certificates of deposit of any commercial bank (which has outstanding debt securities rated as referred to in lit. (b) above) and having maturities of less than 12 months; and

  

	 	(d)	cheques received from customers provided that these are not subject to a collection issue. 

  

	 	“Consolidated Working Capital” means the aggregate of inventories, short term accounts receivable – trade, other receivables, other current assets and prepaid
expenses, less the aggregate of accounts payable and accrued liabilities (calculation as shown in Annex 2.3.2). 

  

	 	“Financial Indebtedness” means, without double counting, any indebtedness for or in respect of 

  

	 	•	 	 moneys borrowed; 

  

	 	•	 	 any amount raised by acceptance under any acceptance credit facility; 

  

	 	•	 	 any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

  

	 	•	 	 the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with any relevant accounting principles consistently
applied, be treated as a finance or capital lease; 

  

	 	•	 	 the amount of any liability in respect of any advance or deferred purchase agreement if one of the primary reasons for entering into such agreement is to raise
finance; 

  

	 	•	 	 any agreement or option to re-acquire an asset if one of the primary reasons for entering into such agreement or option is to raise finance;

  

	 	•	 	 any documentary credit facility; 

  

	 	•	 	 any interest, rate swap, currency swap, forward foreign exchange transaction, cap, floor, collar or option transaction or any other treasury transaction or any
combination thereof or any other transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and the amount of the Financial Indebtedness in relation to any such transaction shall be calculated by
reference to the mark-to-market valuation of such transaction at the relevant time); 

  

	 	•	 	 any guarantee, indemnity, bond, standby letter of credit or any other instrument issued in connection with the performance of any contract or other obligation of an
unrelated third party; 

  

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	 	•	 	 the amount of deferred payments for long-life assets ; 

  

	 	•	 	 the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in the paragraphs above; 

  

	 	•	 	 any taxes due or not due but triggered in the period between the end of the fiscal year and the Measurement Date; provided that all transfer taxes (including real
estate transfer taxes) and any other charges and costs which result from the Building Rights Sale and Transfer Agreement shall not constitute Financial Indebtedness; 

  

	 	•	 	 any (net) liability against related parties and former shareholders; or 

  

	 	•	 	 debts following the on-balance recording of factoring for the avoidance of doubt part of notes payable as per the Closing Net Financial Position included in
Annex 2.3.2. 

  

	 	“Net Cash (Debt)” means the sum of the aggregate outstanding principal, capital amount or accrued interest of all Financial Indebtedness on a consolidated basis
based on US GAAP consistently applied, and the aggregate of all Cash and Cash Equivalents on a consolidated basis based on US GAAP consistently applied. For the avoidance of doubt, in calculating the sum Cash is considered to be a positive
amount and Debt is considered to be a negative amount. 

  

	2.4	Base Purchase Price and Adjustment 

  

	2.4.1	The good faith estimate of the Base Purchase Price as provided by the Seller pursuant to Section 2.3.2 shall (without further review by the Purchaser) be the amount payable by
the Purchaser to the Seller at the Closing (the “Preliminary Purchase Price”), provided, however, that in no event shall the Preliminary Purchase Price be higher than EUR 58,000,000.00. 

  

	2.4.2	 Within ten (10) Business Days following the Closing, Seller shall provide to the Purchaser its final draft computation of the Closing Net Financial Position as
of the Measurement Date together with its final draft computation of the Base Purchase Price. Purchaser shall review such draft computation of the Base Purchase Price within ten (10) Business Days. In case the Purchaser does not contest the
draft computation within such period, the Base Purchase Price as computed by Seller shall be the final Base Purchase Price. In case the Purchaser contests that the draft computation of the Base Purchase Price so provided by the Seller were not
prepared in accordance with the terms and provisions hereof, the Purchaser shall within ten (10) Business Days submit to the Seller with copy to Ernst & Young or such other recognized international accounting firm as 

  

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appointed by both Parties (the “Independent Accountant”) a written statement which incorporates a revised version of the Base Purchase Price
(the “Revised Base Purchase Price”) reflecting the changes as are required in the opinion of the Purchaser to comply with the provisions of this Agreement. 

  

	2.4.2	In the event that Purchaser submits a Revised Base Purchase Price, the Parties shall use their best efforts to reach an agreement with regard to the objections made in respect of
the Revised Base Purchase Price within an additional period of ten (10) Business Days after receipt of such Revised Base Purchase Price by the Seller. Failing such agreement the Independent Accountant as arbitrator shall take a decision upon
the written request of either Party within ten (10) Business Days after receipt of such request. Such decision being final and binding upon both Parties (meaning that the amount determined by the Independent Accountantshall constitute the final
Base Purchase Price) and also including a decision on the bearing of the costs of the Independent Accountantin accordance with the decision taken, applying mutatis mutandis, Sections 91 et seq. of the German Code of Civil Procedure
(Zivilprozessordnung). Each Party shall bear its own costs incurred in connection with this procedure. 

  

	 	The Parties shall procure that the Independent Accountant is given access to the premises of the Company and its books and records and that employees of the Company and the Parties
are available to provide support in connection with such review. 

  

	2.4.3	The Closing Net Financial Position shall be determined in accordance with past practice of the Company and calculated in accordance with Annex 2.3.2.

  

	2.4.4	After the Closing, in addition to the Base Purchase Price the Purchaser is obliged to pay additional consideration for the Company Shares (the “Additional Purchase
Price”) based upon the occurrence of certain triggering events and in amounts as determined according to Annex 2.4.4. 

  

	2.5	Due Date; Interest 

  

	2.5.1	The Preliminary Purchase Price shall become due and payable at the Closing. Out of the Preliminary Purchase Price, an amount of EUR 5,500,000 (Euro five million five hundred
thousand) shall be paid to the account of the Escrow Agent and the remainder shall be paid to the account of the Seller according to Section 2.6 . 

  

	2.5.2	Any difference between the Preliminary Purchase Price and the final Base Purchase Price is due and payable five (5) Business Days after the Base Purchase Price has become final
either because the period in Section 2.4.2 has elapsed and the Purchaser has not contested the draft Base Purchase Price or pursuant to a final and binding decision of the Independent Accountant. 

  

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	2.5.3	The Additional Purchase Price, if any, shall become due and payable five (5) Business Days after a triggering event to the account of the Seller according to Section 2.6.

  

	2.5.4	Any failure by either Party to make any payment under this Agreement when it is due shall result in such Party’s immediate default (Verzug), without any notice or
reminder by the respective Party being required, and the respective amount shall bear interest at a rate which is the higher of (i) [*] % p.a. or (ii) [*] basis points above the rate at which euro interbank term deposits are offered by one
prime bank to another prime bank for three-month periods as published at 11.00 a.m. CET on the Reuters pages 248 – 249. 

  

	2.5.5	All interest shall be calculated on the basis of actual days elapsed and a calendar year with 365 days. 

  

	2.6	Payments under this Agreement 

  

	2.6.1	Unless otherwise agreed, any payments under this Agreement to be made to the Seller (together with any interest thereupon) shall be paid in Euro by way of bank transfer in
immediately available funds (mit gleichtägiger Gutschrift) free of any costs and fees into the Seller’s account no. [...] at [...] Bank (Sort Code (Bankleitzahl) [...], SWIFT [...], IBAN [...]) or any other
account to be nominated by the Seller to the Purchaser in writing. 

  

	2.6.2	Unless otherwise agreed, any payments under this Agreement to be made to the Purchaser (together with any interest thereupon) shall be paid in Euro by way of bank transfer in
immediately available funds (mit gleichtägiger Gutschrift) free of any costs and fees into the Purchaser’s account no. [...] at [...] Bank (Sort Code (Bankleitzahl) [...], SWIFT [...], IBAN [...]) or any other
account to be nominated by the Purchaser to the Seller in writing. 

  

	2.6.3	Unless otherwise agreed, any payments under this Agreement to be made to the Escrow Agent (together with any interest thereupon) shall be paid in Euro by way of bank transfer in
immediately available funds (mit gleichtägiger Gutschrift) free of any costs and fees into the Escrow Agent’s account no. [...] at [...] Bank (Sort Code (Bankleitzahl) [...], SWIFT [...], IBAN [...]) or any
other account to be nominated by the Escrow Agent in writing. 

  

	2.7	No Right to Set-off 

  

	 	Any right of the Parties to set-off and/or to withhold any payments due under this Agreement is hereby expressly waived and excluded except for claims which are undisputed or res
iudicatae. 

  

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	2.8	Parent Guarantees 

  

	2.8.1	At the Signing Date, the Purchaser handed over to the Seller a parent guarantee with regard to Purchaser’s obligations under this Agreement up to a maximum amount of
EUR [*] ([*] Euro) (the “Purchaser Parent Guarantee”). A copy of the Purchaser Parent Guarantee is attached to this Agreement as Annex 2.8.1.  

  

	2.8.2	At the Closing, Seller shall hand to Purchaser a parent guarantee with regard to Seller’s potential liabilities pursuant to Sections 5 to 9 of this Agreement in an amount of
EUR [*] ([*] Euro) (the “Seller Parent Guarantee”). A copy of the Seller Parent Guarantee is attached to this Agreement as Annex 2.8.2.  

  

	2.9	Escrow Account 

  

	2.9.1	As escrow agent shall serve a Bremen based notary public as selected by the Seller (“Notary Public”, also referred to as the “Escrow Agent”).

  

	2.9.2	The Notary Public is hereby irrevocably instructed by the Parties to release any amount from the Escrow Account (the amount held at any time in the Escrow Account pursuant to these
rules to be referred to as the “Escrow Amount”) during 18 months after the Closing 

  

	 	(a)	to the Purchaser if the Seller informs the Notary Public in written form to release the whole or portions of the Escrow Amount to the Purchaser, or 

  

	 	(ii)	to the Seller if the Purchaser informs the Notary Public in written form to release the whole or portions of the Escrow Amount to the Seller, or 

  

	 	(iii)	to the Purchaser if the Purchaser provides the original of a final and non-contestable judgement by the Courts in Bremen confirming that a warranty or indemnity claim under this
Agreement has resulted in a payment obligation by the Seller, evidencing the amount of the payment obligation. 

  

	2.9.3	The Notary Public is hereby irrevocably instructed by the Parties to release any remaining Escrow Amount (i.e. remaining after any releases pursuant to Section 2.9.2) on the
date of the expiry of an18 months period after the Closing to the Seller if and to the extent he has not received prior to this date a written notification by the Purchaser that a warranty or indemnification claim under this Agreement has been filed
(rechtshängig gemacht) with the Courts in Bremen. In such case the relevant amount as set out below will be kept in the Escrow Account until 

  

	 	(a)	the Purchaser informs the Notary Public in written form to release the whole or portions of the (remaining) Escrow Amount to the Seller, or 

  

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	 	(b)	the Seller informs the Notary Public in written form to release the whole or portions of the (remaining) amount to the Purchaser, or 

  

	 	(c)	any Party provides a final and non-contestable judgement in its favour with regard to such warranty or indemnification claim (or, in the case of Seller, evidence that Purchaser has
withdrawn such warranty or indemnification claim) in which case the respective amount will be released to the respective Party. 

  

	 	The sum to remain in the Escrow Account shall amount to either (i) the amount of the filed claim as evidenced by the relevant filed documents or (ii) the amount mutually
agreed between the Parties. 

  

	2.9.4	The relevant account for any payment to be made pursuant to this Section 2.9 shall be the accounts listed in Section 2.6. 

  

	2.9.5	The Parties hereby irrevocably instruct the Notary Public to invest the amount in the Escrow Account as further instructed in writing by the Seller. Any interest, dividend,
realisation of profit or other return on the amount in the Escrow Account shall be for the benefit of the Seller and shall be paid out to the Seller without undue delay after being credited to the Escrow Account. 

  

	2.9.6	The fees of the Escrow Agent shall be shared in two equal portions between the Seller and the Purchaser. 

 SECTION 3 
 FINANCIAL
STATEMENTS 
  

	3.1	Accounts 

  

	 	The Seller has delivered to the Purchaser, in each case with regard to the financial years 2006 and 2007, (i) individual financial statements of certain of the Group Companies
prepared for statutory reporting purposes and (ii) a consolidated balance sheet and income statement of the Seller prepared for consolidation purposes of Chiquita Brands International, Inc. (the “HFT Consolidated Accounts”),
set forth in Annex 3.1 (together the “Accounts”). The Accounts have been prepared in accordance with the requirements of relevant laws and relevant generally accepted accounting principles in force as of the relevant dates
and in accordance with past practice of the Group Companies and the majority-owned Subsidiaries. 

  

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	3.2	Consistency 

  

	 	The HFT Consolidated Accounts as of 31 December 2007 (i) have been subjected to the auditing procedures applied in the audits of the basic consolidated financial
statements of Chiquita Brands International, Inc. and, except as explained in Annex 3.2, are fairly stated in all material respects in relation to the basic consolidated financial statements taken as a whole, and (ii) Ernst &
Young as auditor of Chiquita Brands International, Inc. has provided a confirmative statement to sub-sentence (i). 

 SECTION 4 
 CLOSING; CLOSING CONDITION 
  

	4.1	Closing Date; Closing 

  

	 4.1.1
	 Unless otherwise agreed by the Parties, the “Closing Date” shall be 24:00 hours CET on either
(a) not later than the third (3) Business Day after the day on which the Closing Conditions have been satisfied or (b), if the date pursuant to (a) would be after the 5th Business Day of a calendar month, on the last day of such calendar month. Unless otherwise agreed, the Parties shall effect the consummation of the transactions contemplated by this
Agreement (herein referred to as the “Closing”) on either the Closing Date (in the case of (a) above) or on the last Business Day of the relevant month (in the case of (b) above), in each case with legal effect as of the
Closing Date. The Closing shall take place at the place as agreed upon by the Parties. 

  

	4.1.2	“Measurement Date” shall be 

  

	 	(a)	in the case of Section 4.1.1(a) above the last day of the calendar month preceding the Closing Date; or 

  

	 	(b)	in the case of Section 4.1.1(b) above the Closing Date. 

  

	4.2	Closing Conditions 

  

	4.2.1	The obligations of the Seller and the Purchaser to carry out the Closing shall be subject to the satisfaction of the following conditions to Closing (heretofore and hereinafter
collectively referred to as the “Closing Conditions”): 

  

	 	(a)	the European Commission (the Commission) indicating, in terms reasonably satisfactory to the Purchaser, that: 

  

	 	(i)	a derogation has been granted pursuant to Article 7(3) of Council Regulation (EC) No. 139/2004 (the Regulation) from the obligation in Article 7(1) of the Regulation not
to complete the Transaction before clearance has been obtained under the Regulation; 

  

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	 	(ii)	the arrangement notified does not fall within the scope of the Regulation pursuant to Article 6(1)(a) of the Regulation; or 

  

	 	(iii)	the concentration (or that part of the concentration which has not been referred to national authorities pursuant to Article 4(4) or Article 9 of the Regulation) is compatible with
the common market pursuant to Article(s) 6(1)(b), 8(1) or 8(2) of the Regulation whether unconditionally or subject to such conditions, obligations, undertakings or modifications as the decision may identify or being deemed to have so indicated
under Article 10(6) of the Regulation; and 

  

	 	(b)	if, prior to sub-clause (a) being satisfied, the Commission makes a referral in whole or in part under Article 4(4) or Article 9 of the Regulation to a competent authority of
one or more Member States whose laws prohibit the parties from completing the Transaction before clearance is obtained under national merger control, such clearance being obtained whether unconditionally or subject to such conditions, obligations,
undertakings or modifications as the decision may identify in terms reasonably satisfactory to the Purchaser. 

  

	4.2.2	No material adverse change has occurred between the Signing Date and the Closing Date or is, upon application of reasonable best judgment, very likely (überwiegend
wahrscheinlich) to occur, and has not been remedied by Seller, provided that Seller shall in any event have at least 10 Business Days from becoming aware of the relevant event to procure remediation before Purchaser is entitled to invoke this
Section 4.2.2). Material shall mean [*] (“Material Adverse Change”). 

  

	4.2.3	[*] 

  

	4.2.4	No fine has been imposed against any of the Group Companies with regard to any pending antitrust investigation which can result in penalties of more than EUR [*] for the Group
Companies, provided that Seller shall be entitled to remedy any such event (including by an undertaking to indemnify Purchaser from any risks associated therewith, supported by a guarantee (Bürgschaft) from Chiquita Brands, L.L.C.) and
shall in any event have at least 10 Business Days from becoming aware of the relevant event to procure remediation before Purchaser is entitled to invoke this Section 4.2.4). 

  

	4.2.5	Certain Seller’s Group Companies and Group Companies have signed the banana ripening and distribution agreement (“Banana Ripening and Distribution Agreement”)
as attached hereto as Annex 4.2.5. 

  

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	4.2.6	Chiquita Banana Company B.V. has transferred its remaining shareholding in Meneu Distribution S.A. to one of the Group Companies or to an entity of the Purchaser’s Group at a
price and under conditions approved by the Purchaser. 

  

	4.3	Obligations with Respect to the Closing Condition 

  

	4.3.1	The Purchaser undertakes to use its best endeavours to ensure that the Closing Condition in clause 4.2.1 is fulfilled as soon as is reasonably practicable. In particular (and
without prejudice to the generality of the foregoing), the Purchaser shall 

  

	 	(a)	procure the filing of Form CO in a form reasonably acceptable to the Seller with the Commission as soon as practicable after the date of this Agreement and 

 

	 	(b)	not enter into (and will procure that no member of the Purchaser’s Group enters into) any other agreement or arrangement where the effect of any such agreement or arrangement
is likely to affect, delay, impede or in any respect prejudice the fulfillment of the conditions precedent in clause 4.2.1. 

  

	4.3.2	The Seller shall, and shall procure that its advisers shall, co-operate with the Purchaser in providing to the Purchaser such assistance as is reasonably necessary and it is
reasonably able to provide, and to provide to the Commission such information as may reasonably be necessary and it is reasonably able to provide to ensure that 

  

	 	(a)	the Transaction (consisting of (i) this Agreement and (ii) the Banana Ripening and Distribution Agreement) (the Transaction) is validly and promptly notified to the
Commission under the Regulation and Commission Regulation (EC) No. 802/2004; and 

  

	 	(b)	any request for information from the Commission is fulfilled promptly and in any event in accordance with any relevant time limit, and that, where practicable, it provides copies of
any proposed communication with the Commission in relation to the Transaction to the Purchaser and that (acting reasonably) it takes due consideration of any reasonable comments that the Purchaser may have in relation to such proposed communication,
provided that the Seller shall not be required to provide the Purchaser with any confidential information or business secrets relating to the Group. 

  

	4.3.3	The Seller undertakes to use its best endeavours to ensure that the Closing Condition in Section 4.2.5 is fulfilled as soon as reasonably practicable. 

 

 14 

	4.3.4	The Purchaser shall 

  

	 	(a)	promptly notify the Seller of any communication (whether written or oral) from the Commission or any other governmental department or regulatory authority (each a Regulatory
Authority); 

  

	 	(b)	give the Seller reasonable notice of all meetings and telephone calls with any Regulatory Authority and give the Seller reasonable opportunity to participate thereat (save to the
extent that a Regulatory Authority expressly requests that the Seller should not be present at the meeting or part or parts of the meeting); and 

  

	 	(c)	provide the Seller with drafts of all written communications intended to be sent to any Regulatory Authority, give the Seller a reasonable opportunity to comment thereon, not send
such communications without the prior approval of the Seller (such approval not to be unreasonably withheld) and provide the Seller with final copies of all such communications (save that in relation to all disclosure under this sub-clause, business
secrets and other confidential material may be redacted so long as the Purchaser acts reasonably in identifying such material for redaction). 

  

	4.4	Consequences of Non-Satisfaction of the Closing Condition 

  

	4.4.1	If the Closing has not occurred, at the latest, on 1 November 2008, each of the Parties may terminate this Agreement by giving a notice to the other Parties. If this Agreement
is terminated in accordance with this Section, this Agreement shall cease to have force and effect and shall not create any binding obligation between the Parties except that Sections 13 (Confidentiality), 15 (Taxes and Costs), 16 (Notices) and 17
(Miscellaneous) shall remain in force and effect. In all other circumstances, the Purchaser shall not be entitled to terminate (or rescind) this Agreement (whether before or after Closing); this shall not exclude any liability for (or remedy in
respect of) fraudulent misrepresentation. 

  

	4.4.2	If all Closing Conditions have been fulfilled and the Purchaser or the Seller rejects to execute the Closing due to reasons attributable to (zu vertreten durch) the Purchaser
or the Seller, respectively, the Party which has caused the reason for the non-closing of the Agreement shall pay an amount of EUR 7,000,000.00 (seven million Euros) as liquidated damages to the other Party (which shall be the final and conclusive
damage of the Seller or the Purchaser as the case may be). 

  

 15 

	4.5	Actions at the Closing 

  

	 	At the Closing, the Parties shall simultaneously (Zug um Zug) take the following actions: 

  

	4.5.1	The Seller shall deliver to the Purchaser duly executed resignation letters, effective at or prior to the Closing Date, of those of the managing directors and members of the
supervisory boards of the Group Companies’ as listed in Annex 4.5.1. 

  

	4.5.2	The Seller shall deliver to the Purchaser any required waivers under any relevant credit agreements of the Company and/or any Seller Group Company confirming the release of any
encumbrances over the Group Companies’ Shares. 

  

	4.5.3	The Seller shall deliver to the Purchaser written confirmation that no Material Adverse Change has taken place. 

  

	4.5.4	[*] 

  

	4.5.5	The Seller shall deliver to the Purchaser the countersigned Banana Ripening and Distribution Agreement as attached hereto as Annex 4.2.5 between certain Group Companies on
the one hand and certain Seller Group Companies on the other hand. 

  

	4.5.6	The Seller shall deliver to the Purchaser written confirmation that no fine has been imposed against any of the Group Companies with regard to any pending or threatened antitrust
investigation which can result in penalties of more than EUR [*] for the Group Companies. 

  

	4.5.7	The Seller shall deliver to the Purchaser a certified copy of the validly executed share purchase and transfer agreement as set out in Section 4.2.6. 

 

	4.5.8	The Seller shall deliver to the Purchaser the executed Seller Parent Guarantee. 

  

	4.5.9	The Purchaser shall pay the Preliminary Purchase Price as set out in Section 2.5.1. 

  

	4.5.10 	The Seller shall transfer the Company Shares and the Shareholder Claim to the Purchaser by way of a separate transfer deed as set out in Section 2.1.3.

  

	4.5.11 	The Seller shall sell and transfer the Sold Building Rights to the Company by way of a separate transfer deed as set out in Section 2.2.2. 

  

 16 

 SECTION 5 
 SELLER’S GUARANTEES 
  

	5.1	Form and Scope of Seller’s Guarantees 

  

	 	The Seller hereby guarantees to the Purchaser by way of an independent promise of guarantee pursuant to Section 311 para. 1 of the German Civil Code (selbständiges
Garantieversprechen im Sinne des § 311 Abs. 1 BGB) within the scope and subject to the requirements and limitations provided in Section 6 hereof or otherwise in this Agreement that the statements set forth in this Section 5
are complete and correct as of the Signing Date and the Closing Date, except that those guarantees which are explicitly made as of a specific date shall be true and correct only as of such date. The Seller and the Purchaser agree and explicitly
confirm that the guarantees in this Section 5 are not granted, and shall not be qualified and construed as, quality guarantees concerning the object of the purchase (Garantien für die Beschaffenheit der Sache) within the meaning of
Sections 443, 444 of the German Civil Code, respectively, that Section 444 of the German Civil Code shall not and does not apply to the guarantees contained in this Section 5. 

  

	5.2	Seller’s Guarantees 

  

	5.2.1	Corporate Issues and Authority of the Seller 

  

	 	(1)	The statements in Section 1.1, 1.2 and 1.3 of this Agreement regarding the Company and its (wholly-owned and majority-owned) Subsidiaries are complete and correct. The Group
Companies have been duly established and are validly existing under the laws of their respective jurisdiction. Annex 5.2.1 (1) contains a true and correct list of the articles of association (or equivalent documents) of the Group
Companies that are in force at the Signing Date. 

  

	 	(2)	The Group Companies’ Shares have been validly issued, are fully paid in, either in cash or in kind, have not been repaid and will be at the Closing Date free from any
encumbrances or other rights of third parties, and there are no pre-emptive rights, options, change of control clauses, voting arrangements or other rights of third parties to acquire any of the Group Companies’ Shares, in each case except
under statutory law, under the articles of association (or equivalent documents) listed in Annex 5.2.1 (1) or under this Agreement. Correspondingly, the sale and transfer will not trigger any obligations by the Group Companies to acquire
outstanding shares of majority-owned Subsidiaries. 

  

	 	(3)	At the Closing Date, the Seller is entitled to freely dispose of the Company Shares without such a disposal infringing any rights of a third party. 

  

 17 

	 	(4)	No insolvency proceedings have been applied for the Group Companies and none of the Group Companies is in a financial condition that a commencement of insolvency proceedings is
required under the respective laws. 

  

	5.2.2	Financial Statements 

  

	 	(1)	The Accounts have been prepared in accordance with the requirements of relevant laws and relevant generally accepted accounting principles as set forth in Section 3.1 in force
as of the relevant dates and in accordance with past practice of the Group Companies. The audited financial statements of the certain Group Companies referred to in Section 3.1 represent a true and fair view (ein den tatsächlichen
Verhältnissen entsprechendes Bild) of the assets and liabilities (Vermögenslage), financial condition (Finanzlage) and results of operation (Ertragslage) of these companies as of 31 December 2006 respectively
31 December 2007. 

  

	 	(2)	Since 1 January 2008 the Group Companies conduct their business operations in the ordinary course of business and in substantially the same manner as before subject to any
specific events referred to in this Agreement. 

  

	5.2.3	Real Property 

  

	 	(1)	The real properties owned by the Group Companies are listed in Annex 5.2.3 (1). 

  

	 	(2)	Annex 5.2.3 (2) contains a complete list of real property leased or rented by the Group Companies, whether as lessee or as lessor, with the respective lessee’s
payment obligations under the lease agreements exceeding a value of EUR 100,000.00 p.a. 

  

	 	(3)	Any other real property used by the Group Companies but not listed in Annex 5.2.3 (1) or Annex 5.2.3 (2) is not material for the operation of the Business.

  

	5.2.4	Other Assets 

  

	 	(1)	 The assets owned or lawfully used by the Group Companies are sufficient and in a reasonably usable condition in order to continue the Business substantially in the
same manner as conducted at the Signing Date, the Company has conducted all maintenance according to the past practice. The Group Companies will have either good title to, or lawful right to 

  

 18 

	 	 
use, all assets set out in the Accounts, save for those, which will have been disposed of in the ordinary course of business after 31 December 2007, and
those, which are the subject of finance leasing arrangements. 

  

	 	(2)	No assets of the Group Companies are pledged or encumbered with any third party rights at the Closing Date which serve as security for loans granted to the Seller or any related
company of the Seller. 

  

	5.2.5	Intellectual Property Rights 

  

	 	(1)	Annex 5.2.5 (1) contains a list of patents, trademarks and other registered intellectual property rights owned by the Company and its Subsidiaries (hereinafter referred
to as the “Intellectual Property Rights”). 

  

	 	(2)	Except as set out in Annex 5.2.5 (1), the Intellectual Property Rights are not subject to any pending (rechtshängig) proceedings for opposition, cancellation,
revocation or rectification which may negatively affect the operation of the Business and, to Seller’s Knowledge, not being materially infringed by third parties. All fees necessary to maintain the Intellectual Property Rights have been paid,
all necessary renewal applications have been filed and all other material steps necessary for their maintenance have been taken. To the Seller’s Knowledge, the Group Companies do not materially infringe any intellectual property rights of third
parties. 

  

	5.2.6	Compliance with Laws and Permits 

  

	 	(1)	The Group Companies have conducted the Business in material compliance with all applicable laws with which non-compliance would have a material adverse effect.

  

	 	(2)	None of the Group Companies has received any written notice during the past twelve months from any governmental authority or regulatory body with respect to a violation and/or
failure to comply with any laws or regulations or requiring it to take or omit any action, which has had a material effect. 

  

	 	(3)	 The Group Companies hold all permits and licenses which are required, if any, under applicable public laws (öffentliches Recht) in order to conduct the
Business as presently conducted and which are material for the Business. To the Seller’s Knowledge, there are, until the Closing Date, no implications or threats of any revocation or restriction or subsequent orders relating to any such permits
or licenses after the Closing Date, which would affect materially the 

  

 19 

	 	 
Business as a whole. Each Group Company conducts its part of the Business in compliance with all material provisions of such permits and licenses with which
the non-compliance would have a material adverse effect with respect to the Business as a whole. 

  

	5.2.7	Material Agreements 

  

	 	Annex 5.2.7 contains a complete list of material agreements as described below to which a Group Company is a party and of which the main obligations have not yet been
completely fulfilled (hereinafter referred to as the “Material Agreements”): 

  

	 	(1)	agreements relating to the acquisition or sale of interests in other companies or businesses; 

  

	 	(2)	rental and lease agreements relating to real estate which, individually, provide for annual payments of EUR 100,000.00 or more and which cannot be terminated by the Group Company on
twelve months or less notice without penalty; 

  

	 	(3)	loan agreements, bonds, notes or any other instruments of debt involving any third party, which is not a Group Company, which are not related to the operation of the Business (i.e.
for example not including financing instruments such as letters of credit) and, individually, exceed an amount of EUR 100,000.00 or more; 

  

	 	(4)	guarantees, indemnities, and suretyships issued for any debt of any third party (other than a Group Company) for an amount of EUR 250,000.00 or more and 

  

	 	(5)	any continuing obligations (other than described in Sections 5.2.7 (1) through 5.2.7 (4) which cannot be terminated with effect as of or prior to 31 December 2008 and
which provide for annual obligations of a Group Company in excess of EUR 500,000.00. 

  

	 	Each of the Material Agreements is in full force and effect, and none of the Group Companies has received a notice of termination until the Closing Date and none of the Group
Companies is in breach of any of the Material Agreements, which breach has a material effect, nor will the execution, delivery and performance by the Seller of this Agreement and the consummation of the transactions contemplated herein result in a
breach of, or constitute a default under any of the Material Agreements. To the Seller’s Knowledge, no party to any of the Material Agreements intends to cancel or otherwise terminate the relevant Material Agreement. 

 

 20 

	5.2.8	Employees 

  

	 	(1)	Annex 5.2.8 (1) contains, as of the Signing Date, an anonymised complete, accurate and true list of all full time and part-time employees employed by any of the Group
Companies including any key employee as defined under Section 5.2.8.(9) (hereinafter all together referred to as “Employees”) and indicating the salary and bonus entitlement in 2008, the notice periods (only if deviating from
statutory notice periods), the length of service and any post-contractual non-compete agreements. 

  

	 	(2)	Except as set forth in Annex 5.2.8 (2) there are no imminent changes in any Employee’s wages or other compensation, save and except for changes, commitments and
agreements that may from time to time be made in the ordinary course of business or as required by applicable law or by any collective bargaining agreements. 

  

	 	(3)	Annex 5.2.8 (3) contains, as of the Signing Date, a list of material collective bargaining agreements, company practices providing for material financial benefits and
material agreements with unions, workers’ councils and similar organizations and of all employee benefit plans (hereinafter referred to as “Collective Agreements”) which are directly, by reference or otherwise in whole or in
part applicable to the Employees. No promises or commitments have been made by the Seller or any Group Company to the Employees, the unions and/or workers’ councils to amend any Collective Agreement, to increase or decrease benefits thereunder
or to establish any new Collective Agreements. Except as set forth in Annex 5.2.8 (3) none of the Group Companies is member in an employers’ association (Arbeitgeberverband). 

  

	 	(4)	Except for provisions in Collective Agreements, no agreements with Employees, unions, workers’ councils or similar organizations exist guaranteeing employment
(Beschäftigungssicherung), location (Standortsicherung) or protection against rationalization (Rationalisierungsschutz) for Employees. 

  

	 	(5)	The Group Companies do not have any liabilities under social plans or in the context of restructurings other than disclosed in Annex 5.2.8 (5). Reserves for outstanding
restructuring related liabilities or costs incurred/to be incurred by restructuring measures were properly accrued and will be adequate to fund the restructuring costs 

  

	 	(6)	All remuneration payments, social security contributions, labour related taxes, insurance and similar payments have been made when due and all necessary filings and registrations
relating to labour matters have been made. 

  

 21 

	 	(7)	Annex 5.2.8 (7) contains, as of the date hereof, a list of all Freelancers employed by the Group Companies setting forth with respect to each Freelancer (i) name,
(ii) compensation claims, (iii) current salary/commission and (iv) notice period. There have never been any claims or proceedings related to fictitious self-employment (“Scheinselbständigkeit”).

  

	 	(8)	The Group Companies have in relation to each of the Employees complied in all material respects with all statutes, regulations, codes of conduct, Collective Agreements, terms and
conditions of employment, orders and awards relevant to their conditions or service or to its relations with employees or any recognised union or workers’ council, unless disclosed in Annex 5.2.8 (8). 

  

	 	(9)	Except as set forth in Annex 5.2.8 (9), as of the Signing Date, none of the Key Employees as defined in Annex 5.2.8 (9) has either given or received notice of
termination of his or her employment or has entered into a termination agreement with any of the Group Companies or has received/made an offer of such an arrangement. 

  

	 	(10)	Annex 5.2.8 (11) contains, as of the Signing Date, a list of all Employees who have signed an old-age part-time agreement (Altersteilzeitvertrag). In the
administration of these agreements the Group Companies have complied in all material respects with all statutes, regulations and laws applicable in this regard, and have especially paid all salaries and contributions due and secured payments against
insolvency in a proper way. The Group Companies have properly accrued provisions for each active and passive Employee entitled under an old-age part-time agreement in accordance with the accounting standards applicable to the respective Group
Company. 

  

	5.2.9	Pensions 

  

	 	(1)	 Except for those insurance-related (versicherungsförmig) pension schemes which are based on salary conversion (hereinafter the “Salary
Conversion Schemes”) the documents relating to all and each of the pension schemes (collectively and individually agreed) applicable to the Employees, former employees (including managing directors/board members) or pensioners of the Group
Companies or of any predecessor in business of the Group Companies (hereinafter the “Schemes”) made available to the Purchaser or its advisers are complete and accurate, in 

  

 22 

	 	 
particular they contain full details of all benefits provided by and the terms of the Schemes, including (but without limitation) any enhancement, with the
exception of any future increases according to sec. 16 German Code of Occupational Pensions (“Gesetz zur Verbesserung der betrieblichen Altersversorgung”) of or in addition to the benefits or terms in respect of any person.

  

	 	(2)	Except as disclosed in Annex 5.2.9 (2) the Group Companies have not paid, provided or contributed towards, and are under no obligation or commitment (whether or not
legally enforceable) to pay, provide or contribute towards, any retirement/death/disability benefit for or in respect of any Employee, former employees (including managing directors/board members) or pensioners (or any spouse, child or dependent of
any of them) except for ongoing social security contributions required to be paid by law. 

  

	 	(3)	Annex 5.2.9 (3) sets forth, as of the date of the actuarial report for the year end 2007, the numbers of deferred pensioners who are covered under the Schemes.

  

	 	(4)	All entitlements of any Employee or former employee (including managing directors/board members) and pensioners under any Scheme pertaining to the period prior to Closing have been
paid or have been accrued for in the Accounts in accordance with the accounting standards applicable to the respective Group Company based on the most recent version of the applicable actuarial mortality tables. 

  

	 	(5)	The Schemes as well as the Salary Conversion Schemes have at all times been operated in accordance with the scheme documents and all applicable laws and to Seller’s knowledge
no disputes are threatening in connection with the Schemes. 

  

	5.2.10 	Litigation 

  

	 	There are no law suits, court actions or similar proceedings before a court of justice, labour court, arbitration panel or an administrative authority involving an amount in dispute
exceeding EUR 100,000.00 in each individual case pending or, to the Seller’s Knowledge, threatened in writing to be filed, against a Group Company, except those disclosed in Annex 5.2.10 (a). There are no disputes between the management
of the Group Companies and their works councils pending with the board of conciliation (Einigungsstelle), except as disclosed in Annex 5.2.10 (b). 

  

 23 

	5.2.11 	Agreements with Related Parties 

  

	 	Except as set out in Annex 5.2.11 or otherwise referred to in this Agreement, there are no agreements, which are material to the Business taken as a whole between, on the one
hand, a Seller Group Company and, on the other hand, one or more Group Companies. 

  

	5.3	No other Seller’s Guarantees 

  

	5.3.1	The Purchaser explicitly acknowledges to purchase and acquire the Company Shares and, therewith, the Business in the condition it is in on the Closing Date based upon its own
inspection, examination and determination with respect thereto, and to undertake the acquisition based upon its own inspection, examination and determination without reliance upon any express or implied representations, warranties or guarantees of
any nature made by the Seller except for the guarantees explicitly given by the Seller under this Agreement. 

  

	5.3.2	Without limiting the generality of the foregoing, the Purchaser acknowledges that the Seller gives no representation, warranty or guaranty with respect to 

 

	 	(1)	any projections, estimates or budgets delivered or made available to the Purchaser of future revenues, future results of operations (or any component thereof), future cash flows or
future financial condition (or any component thereof) or the future business operations of the Group Companies; 

  

	 	(2)	any other information or documents made available to the Purchaser or its counsel, accountants or advisors with respect to the Business of the Group Companies, except as expressly
set forth in the Agreement or 

  

	 	(3)	any tax matter except as provided for in Section 7. 

  

	5.3.3	For the avoidance of doubt, the guarantees with regard to the Sold Building Rights as well as the remedies for the breach of such guarantees are (except for the provisions set forth
in Section 7 with regard to environmental indemnities) exclusively stipulated in the Building Rights Sale and Transfer Agreement. 

  

	5.4	Seller’s Knowledge 

  

	 	In this Agreement, the knowledge of the Seller (heretofore and hereinafter referred to as the “Seller’s Knowledge”) shall solely encompass the actual knowledge
of the individuals listed in Annex 5.4 and the knowledge that they have not obtained due to gross negligence (grob fahrlässige Unkenntnis). 

  

 24 

	5.5	No Incentives for Key Employees 

 The Seller has
neither directly nor indirectly granted any incentives of whatever nature to Key Employees for or in relation to the sale of the Business to the Purchaser or any other potential buyer of the Business if not disclosed in Annex 5.5. 

 

	5.6	No Change of Control Clause for Key Employees 

 None
of the Key Employees’ service/employment agreements contain a change of control clause which entitles a Key Employee to terminate his/her employment with one of the Group Companies in the occurrence of a change of ownership and retains the
right to receive for an agreed period of time its remunerations, or entitles the Key Employee to receive a bonus or a salary increase or any other benefit linked to the change of control unless disclosed in Annex 5.6. In case such
entitlements exist and are executed, the Seller agrees to a reduction of the Base Purchase Price in the amount of the overall payments made by the Group Companies to the Key Employees in this respect. 
 SECTION 6 
 REMEDIES FOR BREACH OF SELLER’S GUARANTEES 
  

	6.1	General/Recoverable Damages 

  

	6.1.1	In the event of any breach or non-fulfillment by the Seller of any of the guarantees pursuant to Section 5, the Seller shall put the Purchaser into the position the Purchaser
would have been in had the guarantee not been breached (restitution in kind; Naturalrestitution). If the Seller is unable to achieve this position within three (3) months after having been notified by the Purchaser of the breach, the
Purchaser may claim for monetary damages (Schadensersatz in Geld), provided, however, that such damages shall in particular not cover internal administration, overhead costs of the Purchaser and consequential damages
(Folgeschäden). [*] 

  

	6.1.2	The Seller shall not be liable for, and the Purchaser shall not be entitled to claim for, any damages of the Purchaser or a Group Company under or in connection with this Agreement
if and to the extent that 

  

	 	(1)	the matter to which the claim relates is provided for in the Accounts; or 

  

	 	(2)	any damages of the Purchaser or the Group Companies are covered by claims against third parties and finally paid by these parties, including, but not limited to, through existing
insurance policies (or would have been covered under any insurance policy as existing on the Closing Date if the insurance coverage had been continued without change); or 

  

 25 

	 	(3)	the claim is based on (i) an amendment of a law, ordinance, statute, international treaty, administrative regulation, judgment (excluding for the purposes of Section 5.10
judgments to which the relevant Group Company is a party), resolution, decision, permit, disposition or any other (administrative) act or other legal provision, or (ii) the increase of a tax, occurring after the Closing Date; or

  

	 	(4)	the Purchaser or any of its Affiliates obtains due to the breach or non-fulfillment of any guarantees under Section 5 any advantage or benefit triggered or caused by the breach
or non-fulfillment by the Seller (including avoided tax or other losses, tax benefits and savings as well as the increase of the value of assets owned by the Group Companies) and; to the extent possible, instead of pursuing such advantage or benefit
against a third party, Purchaser shall be entitled to pursue the claim against Seller upon assignment of the relevant claim to Seller. 

  

	6.1.3	Any payments made by the Seller pursuant to Sections 5 to 9 of this Agreement shall be treated by the Parties as adjustments of the Base Purchase Price. 

  

	6.2	Overall Scope of Seller’s Liability pursuant to this Agreement 

 The Seller’s aggregate liability under this Agreement including, but not limited to, any and all claims for breach of any of the guarantees and indemnities pursuant to Sections 5 to 7 and 9, shall be limited to
twenty (20) % of the Base Purchase Price hereinafter referred to as the “Liability Cap”). Such Liability Cap shall not apply to the guarantees and indemnities set forth in Section 5.2.1 (1) through 5.2.1 (3) and
taxes (Section 8), provided, however, that the overall liability of the Seller under these provisions, when taken together with any other liability of the Seller under this Agreement, shall in no event exceed the Base Purchase Price. 
  

	6.3	De Minimis Amount; Threshold 

  

	 	 The Purchaser shall only be entitled to any claims under this Agreement including, but not limited to, any and all claims for breach of any of the guarantees or
under indemnities pursuant to Sections 5 to 7 and 9, to the extent an individual claim exceeds an amount of EUR [*] ([*] Euros) (hereinafter referred to as the “De Minimis Amount”) and the aggregate amount of all such individual
claims exceeds an amount EUR [*] ([*]) hereinafter referred to as the “Threshold. Claims based upon the same or substantially the same facts or provisions shall be considered as one individual claim for the determination of the De
Minimis Amount and the Threshold. In case the De Minimis Amount and the Threshold are exceeded, the Purchaser can claim 

  

 26 

	 	 
the whole amount. This Section 6.3 shall not apply to Sections 5.2.1 (1) through 5.2.1 (3), Section 5.6, Section 8   and
Section 9.3. The Parties agree that in case a claim matches or exceeds the De Minimis Amount, the damage incurred is always considered as “material” or “substantial” under the guarantees, representations, warranties,
indemnities or covenants given under this Agreement. 

  

	6.4	Exclusion of Claims due to Purchaser’s Knowledge 

  

	6.4.1	The Purchaser shall not be entitled to bring any claim under this Agreement including, but not limited to, any and all claims for breach of any of the guarantees pursuant to
Sections 5 and 7, if the Purchaser had knowledge (positive Kenntnis) of the facts to which the claim relates, or if the Purchaser had no knowledge of the facts to which the claim relates due to gross negligence (grob fahrlässige
Unkenntnis), taking into account that the Purchaser, prior to entering into this Agreement, has been given the opportunity to a review of the status of the Group Companies and their Business from a commercial, financial and legal perspective,
including inter alia, to a review of the documents identified in Annex 6.4 and disclosed in the data room and to participate in management presentations, expert meetings, site visits and a Q&A process (any information so provided
hereinafter referred to as the “Disclosed Information”). The knowledge of the Purchaser’s managing directors, advisors and those of its employees who were engaged in carrying out the due diligence examination undertaken with
regard to negotiating and entering into this Agreement shall be imputed to the Purchaser. 

  

	6.4.2	The aforementioned exclusion of claims shall apply in particular (without limitation) to the Disclosed Information subject to the principle of Fair Disclosure. Fair
Disclosure shall mean that all information has been disclosed prior to the Signing Date (including, but not limited to) in the virtual data room provided by Merrill Corporation, Inc., by hand delivery, via e-mail to employees or advisors of the
Purchaser, by way of oral or other means of communication or otherwise and it was sufficiently clear on the face of reading or hearing it such that a reasonably experienced purchaser reading or hearing such information would understand the nature
and scope of it. For the avoidance of doubt, there shall be no Fair Disclosure of any document if it is simply referred to in any Disclosed Document, but not actually disclosed itself. 

 The Seller has disclosed to the Purchaser in the due diligence conducted by the Purchaser all information, documentation or other information in relation
to the Business of the Group Companies from a commercial, legal, technical and financial point of view as would be required for such purpose based on the prudent judgment of a reasonable business man. 
  

 27 

	6.5	Notification of Seller; Opportunity to Remedy; Procedure in Case of Third Party Claims 

  

	6.5.1	In the event of an actual or potential breach of a guarantee pursuant to Section 5 above, the Purchaser shall without undue delay from becoming aware of the matter notify the
Seller of such alleged breach in writing, describing the potential claim in detail and, to the extent practical, state the estimated amount of such claim and give the Seller the opportunity to remedy the breach within [*] after the date on which
notice is served on the Seller. 

  

	6.5.2	Any breach of a guarantee pursuant to Section 5 above which is capable of remedy shall not entitle the Purchaser to damages and/or compensation unless the breach is not
remedied within [*] after the date on which notice is served on the Seller. 

  

	6.5.3	Furthermore, in the event that in connection with a breach of a guarantee pursuant to Section 5 above or an indemnity any claim or demand of a third party is asserted against
the Purchaser or a Group Company, the Purchaser shall (i) make available to the Seller a copy of the third party claim or demand and of all time-sensitive documents and (ii) give the Seller the opportunity to defend the Purchaser or a
Group Company against such claim. 

  

	 	(i)	If the Seller chooses so, it shall have the right to defend the claim by all appropriate proceedings and shall have the sole power to direct and control such defense at its own cost
and expense, if it gives written notice to the Purchaser and the Group Companies that it assumes full liability for the third party claim (in the sense that the risk of winning or losing the claim passes to the Seller and Seller will treat the
Purchaser or the Group Company, within the limits set out in this Agreement, as if the claim has been successfully defended). 

  

	 	 	Having agreed to the above, the Seller may (i) participate in and direct all negotiations and correspondence with the third party, (ii) in particular, without limitation,
appoint and instruct counsel acting, if necessary, in the name of the Purchaser or the Group Company, and (iii) require that the claim be litigated or settled in accordance with the Seller’s instructions. The Seller shall conduct such
proceedings in good faith with due regard to the concerns of the Purchaser, compliance with the principles addressed under (i) and (ii) above and on its own expense. 

  

	 	(ii)	If the Seller does not choose to defend the claim, the Purchaser shall have the right and, subject to the terms of this Agreement, the obligation to defend the claim and shall
direct and control such defense, provided that Purchaser shall (i) inform the Seller about any developments with regard to such claim fully and without undue delay, (ii) conduct such defense in good faith, (iii) permit Seller to
participate in all negotiations and correspondence with the courts and the third party and (iv) give due consideration to the concerns and proposals of the Purchaser. 

  

	 	 	For the avoidance of doubt, Seller shall be entitled to appoint, at its own expense, a counsel who may fully assume Seller’s rights pursuant to this Section 6.5.3(ii).

  

 28 

	  	[*] 

  

	6.5.4	In no event shall the Purchaser or the Group Company be entitled to acknowledge or settle a claim or permit any such acknowledgement or settlement without the Seller’s prior
written consent to the extent that such claims may result in a liability of the Seller under this Agreement. The Purchaser or the Group Company shall, at its respective expense, fully cooperate with the Seller in the defence of any third party
claim, provide the Seller and its representatives (including, for the avoidance of doubt, its advisors) access to all relevant business records and documents and permit the Seller and its representatives to consult with the directors, employees and
representatives of the Purchaser or the Group Company. To the extent that the Seller is in breach of a guarantee provided for under Section 5 above, all costs and expenses incurred by the Seller in defending such claim shall be borne by the
Seller. If it turns out that the Seller was not in breach, any costs and expenses reasonably incurred by the Seller in connection with the defense (including external advisors’ fees according to the statutory fees act and excluding all internal
costs) shall be borne by the Purchaser. 

  

	6.5.5	In the event that the Purchaser or the Group Company shall become aware of circumstances or a matter which may substantiate a claim against a third party, which was previously the
subject matter of a payment of the Seller to the Purchaser or the Group Company in connection with this Agreement, the Purchaser shall be obliged to within a reasonable timeframe notify the Seller in writing thereof. 

  

	6.5.6	[*] 

  

	6.5.7	The failure of the Purchaser (or the Group Company) to comply (or procure compliance) with the obligations under this Section 6.5 shall release the Seller from its obligations
under Section 5 and 6, if and to the extent that such failure is the reason (causal link) that the Seller loses the possibility to effectively defending itself against any claims. 

  

	6.6	Limitation Periods 

  

	 	 All claims for any breach of guarantees pursuant to Section 5 above shall become time-barred (meaning that the Purchaser shall be prevented from making any
claim against the Seller for breach of guarantee etc.) [*] after the Closing Date, except 

  

 29 

	 	 
for claims based on a breach of the guarantees given under Sections 5.2.1 (1) through 5.2.1 (3) which shall become time-barred [*] after the
Closing Date. Claims with respect to taxes (Section 8) shall become time-barred in accordance with Section 8.8. Section 203 of the German Civil Code shall not apply. 

  

	6.7	Purchaser’s Duty to Mitigate 

  

	 	Section 254 of the German Civil Code shall remain unaffected. 

  

	6.8	No Double Recovery 

  

	 	The Purchaser shall not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once in respect of any one liability, loss, cost,
shortfall, damage, deficiency, breach or other set of circumstances which gives rise to more than one claim or other remedy. 

  

	6.9	Exclusion of further Remedies 

  

	 	To the extent permitted by law, any further claims and remedies of the Purchaser other than explicitly provided for in this Agreement, irrespective of which nature, amount or legal
basis, are hereby expressly waived and excluded, in particular, without limitation, claims under pre-contractual fault (Section 311 para. 2 and 3 of the German Civil Code), breach of contract (Pflichtverletzung aus dem Schuldverhältnis)
and/or the right to reduce the Base Purchase Price (Minderung) or to rescind this Agreement (Rücktritt), and any liability in tort (Deliktshaftung). 

  

	 	For the avoidance of doubt, the Purchaser shall, however, not be restricted from claiming specific performance of any of the Seller’s obligations arising under this Agreement
and to claim damages if such obligations are not performed, provided, however, that such damages shall not include any right to rescind this Agreement unless explicitly set forth therein. The remedies provided for in, or resulting from breaches of
or non-compliance with, this Agreement shall be the exclusive remedies available to the Purchaser. 

  

	6.10	Exclusion of Liability of Individuals 

  

	 	The Parties mutually agree by way of an agreement in favour of third parties in the meaning of Section 328 of the German Civil Code that no director, managing director,
employee, authorized signatory or advisor of the Seller or any of its Affiliates (including, for the avoidance of doubt, the Group Companies), shall be liable under this Agreement or in connection with the conclusion or performance of this Agreement
to the Purchaser or any of its Affiliates or the Group Companies. 

  

 30 

	6.11	Exceptions from Exclusion of Liability 

  

	 	For the avoidance of doubt, the liability of the Seller for wilful acts (Vorsatz) and fraudulent misrepresentations (arglistige Täuschung) shall remain
unaffected. 

 SECTION 7 
 ENVIRONMENTAL INDEMNITIES 
  

	7.1	Environmental Definitions 

  

	7.1.1	“Environmental Liabilities” means all losses incurred in connection with 

  

	 	(i)	the investigation (Maßnahmen der Gefahrerkundung, Untersuchungsmaßnahmen) in connection with or in anticipation of a clean-up of an Existing Environmental
Condition; 

  

	 	(ii)	a clean-up (Sanierung) within the meaning of Section 2 (7) of the Federal Soil Protection Act (Bundesbodenschutzgesetz) or any other applicable Environmental
Laws (as defined in Section 7.1.3 below) including the due disposal of contaminated soil or building materials in accordance with the Waste Management Act (Kreislaufwirtschafts- und Abfallgesetz) and pertaining ordinances relating in
each case to an Existing Environmental Condition; 

  

	 	(iii)	securing measures (Sicherungsmaßnahmen) or protective containment measures (Schutz- und Beschränkungsmaßnahmen) pursuant to Section 4 (3) of
the Federal Soil Protection Act or any equivalent measure provided for under other applicable Environmental Laws relating in each case to an Existing Environmental Condition; 

  

	 	(iv)	measures to eliminate, reduce or otherwise remedy an immediate danger to the well-being or health (Maßnahmen zur Abwehr von unmittelbaren Gefahren für Leib und
Leben) resulting from an Existing Environmental Condition; or 

  

	 	(v)	decommissioning measures relating to installations containing Hazardous Materials being Existing Environmental Conditions. 

  

 31 

	7.1.2	“Existing Environmental Condition” means (i) the pollution or contamination of the soil or the real estate within the meaning of Section 2 (3) of the
Federal Soil Protection Act (schädliche Bodenveränderungen) or any other applicable Environmental Laws, “real estate” meaning sites in the Federal Republic of Germany currently owned, leased, occupied or used by any of the
Group Companies (“Real Estate”), or of neighboring sites originating from the Real Estate, (ii) the presence of Hazardous Materials in the ground or surface water beneath the Real Estate or in neighboring sites originating from
the Real Estate or (iii) contamination of the buildings including the ambient air with Hazardous Materials on the Real Estate; provided, however, in each case such Existing Environmental Condition existed on or prior to the Closing Date.

  

	7.1.3	“Environmental Laws” means any law, ordinance or other legally binding regulation, or administrative provision, relating directly to Environmental Matters, in each
case as in effect on the Closing Date and as enforced by the competent authorities, to the extent applicable to the Business. 

  

	7.1.4	“Hazardous Materials” means any pollutants, contaminants or toxic substances that are defined as hazardous substances or hazardous waste in the Environmental Laws
such as the Chemicals Act (Chemikaliengesetz) and pertaining ordinances, the Ordinance on a Waste Register (Abfallverzeichnisverordnung) or the Administrative Regulation on Substances Hazardous to the Water (VAwS). The
refrigerant R 22 shall not be considered to be a “Hazardous Material” since it will be replaced by 1 January 2010. 

  

	7.1.5	“Environmental Matters” means any matters relating to air or building pollution, noise, odours or contamination or protection of the soil, ground water, surface
water or land surface. 

  

	7.2	Indemnification regarding an Environmental Liabilities 

  

	 	The Seller shall indemnify and hold harmless the Purchaser and the respective Group Company from and against all Environmental Liabilities resulting from 

 

	 	(i)	a final (bestandskräftig) or enforceable (vollziehbar) order, decree or demand issued by any authority; 

  

	 	(ii)	an immediate danger to the well-being or life (unmittelbare Gefahr für Leib oder Leben); 

  

	 	(iii)	a final (rechtskräftig) or enforceable (vollstreckbar) court judgment rendered in connection with a third party claim; or 

  

 32 

	 	(iv)	the relevant lease contracts of the Group Companies or other contractual obligations or the law existing at the Closing Date whereas the Purchaser is obliged to comply with its duty
to mitigate damages; 

  

	 	if and to the extent such Environmental Liabilities have not been fully reflected in the Accounts as liability (Verbindlichkeit) or provision (Rückstellung)
(meaning that the actual accrual or provision reflects the amounts of the Environmental Liability) and the respective Environmental Liabilities have not been discharged by the Company or the Seller on or before the Closing Date. For the avoidance of
doubt, any Environmental Liabilities will be reflected in the Accounts in accordance with the applicable law. 

  

	7.3	Indemnification Scale for Present Properties 

  

	7.3.1	Any Environmental Liability for which the Purchaser may claim indemnification shall become time-barred [*] after the Closing and [*] for Environmental Liability assumed by the Group
Companies in relation to any clean-up of owned or leased railway track plots used at or before the Closing by any of the Group Companies. 

  

	7.3.2	The relevant time for determining the Environmental Liability of the Seller shall be the time when the Environmental Liability is first asserted by the Purchaser and notified to the
Seller, provided, however, that the losses in relation to the Environmental Liability must actually be incurred by the Purchaser within the subsequent [*] after the notification of the Seller of the respective Environmental Liability. To the extent
such losses are not incurred within the said [*] period, the [*] in which the losses in relation to the Environmental Liability have actually been incurred by the Purchaser shall be decisive for the Environmental Liability of the Seller.

  

	7.4	Exclusion of Environmental Liability 

  

	 	The Seller’s obligation to indemnify and hold harmless the Purchaser or the respective Group Company pursuant to Section 7.2 above shall be excluded if and to the extent
the respective Environmental Liability 

  

	 	(i)	is compensated for or made good by any third party, in particular, but without limitation, by insurance companies under applicable insurance policies or could have been reasonably
recovered from a third party or under applicable insurance policies; 

  

	 	(ii)	is incurred as a result of investigations, preparatory or exploratory measures or notifications after the Closing Date which the Purchaser was not obliged to carry out under
applicable laws, ordinances, rules, contractual obligations or regulations of the respective jurisdiction which (i) relate directly to Environmental Matters and (ii) are applicable at the time when the respective Environmental Liability
was incurred; 

  

 33 

	 	(iii)	is incurred as a consequence of (i) grossly negligent omissions after the Closing Date to take actions required to be taken by Purchaser or any of its Affiliates (hereinafter
collectively referred to as “Purchaser’s Group”) under applicable laws, ordinances, rules, or regulations of the respective jurisdiction relating directly to Environmental Matters and being applicable at the time when the
respective Environmental Liability was incurred, or (ii) activities outside the ordinary course of business of the Business after the Closing Date, in particular any material change of use, cessation of business activities on, or the
abandonment of, the Real Estate or any buildings or constructions on the Real Estate, unless required under a lease contract or any other contractual obligation of the Group Companies or by law at the Closing Date whereas the Purchaser is obliged to
comply with its duty to mitigate damages, or a final or enforceable order, decree or demand issued by any authority, or (iii) expansion activities or construction activities carried out by or on behalf of Purchaser or any of its Affiliates
after the Closing Date, or (iv) any grossly negligent act or omission of an employee or other representative of, or service provider to, Purchaser or any of its Affiliates after the Closing Date; this clause 7.4 (iii) (ii) and
(iii) shall, however, not apply if a material change of use, cessation of business activities, abandonment of the Real Estate or any buildings or constructions on the Real Estate is a Planned Change; 

  

	 	 	“Planned Change” is [*]; 

  

	 	(iv)	results from any material failure to take state-of-the-art measures to minimize risks (dem jeweiligen Stand der Technik entsprechende Maßnahmen der Gefahrenabwehr) or
to apply state-of-the-art environmental and safety standards (dem jeweiligen Stand der Technik entsprechende Umwelt- und Sicherheitsstandards) which, in each case, should reasonably have been taken by a prudent businessman after the Closing
Date; 

  

	 	(v)	results from the coming into force of, or the change in, any Environmental Laws after the Closing Date (including any changes in interpretation by regulatory authorities or courts);

  

	 	(vi)	is an Environmental Liability with respect to which the procedures set forth in Section 7.5 and Section 7.6 have not in a material sense been complied with, unless the
Seller was not prejudiced by the non-compliance with such procedures; 

  

 34 

	 	(vii)	results from a material failure of Purchaser or any of its Affiliates to mitigate damages pursuant to Section 254 of the German Civil Code. 

  

	7.5	Notification Requirement 

  

	7.5.1	If the Purchaser becomes aware of any circumstances, which might give rise to an indemnification obligation of the Seller under Section 7.2 above, the Purchaser shall inform
the Seller in writing thereof without undue delay. Any investigation and/or clean-up measures shall be conducted solely after information of the Seller which may object to such measure only in the event that such measure is not required by the law
or an order of the authorities. The Seller shall raise such objection within [*] upon receipt of the information. 

  

	7.5.2	The Seller shall be given access at his own expense to the Real Estate and the books and records of the Purchaser and the Company (or their successors, as the case may be) to the
extent that such access is reasonably necessary to assess any Environmental Liability being incurred. The Purchaser shall ensure that for as long as the Seller may be held liable under Section 7.2, copies of all documents relating to
(i) the Real Estate which are transferred to the Purchaser or (ii) are in possession of the Company as of the Closing Date will be kept available for inspection by the Seller upon the Seller’s reasonable request.

  

	7.6	Defence of Claims 

  

	 	The Purchaser shall ensure that the Seller is given all opportunities to defend or avoid at his sole expense any claims which might give rise to any indemnification claims under
Section 7.2 and to conduct any measure defined in Section 7.1.1 (i) through (iv) above required in connection with any Environmental Liability. In particular, the Seller shall be given an opportunity to comment on, participate in
and review any reports on relevant investigations, reports, correspondence, orders or other measures which may with reasonable likelihood give rise to an Environmental Liability and the Purchaser shall ensure that the Seller receives without undue
delay copies of all such documents. The Purchaser shall ensure that, upon the request of the Seller, objections are filed and legal proceedings instituted and conducted against any orders and judgments in accordance with the Seller’s direction
and at the Seller’s expense. The [*] period pursuant to Section 7.3.2 shall be suspended (gehemmt) as long as objections or legal proceedings are pending. 

  

 35 

	7.7	No Liability under Federal Soil Protection Act 

  

	7.7.1	Any claims of the Purchaser against the Seller or any member of the Seller’s Group pursuant to Section 24 (2) of the Federal Soil Protection Act
(Bundesbodenschutzgesetz) and any similar statutory or other claims under German laws or the laws of any other jurisdictions shall be excluded. 

  

	7.7.2	The Purchaser shall pass the exclusion of such claims against the Seller and any member of the Seller’s Group and their legal predecessors on to (i) any onward buyer of
the Business or the Sold Building Rights or (ii) any subsequent user of the Real Estate and shall ensure that any such onward buyer or subsequent user waives any claims it may have against the Seller and any member of the Seller’s Group
and their legal predecessors and undertakes to pass such exclusion on to its onward buyers and subsequent users. 

  

	7.7.3	Upon the Seller’s request, the Purchaser will indemnify and hold the Seller and any relevant member of the Seller’s Group harmless from any claims any future buyer or user
of the Business or Real Estate may bring against the Seller or any member of the Seller’s Group. The Purchaser shall indemnify and hold the Seller harmless form any claims relating to Environmental Matters that are not for the account of the
Seller relating to Sec. 7.2 above. 

 SECTION 8 
 TAXES 
  

	8.1	Definition of Tax 

  

	 	“Tax” means any federal, state or local tax, including income, value-added, sales, property or transfer tax, salary withholding tax/wage tax, subsidies, customs,
dues or public social security payments under mandatory law together with any interest, penalty or addition to tax imposed by any governmental authority responsible for the imposition of such tax (hereinafter referred to as a “Taxing
Authority”). 

  

	8.2	Tax Warranties 

  

	 	Within the scope and subject to the limitations set forth in this Section 8 and Section 6 above, the Seller hereby warrants to the Purchaser in relation to the Group
Companies that the Group Companies 

  

	 	(i)	have duly and timely made, and will duly and timely (taking into consideration extensions of time allowed by the competent Taxing Authorities) make until the Closing Date, all Tax
filings due; 

  

	 	(ii)	have paid, and will pay until the Closing Date, all Taxes when due and payable; 

  

 36 

	 	(iii)	have made for Taxes or will make all appropriate accruals not fallen due until the Closing Date (Rückstellungen); 

  

	 	(iv)	have obtained all Tax exemption and/or reduction certificates required for the course of Business (i.e. pursuant to double taxation treaties); 

  

	 	(v)	have kept all records it is required to keep for Tax purposes and these records are available for inspection by the Purchaser; 

  

	 	(vi)	are not subject to any pending appeals (Einsprüche) to the Tax Authorities or any proceedings in the Tax courts; 

  

	 	(vii)	are not involved in any extraordinary Tax audits or investigations relating to periods prior to the Closing Date and 

  

	 	(viii)	have not paid any constructive dividends (verdeckte Gewinnausschüttungen). 

  

	8.3	Tax Indemnification 

  

	8.3.1	The Seller hereby agrees in relation to the Group Companies to indemnify the Purchaser from and against all Taxes due and payable by the Group Companies for Tax assessment periods
ending on or before the Closing Date (including the period between the end of the 2007 fiscal year and the Closing), unless, and except to the extent, that such Tax liabilities 

  

	 	(1)	are shown or provided for in the Accounts; or 

  

	 	(2)	are the subject of a valid and enforceable claim for repayment or indemnification against a third party; or 

  

	 	(3)	are the result of a reorganization or other measures initiated by the Purchaser; or 

  

	 	(4)	can be offset against Tax loss carry backs or loss carry forwards that are or were available (including as a result of subsequent tax audits) in the period to which such taxes are
allocable, whereby any use or reduction caused directly or indirectly by the Purchaser of such Tax loss carry back or loss carry forward shall be disregarded; or 

  

	 	(5)	can be offset against future Tax reductions arising after the Closing Date out of the circumstance triggering the Tax indemnification claim, e.g. resulting from the lengthening of
depreciation periods or higher depreciation allowances; or 

  

 37 

	 	(6)	correspond (by nature, but independent of actual amounts) to Tax advantages of any of the Group Companies, the Purchaser or any of its Affiliates; or 

  

	 	(7)	result from the Building Rights Sale and Transfer Agreement, provided that such exception shall only cover real transfer taxes. 

  

	8.3.2	Indemnification payments due by the Seller under this Section 8 shall be made within twenty (20) business days following notice by the Purchaser, provided that the payment
of such amounts to the Taxing Authority is due and that the Seller shall not be required to make any payment earlier than two (2) business days before such Taxes are due to the Taxing Authority. In case of any Tax being contested in accordance
with Section 8.6.2, payment of such Tax to the Taxing Authority will be considered due no earlier than on the date a final (unappealable) determination to such effect is made by either the Taxing Authority or a court of proper jurisdiction,
provided that the Taxing Authority has granted relief from paying the assessed Tax until such Tax becomes final and binding. If this is not the case, the Seller shall make a respective advance indemnification payment to the Purchaser provided that
the Purchaser provides a guarantee by a reputable bank as security for any reimbursement claims of the Seller which might arise pursuant to the subsequent sentence. If the final amount to be indemnified for Taxes and to be paid is lower than the
advance indemnification payment by the Seller, then the difference shall be reimbursed by the Purchaser, including all interest earned thereon, if any. If the final amount to be indemnified for Taxes and to be paid is higher than the advance
indemnification payment by the Seller, then the difference shall be reimbursed by the Seller, including all interest earned thereon, if any. 

  

	8.4	Tax Filings 

  

	 	The Seller shall prepare and make all Tax filings for the Group Companies (including Tax filings for Tax groups) required to be filed by or on behalf of any of the Group Companies
after the Closing Date for periods including the period ending on 31 December 2007. Tax filings for periods including the period ending on the Closing Date shall be prepared on a basis consistent with those prepared for prior tax assessment
periods. For the avoidance of doubt, all costs and expenses in respect of such Tax filings shall be for the account of the Seller. The Purchaser shall cause the Group Companies to provide, at its own expense, reasonable assistance at the
Seller’s request. The Purchaser shall cause the respective Company to submit the Tax return prepared by the Seller accordingly. 

  

 38 

	8.5	Tax Covenants 

  

	 	The Purchaser covenants to the Seller that except as legally required by any Taxing Authority or otherwise compelled by mandatory law and after having given the Seller the
opportunity to intervene, the Purchaser will not cause or permit the Group Companies 

  

	 	(1)	to take any action on or after the Closing Date that could give rise to any Tax liability of the Seller or its Affiliates or reduce any of their Tax assets;

  

	 	(2)	to make or change any Tax election, amend any Tax return or take any Tax position on any Tax return, take any action, omit to take any action or enter into any transaction, merger
or restructuring that results in any increased Tax liability (including a Tax indemnification liability) of the Seller or any of its Affiliates or reduction of any of their Tax assets. 

  

	8.6	Indemnification Procedures 

  

	8.6.1	Following the Closing Date, the Purchaser shall without undue delay notify the Seller of any Tax audit or administrative or judicial proceeding that is announced or commenced and
that might constitute a basis for indemnification by the Seller pursuant to this Section 8. Such notice shall be in writing and shall contain full factual information to the extent reasonably describing the object of the Tax audit or the
asserted Tax liability in reasonable detail and shall include copies of any relevant notice or other document received from any Taxing Authority in respect of any such Tax audit or asserted Tax liability. The Purchaser shall further procure that the
Group Companies allow the Seller to fully participate in such Tax audit. If the Seller is not given prompt notice as required before, the Seller shall not have any obligation to indemnify the Purchaser for any damages arising out of such asserted
Tax liability if and to the extent that the indemnification have been directly or indirectly caused by the non-compliance of the Purchaser. 

  

	8.6.2	 The Seller may elect to direct on its own or through counsel of its choice and at its expense, any audit, claim for refund and administrative or judicial proceeding
involving any asserted Tax liability with respect to which indemnity may be sought under this Section 8 (any such audit, claim for refund or proceeding relating to an asserted Tax liability is hereinafter referred to as a “Tax
Contest”). If the Seller elects to direct a Tax Contest, then the Seller shall within thirty (30) business days of receipt of the Purchaser’s notice pursuant to Section8.6.1 above, notify the Purchaser of the intent to do so, and
the Purchaser shall cooperate and cause the Group Companies or their respective successors to cooperate, at the Seller’s expense in each phase of such Tax Contest. In any event, the Seller may participate, at its own expense, in any Tax
Contest. If the Seller chooses to 

  

 39 

	 	 
direct the Tax Contest, the Purchaser shall promptly authorize, and shall cause the Group Companies to authorize, (by power-of-attorney and such other
documentation as may be necessary and appropriate) the designated representative of the Seller to represent the Purchaser and/or the Group Companies or their successors in the Tax Contest insofar as the Tax Contest involves an asserted Tax liability
for which the Seller would be liable under this Section 8. The Purchaser retains the right to appoint on its own cost a counsel which participates in any Tax Contest and retains full and unlimited access to all documents and information
relevant for the Tax Contest. The Purchaser will not unreasonably withhold its consent in case the Seller plans to settle or compromise a Tax claim. The Seller will not unreasonably withhold its consent in case the Seller has not initiated a Tax
Contest and the Purchaser or a Group Company plans to settle or compromises a Tax claim. 

  

	8.7	Tax Refunds 

  

	 	If a Group Company receives a Tax refund relating to any period ending on or before the Closing Date (to the extent not reflected as an asset in the Accounts), the amount of the Tax
refund shall be paid by the Purchaser to the Seller. The Purchaser shall duly notify the Seller of any Tax refund relating to any period ending on or before the Closing Date. 

  

	8.8	Limitation 

  

	 	Claims of the Purchaser under this Section 8 shall be time-barred [*] after the final and binding assessment of the relevant Taxes. 

 SECTION 9 
 EMPLOYMENT INDEMNITIES 
  

	9.1	Neither the Purchaser nor the Group Companies will become liable for any obligations arising from the Chiquita Stock Option Scheme or any other share plans, share based plans, stock
option plans, whether payable in shares or in cash (the Share Awards). The Seller shall indemnify the Purchaser or the respective Group Company from and against all liabilities, actions, proceedings, costs (including reasonable legal and
professional fees and costs), expenses, damages, claims, fines, compensation, settlement arrangements and demands arising from or in relation to the Share Awards, including but without limitation social security contributions attributable to the
employer (Arbeitgeberanteil an der Sozialversicherung), if any, to be paid on the Share Awards. 

  

	9.2	[*] 

  

	9.3	[*] 

  

 40 

 SECTION 10 
 PURCHASER’S GUARANTEES 
  

	 	Guarantees 

  

	 	The Purchaser hereby guarantees by way of an independent promise of guarantee pursuant to Section 311 para. 1 of the German Civil Code (selbständiges
Garantieversprechen im Sinne des § 311 Abs. 1 BGB): 

  

	10.1	The Purchaser is duly incorporated, validly existing and in good standing under the laws of the Netherlands and has all requisite corporate power and authority to own its assets and
to carry out its business. 

  

	10.2	The execution and performance by the Purchaser of this Agreement and the consummation of the transaction contemplated hereby are within the corporate powers of the Purchaser and
have been duly authorized by all necessary corporate action on part of the Purchaser. 

  

	10.3	The execution and performance by the Purchaser of this Agreement and the consummation of the transaction contemplated herein do not (i) violate the articles of association or
by-laws of the Purchaser or (ii) violate any applicable law, regulation, judgment, injunction or order binding on the Purchaser, (iii) violate any contractual obligation of the Purchaser and (iv) there is no action, law suit,
investigation or proceeding pending against, or to the knowledge of the Purchaser threatened against, the Purchaser before any court, arbitration panel or governmental authority which in any manner challenges or seeks to prevent, alter or delay the
transaction contemplated herein or would otherwise materially and adversely affect the Purchaser’s ability to perform its obligations hereunder. 

  

	10.4	At the date of Signing, the Purchaser has no positive knowledge of any facts which would give rise to a claim against the Seller pursuant to Sections 5 to 7.

  

	10.5	The Purchaser has sufficient immediately available funds or binding financing commitments to pay the Base Purchase Price and to make all other payments to be made under or in
connection with this Agreement. 

  

 41 

 SECTION 11 
 FURTHER ACTS AND OBLIGATIONS OF THE SELLER 
  

	11.1	Pre-Closing Covenants of the Seller 

  

	 	Between the Signing Date and the Closing Date, the Seller shall procure, to the extent permissible under applicable law and unless otherwise set out or indicated in this Agreement,
that the Group Companies shall conduct their business operations in the ordinary course of business and substantially in the same manner and in accordance with previous practices. In particular, subject to the above and unless otherwise set out in
Annex 11.1, no Group Company shall 

  

	 	(1)	declare any dividend or make any other distribution to an entity that is not a Group Company or make any hidden distributions of profits to the Seller or any company related to the
Seller ́s group. 

  

	 	(2)	issue any share capital or similar interest; 

  

	 	(3)	adopt shareholder’s resolution to change the articles of association of any Group Company or registered such changes to commercial registers; 

  

	 	(4)	acquire or dispose of any fixed assets relating to the Business and with a value exceeding EUR 100,000.00; 

  

	 	(5)	incur any indebtedness vis-à-vis third parties, which has not been in connection with the operation of the Business; 

  

	 	(6)	make any advance or extend any loan to any third party outside the ordinary course of business, exceeding EUR 100,000.00; 

  

	 	(7)	enter into any loan or leasing agreements of whatever nature (including with shareholders) in an amount exceeding EUR 100,000.00; 

  

	 	(8)	make any change in the terms of employment (including compensation) of any Key Employees; 

  

	 	(9)	enter into any employment agreement with any new Employees of the Group Companies with an annual remuneration of more than EUR 100,000.00; 

  

	 	(10)	give Key Employees ordinary notice of termination; 

  

	 	(11)	appoint any new members of the executive or supervisory board; or 

  

 42 

	 	(12)	terminate any customer contract, supply or lease agreement relevant for the continued operation of the Business 

  

	 	(13)	enter into any sale and lease back, factoring or any other transaction which increases the cash of the Company 

  

	 	(14)	delay or postpone maintenance and repair work in deviation of past practice 

  

	 	(15)	does not enter into any pre-payment agreement 

  

	 	and except as (i) otherwise approved by the Purchaser or (ii) as necessary to consummate the transactions contemplated by this Agreement in accordance with the terms
thereof, the Seller shall procure, to the extent permissible under applicable law, that the Group Companies 

  

	 	(16)	continue to operate, in particular effect payments to creditors and make capital expenditures (including capex for maintenance purposes) in the ordinary course of business
consistent with past practices and so to maintain the Business of the Group Companies as a going concern, 

  

	 	(17)	keep the existing insurances of the Group Companies in place and 

  

	 	(18)	use commercially reasonable efforts that the Group Companies shall preserve the material assets in good working condition during the period between the Signing Date and the Closing
Date. 

  

	 	In the event of any breach of the obligations pursuant to this Section 11.1 on the part of the Seller, the Purchaser’s claim shall be treated as a reduction of the Base
Purchase Price. 

  

	11.2	Duties between Signing and Closing 

  

	 	For the period between the Signing Date and the Closing Date, the Seller shall procure that the Group Companies: 

  

	 	(1)	give to representatives of the Purchaser reasonable access (during normal business hours and upon two 2 Business Days prior notice) to each of the facilities in which the Business
is conducted and use commercially reasonable efforts to cause its independent auditors to make available copies of all such documents and information with respect to the Business as representatives of the Purchaser may from time to time reasonable
request, all in such manner as not unduly disrupt the Group Companies normal business activities and not in violation of any applicable laws, in particular (but not limited to) antitrust law and data protection law, whereas it is understood that the
right to access information set out above shall in no event comprise any especially protected data in the meaning of sec. 3 para 9 German data protection act (BDSG); and 

  

 43 

	 	(2)	confer on a regular basis with one or more representatives of the Purchaser to report material operational matters and to report the general status of ongoing operations.

  

	11.3	Insurance Coverage 

  

	 	The Seller shall procure that the Group Companies remain insured until the Closing Date in substantially the same way as they are on the Signing Date and that all premiums due for
such insurances are duly and timely paid. 

  

	11.4	Access to Documents 

  

	 	The Seller shall procure that after the Closing Date, the Purchaser and its representatives have the rights to access documents according and limited to Section 11.2
vis-à-vis those companies of Seller’s Group which keep information relevant to the Purchaser. The Seller shall keep, and procure that the Group Companies of the Seller will keep, all books and records relating to any period prior to the
Closing Date in accordance with and during the periods required under applicable law. 

 SECTION 12 

 FURTHER ACTS AND OBLIGATIONS OF THE
PURCHASER 
  

	12.1	Access to Financial Information 

  

	 	The Purchaser shall procure that after the Closing Date the Seller and its representatives are given access within a reasonable timeframe to, and are allowed to make copies of,
accounting, financial and other records as well as to other information, management, employees and auditors of the Group Companies and others to the extent necessary to the Seller and its Affiliates in connection with any audit, investigation, Tax
filing, dispute or litigation or any other reasonable business purpose, including in order to achieve the deconsolidation of the Group Companies. The Purchaser shall keep, and procure that the Group Companies will keep, all books and records
relating to any period prior to the Closing Date in accordance with and during the periods required under applicable law. 

  

 44 

	12.2	Use of Certain Names 

  

	12.2.1 	Unless permitted under the Banana Ripening and Distribution Agreement attached hereto as Annex 4.2.5 or expressly provided otherwise, the Purchaser shall ensure within three
(3) months after the Closing Date, the Group Companies cease to use (as part of their corporate or trade name, internet domains or email addresses, in their brochures or sales literature, on their documents and work material or otherwise) the
“Chiquita”, “Consul”, and “Fresh Express” names or any logo, trademark, trade name or other derivation there from. The Purchaser shall cause the Group Companies to remove or obliterate without undue delay after the
Closing Date the “Chiquita”, “Consul”, and “Fresh Express” names and marks from their signs, purchase orders, invoices, sales orders, labels, letterheads, shipping documents and other items and materials of the Business
and otherwise, and shall procure that after the Closing Date no such items and materials are put into use which bear similarity to the “Chiquita”, “Consul”, and “Fresh Express” names, marks or logo.

  

	12.2.2 	The Purchaser agrees that the Seller shall have no responsibility for claims by a third party arising out of, or relating to, the use of the “Chiquita”,
“Consul”, and “Fresh Express” names or marks by the Purchaser and/or the Group Companies after the Closing Date within the scope provided for under Section 10.2.1 above, and the Purchaser undertakes to indemnify and hold
harmless the Seller from and against any such third party claims. 

  

	12.3	Indemnifications 

  

	 	Unless the Seller is liable for such costs, expenses and damages under this Agreement, to the extent that after the Closing Date a third party raises a claim against the Seller
which is due to a legal relationship between such third party and one or more of the Group Companies or which arises from the direct or indirect participation in any Group Companies, the Purchaser shall hold harmless and fully indemnify the Seller
from any such claim. The Parties agree by way of agreement in favour of third parties in the meaning of Section 328 German Civil Code (Vertrag zugunsten Dritter) that the above shall apply accordingly to a claim against another Seller
Group Company or any director, board member or employee of a Seller Group Company. However, no indemnification shall apply in cases the Seller or its legal representatives have acted intentionally or with gross negligence or in cases of Sec. 826 of
the German Civil Code (Bürgerliches Gesetzbuch). 

  

	12.4	Exoneration and Waiver of Claims 

  

	12.4.1 	The Purchaser shall hold a shareholder’s meeting of the Company (or of any relevant successor) as soon as appropriate and vote therein so that a shareholder’s resolution
is adopted granting exoneration (Entlastung) to each of the members of the (i) managing board and the (ii) supervisory board listed in Annex 4.5.1 for all periods up to (and including) the date when their resignations
become effective, for which exoneration has not been granted. 

  

 45 

	12.4.2 	The Seller waives any rights or claims (i) against the Group Companies and (ii), except for cases of grossly negligent or intentional behavior, against their directors or Key
Employees, in each case which it may have in respect of any misrepresentation, inaccuracy or omission in or from any information or advice supplied or given by them in connection with the giving of the guarantees, representations, warranties or
covenants and the preparation of any disclosure letters and the like under or in connection with this Agreement. 

  

	12.5	Future Business relation between the Group Companies and the Seller Group Companies 

  

	 	The Parties agree that the Group Companies shall continue to have strong business relations with Seller Group Companies after the Closing Date and that the Seller supports Group
Companies in the continuance of its key customer relationships with a strong focus to [*]. 

  

	12.6	Non Compete and Non Solicitation Obligation 

  

	 	 Neither the Seller nor any of its affiliated group companies shall engage, directly or indirectly, as a proprietor, shareholder, partner or otherwise in competition
with the Business sold under this Agreement for three (3) years from the Closing Date and limited to Germany and Austria, provided that Seller (and Seller’s Group) shall not be prevented from (i) taking any measures to ripen and
distribute bananas in the event that the Company does not provide such services under the Banana Ripening and Distribution Agreement, (ii) continuing and expanding its businesses of directly selling fruits and vegetables under the Chiquita
brand or other brands owned or controlled by the Seller Group and (iii) testing new products or other innovations, including any proprietary technology, at or from a facility of the Seller’s Group before such new product or innovation is
fully introduced into the German market (including for the avoidance of doubt during an introduction period when the Group Companies’ facilities are not yet prepared to fully assume the performance of any relevant services). The Seller further
agrees not to directly or indirectly solicit, interfere with or endeavour any Key Employees of the Group Companies unless such employees respond to a bona fide recruitment campaign. In the event of a breach of this Section 12.6 by the
Seller or any of its affiliates, the Seller shall pay to the Purchaser or the Company a lump sum amount of EUR [*] (Euro [*]) for each and every week the Seller continues to be in breach after the expiry of an initial cure period of 10 Business Days
triggered by Purchaser giving Seller Notice of such breach (without the need of any court order); for the avoidance of doubt, such Purchaser shall not be 

  

 46 

	 	 
entitled to such amount with regard to any breaches that occurred prior to the aforementioned notice and the expiry of the initial cure period. The
aforementioned amount will be without prejudice to (but will be taken into account with regard to) any right of the Purchaser to recover actual damages in excess of the aforementioned lump sum amount. Section 341 of the German Civil Code
(Bürgerliches Gesetzbuch) remains applicable. 

  

	12.7	Service Agreements 

  

	 	To the extent the Company or any of its affiliates is dependant after Closing upon certain services provided by the Seller or by Seller ́s Group Companies to the Purchaser or
any of its affiliates, the Seller and /or the Seller ́s Group Companies will continue to provide such services for a period of up to six (6) months after Closing at the costs to which the respective service has been provided prior to
Closing and in case no such costs have been allocated prior to Closing, at Seller ́s or Sellers Group Company’s internal cost. To the extent an exact allocation of costs to individual services has not yet been executed, the Parties will
conduct this allocation without undue delay after Closing. The Purchaser is obliged to request for the provision of such services without undue delay after Closing and the Purchaser is entitled to terminate such services – if requested –
only with one (1) month prior written notice to the Seller or Seller ́s Group Company. 

 SECTION 13 
 CONFIDENTIALITY / PRESS RELEASES

  

	13.1	Confidentiality; Press Releases; Public Disclosure 

  

	 	The Parties mutually undertake to keep the contents of this Agreement secret and confidential vis-à-vis any third party except to the extent that the relevant facts are
publicly known or disclosure is required by law or rules of a stock exchange or other similar regulatory authority. In such case, the Parties shall, however, inform each other prior to such disclosure and shall limit any disclosure to the minimum
required by statute or the authorities. No press releases or other public announcement concerning the transactions contemplated by this Agreement shall be made by either Party unless the form and text of such announcement shall first have been
approved by the other Parties except that - if the other Party is required by law or by applicable stock exchange regulations to make an announcement - it may do so after first consulting with the other Parties. 

  

 47 

	13.2	Seller’s Confidentiality 

  

	 	Without prior consent of the Purchaser or the relevant Group Companies for a period of three years after the Closing Date, the Seller shall keep confidential and not disclose to any
third party, any business or trade secrets of the Group Companies, other than those which have become publicly known through no fault of the Seller or which the Seller is required to disclose as necessary to comply with any legal requirements. Such
confidentiality obligation shall be satisfied if the Seller exercises the same care with respect to such information as it would take to preserve the confidentiality of its own similar information. 

  

	13.3	Purchaser’s Confidentiality; Return of Documents 

  

	 	In the unlikely event that this Agreement is terminated without the Closing having been consummated, the Purchaser undertakes to keep confidential all information received from the
Seller in connection with the transactions contemplated by this Agreement in accordance with the provisions of the Confidentiality Agreement of 30 October 2007 between the Seller and the Purchaser, which shall in such event continue to apply as
set out therein. 

 SECTION 14 
 ASSIGNMENT OF RIGHTS AND UNDERTAKINGS 
  

	 	This Agreement and any rights and obligations hereunder may not be assigned and transferred, in whole or in part, without the prior written consent of the other Parties hereto. The
Purchaser is entitled with the consent of the Seller to assign this Agreement to any Group Company within the meaning of Section 15 German Stock Corporation Act. The Seller shall not unreasonably withhold such consent. 

SECTION 15 
 TAXES AND COSTS 
  

	15.1	Taxes 

  

	 	 All transfer taxes (including real estate transfer taxes), stamp duties, costs for the notarization of this Agreement and any other charges and costs which result
from this Agreement and the Closing of the transaction considered hereby shall be borne by the Purchaser. The aforementioned shall not apply for real estate transfer taxes (if any) which result from this Agreement and are 

  

 48 

	 	 
allocated to the Sold Building Rights; those real estate transfer taxes shall be equally shared between the Seller and the Purchaser. All charges, costs and
fees (except for the fees of the Seller’s advisers) which result from the filings under the merger control laws and in compliance with other regulatory requirements, including, but not limited to, the charges, costs and fees of the competent
merger control authorities, shall be borne by the Purchaser. 

  

	15.2	Costs of Advisors 

  

	 	Unless otherwise agreed, each Party shall bear its own costs and expenses in connection with the preparation, execution and implementation of this Agreement, including, without
limitation, any and all fees, charges and expenses of its advisors. 

 SECTION 16 
 NOTICES 
  

	16.1	Form of Notice and Delivery 

  

	 	Any declaration, notice or other communication in connection with this Agreement (hereinafter referred to as a “Notice”) shall be in writing in English and
delivered by hand, registered post or courier using an internationally recognized courier company. A Notice shall be effective upon receipt and shall be deemed to have been received at the time of delivery, provided that where delivery occurs
outside Working Hours, notice shall be deemed to have been received at the start of Working Hours on the next following Business Day. For these purposes, “Working Hours” shall be between 9:00 a.m. hours and 7:00 p.m. hours local
time on a Business Day. 

  

	16.2	Notices to the Seller 

  

	 	Any Notice to be given to the Seller hereunder shall be addressed as follows: 

  

	 	Hameico Fruit Trade GbmH, C/o Chiquita Brands International, Inc., 250 East Fifth Street, Cincinnati, OH 45202, United States of America, Attn: Chief Financial Officer;

  

	 	with a copy to Chiquita Brands International, Inc., 250 East Fifth Street, Cincinnati, OH 45202, United States of America, Attn: General Counsel; 

  

	 	and with a further copy to: Freshfields Bruckhaus Deringer, Attn.:[in original filed with the Commission], Heumarkt 14, 50667 Köln, Germany 

  

 49 

	16.3	Notices to the Purchaser 

  

	 	Any Notice to be given to the Purchaser hereunder shall be addressed as follows: 

  

	 	UNIVEG, Attn.: .:[in original filed with the Commission], Strijbroek 10, 2860 Sint-Katelijne-Waver, Belgium; 

  

	 	with a copy to: UNIVEG, Attn.: .:[in original filed with the Commission], Strijbroek 10, 2860 Sint-Katelijne-Waver, Belgium 

  

	16.4	Change of Address 

  

	 	The Parties are to, without being legally obliged to, communicate any change of their respective addresses set forth in Sections 15.2 through 15.3 as soon as possible in writing to
the respective other Parties. Until such communication, the address as hitherto shall be relevant. 

  

	16.5	Copies to Advisors 

  

	16.5.1 	The receipt of copies of Notices by the Parties’ advisors shall not constitute or substitute the receipt of such Notices by the Parties themselves. 

  

	16.5.2 	Any Notice shall be deemed received by a Party regardless of whether any copy of such Notice has been sent to or received by an advisor of such Party, irrespective of whether the
delivery of such copy was mandated by this Agreement. 

 SECTION 17 
 MISCELLANEOUS 
  

	17.1	Governing Law 

  

	 	This Agreement shall be governed by, and construed in accordance with, the laws of Germany, excluding the United Nations Convention on Contracts for the International Sale of Goods
(CISG). 

  

	17.2	Jurisdiction 

  

	 	The courts in Bremen, Germany, shall have exclusive jurisdiction in relation to all disputes arising under or in connection with this Agreement. 

  

	17.3	Definitions 

  

	17.3.1.	 In this Agreement, “Business Day” means a day on which banks are open for business in Bremen, Germany and New York, USA. 

  

 50 

	17.3.2 	In this Agreement, “Affiliate” means an entity that is affiliated to a natural or legal person within the meaning of Section 15 of the German Stock Corporation
Act. 

  

	17.4	Amendments, Supplementations 

  

	 	Any amendment or supplementation of this Agreement, including of this provision, shall be valid only if made in writing, except where a stricter form (e.g. notarization) is required
under applicable law. 

  

	17.5	Headings 

  

	 	The headings and sub-headings of the Sections contained herein are for convenience and reference purposes only and shall not affect the meaning or construction of any of the
provisions hereof. 

  

	17.6	Annexes 

  

	 	All Annexes attached hereto form an integral part of this Agreement. 

  

	17.7	Language 

  

	17.7.1 	This Agreement is written in the English language. Terms to which a foreign language translation has been added shall be interpreted in the meaning assigned to them by the foreign
language translation. 

  

	17.7.2 	Any reference made in this Agreement to any types of companies or participations, proceedings, authorities or other bodies, rights, institutions, regulations or legal relationships
(hereinafter collectively referred to as the “Legal Terms”) under any relevant law shall extend to any corresponding or identical Legal Terms under foreign law to the extent that relevant facts and circumstances must be assessed
under such foreign law. Where no corresponding or identical Legal Terms under foreign law exist, such Legal Terms shall be introduced as - functionally - come closest to the Legal Terms under the relevant law. 

  

	17.8	Disclosure 

  

	 	The disclosure of any matter in this Agreement (including any Annex thereto) shall be deemed to be a disclosure for all purposes of this Agreement. For the purpose of this
Agreement, any disclosure made to any of the Purchaser’s representatives or advisors shall be deemed to have been made to the Purchaser. The fact that a matter has been disclosed in any Annex hereto shall not be used to construe the
extent of the required disclosure (including any standard of materiality) pursuant to the relevant guarantee or other provision of this Agreement. 

  

 51 

	17.9	Entire Agreement 

  

	 	This Agreement constitutes the full understanding of the Parties and the complete and exclusive statements of the terms and conditions of the Parties’ agreements relating to
the subject matter hereof and supersedes any and all prior agreements and understandings, whether written or oral, that may exist between the Parties with respect to the subject matter of this Agreement or parts thereof. Side agreements to this
Agreement do not exist. 

  

	17.10	Waivers, Rights and Remedies 

  

	 	Except as expressly provided in this Agreement, no failure or delay by any Party in exercising any right or remedy relating to this Agreement shall effect or operate as a waiver or
variation of that right or remedy or preclude its exercise at any subsequent time. No single or partial exercise of any such right or remedy shall preclude any further exercise of it or the exercise of any other remedy. 

  

	17.11	Severability 

  

	 	Each of the provisions of this Agreement is severable. Should any provision of this Agreement be or become invalid, ineffective or unenforceable as a whole or in part, the validity,
effectiveness and enforceability of the remaining provisions shall not be affected thereby. Any such invalid, ineffective or unenforceable provision shall be deemed replaced by such valid, effective and enforceable provision as comes closest to the
economic intent and the purpose of such invalid, ineffective or unenforceable provision as regards subject-matter, amount, time, place and extent. 

 Hameico Fruit Trade GmbH 
  

	
	
	/s/ James E. Thompson
	James E. Thompson, Managing Director

 with the acknowledgement of Chiquita Brands International, Inc. 
  

	
	
	/s/ Jeffrey M. Zalla
	Jeffrey M. Zalla, Senior Vice President and Chief Financial Officer

  

 52 

					
	Univeg Fruit & Vegetables B.V.	 		 	
			
	  	 		 	  
	[Name, Function]	 		 	[Name, Function]

 with the acknowledgement of De Weide Blik N.V. 
  

					
			
	  	 		 	  
	[Name, Function]	 		 	[Name, Function]

  

 53Chiquita Brands International, Inc. Capital Accumulation Plan

 Exhibit 10.3 
 CHIQUITA BRANDS INTERNATIONAL, INC. 
 CAPITAL ACCUMULATION PLAN 
 (As Amended and Restated Effective as of January 1, 2005, conformed to include 
 amendments through July 8, 2008) 

 CHIQUITA BRANDS INTERNATIONAL, INC. 
 CAPITAL ACCUMULATION PLAN 
 (As Amended and Restated Effective as of January 1,
2005) 
 SECTION 1 
 PURPOSE AND
EFFECTIVE DATE OF PLAN 
 A. Purpose. The purpose of the Plan is to provide retirement, disability, death and employment
termination benefits for a select group of management and highly compensated employees of the Participating Companies and for the beneficiaries of those employees. The Plan is intended to be a non-qualified plan of executive deferred compensation,
exempt from the requirements of Parts 2, 3, and 4 of Title I of ERISA. 
 B. History and Effective Date. 
  

	(i)	Effective as of January 1, 2000, Chiquita Brands International, Inc. (the “Sponsoring Company”) established the Chiquita Brands International, Inc. Capital
Accumulation Plan (the “Plan”) on behalf of selected employees of the Sponsoring Company and any Affiliated Companies which adopt the Plan with the permission of the Sponsoring Company, all in accordance with the terms and conditions of
such plan. 

  

	(ii)	The provisions set forth herein constitute an amendment, restatement and continuation of the Plan as in effect immediately prior to January 1, 2005 (the “Effective
Date”). 

  

	(iii)	Benefits provided under the Plan will be subject to the provisions of section 409A of the Internal Revenue Code and applicable guidance issued thereunder (“Section 409A”)
only to the extent that Section 409A is applicable to such amounts in accordance with the effective date provisions of Section 409A, including the effective date provisions set forth in Treas. Reg. §1.409A-6. 

 

	(iv)	Benefits subject to Section 409A (including, without limitation, benefits deferred and vested prior to January 1, 2005, as determined in accordance with Section 409A)
are subject to the Plan as set forth herein. Benefits not subject to Section 409A will be subject to the applicable provisions of the Plan as in effect prior to the Effective Date (the “Prior Plan”) and will not be subject to the
terms of this Plan as set forth herein. 

 SECTION 2 
 DEFINITIONS 
 The following definitions shall apply for purposes of the Plan:

 “Accounts” shall mean a Participant’s Basic Match Contribution Account, his Deferral Contribution Account, his Incremental
Match Contribution Account, his Savings Plan Restoration Match Contribution Account, and, if applicable, his Deemed Participation Match Contribution Account. The term “Accounts” shall also include any additional accounts established by the
Administrative Committee, in its sole discretion. 
  

 2 

 “Administrative Committee” shall mean the Chiquita Brands International, Inc. Employee Benefits
Committee which has been appointed to administer the Plan in accordance with the provisions of Section 5. 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. 
 “Affiliated Company” or
“Affiliated Companies” shall mean (i) a Related Company, (ii) a member of an affiliated service group of which the Sponsoring Company is a member, as determined in accordance with Section 414(m) of the Internal Revenue Code,
and (iii) any other entity designated by the Board of Directors of the Sponsoring Company in its sole discretion; provided that with respect to any entity described in clause (ii) or designated in accordance with clause (iii), the
Administrative Committee shall establish such provisions as are necessary to satisfy Section 409A (including, without limitation, provisions relating to termination of employment). 
 “Basic Match Contribution” shall mean the cumulative amount the Participating Company contributes to the Trust each Plan Year on behalf of a
Participant, as described in Section 7(B). 
 “Basic Match Contribution Account” shall mean the account maintained for a
Participant reflecting the Basic Match Contributions allocated to such Participant pursuant to Section 7(B), as adjusted by earnings or losses thereon in accordance with the provisions of Section 6. 
 “Beneficiary” shall mean any person entitled to receive benefits which are payable upon or after a Participant’s death pursuant to
Section 10. 
 “Board of Directors” shall mean the Board of Directors of the Sponsoring Company or the Board of Directors of a
Participating Company, as the case may be, or any individual or committee to which the Board of Directors has delegated authority to act with respect to a specific activity. 
 “Bonus” for any calendar year or Performance Period shall mean bonus amounts attributable to services performed during that calendar year or
Performance Period, respectively (not including severance bonuses), but only to the extent that such amount is classified as a “Bonus” for purposes of this Plan and is payable pursuant to a program which has been specifically identified by
an authorized representative of the Sponsoring Company prior to the beginning of such calendar year or Performance Period, respectively, as eligible for consideration as a Bonus hereunder. The Bonus amount will be increased by any amounts with
respect to which the Employee has elected to defer or reduce such Bonus for federal income tax purposes (i) under this Plan, (ii) under a Savings Plan or (iii) under any “cafeteria plan,” dependent care assistance program or
qualified transportation fringe benefit program (as described in Sections 125, 129 and 132 of the Internal Revenue Code) maintained by the Participating Companies. Bonus for any year shall not include any amounts paid to the Employee pursuant to a
program which, prior to such calendar year, has not been identified as eligible for consideration as the source of a Bonus for purposes of this Plan. 
  

 3 

 “Change of Control” shall mean the occurrence 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 Holder or 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 Sponsoring Company’s voting securities then outstanding (“Voting Shares”), provided, that Exempt Holders
“beneficially own” (as so defined), on a combined basis, a lesser percentage of the Voting Shares than such other person and do not have the right or ability by voting power, contract or otherwise to elect or designate for election a
majority of the Board of Directors of the Company; 

  

	(ii)	on any date, the individuals who constituted the Sponsoring Company’s Board of Directors at the beginning of the two-year period immediately preceding such date (together with
any new directors whose election by the Sponsoring Company’s Board of Directors, or whose nomination for election by the Sponsoring 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 Sponsoring Company or any subsidiary of the Sponsoring Company with or into, or the sale or other disposition of all or
substantially all of the Sponsoring Company’s assets to, any other corporation, (a) the Voting Shares of the Sponsoring 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 Sponsoring Company or surviving or acquiring entity or any parent thereof
outstanding immediately after such merger or consolidation; and (b) either (x) a person or group (other than an Exempt Entity) beneficially owns a percentage of the total voting power of the Sponsoring Company or surviving or acquiring
entity or any parent thereof which exceeds both 20% and the percentage owned, on a combined basis, by the Exempt Holders or (y) the Exempt Holders beneficially own, on a combined basis, less than 2% of such voting power. In the case of a
Participating Company other than the Sponsoring Company, “Change of Control” shall mean (i) such Participating Company ceasing to be a direct or indirect subsidiary of the Sponsoring Company (or its successor entity) or (ii) a
sale of substantially all of such Participating Company’s assets to an entity other than the Sponsoring Company (or its successor entity) or one or more of its subsidiaries. 

 “Company Contribution Account” shall mean the account maintained for a Participant reflecting contributions made by a Participating Company
which are allocated to such Participant pursuant to Section 7, as adjusted for earnings or losses thereon in accordance with the provisions of Section 6. A Participant’s Company Contribution Account shall consist of the 

  

 4 

 
following subaccounts where applicable: (i) a Basic Match Contribution Account, (ii) a Deemed Participation Match Contribution Account,
(iii) a Savings Plan Restoration Match Contribution Account and (iv) an Incremental Match Contribution Account. All references in the Plan or Trust Agreement to “Company Contribution Account” shall, where appropriate, be deemed
to constitute a reference to the above-referenced subaccounts. 
 “Compensation” for any calendar year shall mean an
Employee’s Salary and Bonus payable by a Participating Company with respect to services performed during that calendar year. However, Salary scheduled to be paid after the last day of the calendar year solely for services performed during the
final payroll period (as defined in Internal Revenue Code section 3401(b)) containing the last day of the calendar year will be treated as compensation for services performed in the subsequent calendar year. 
 “Deemed Participation Match Contribution” shall mean the credit made to the ledger account maintained by a Participating Company on behalf of a
Participant who had attained age forty-five (45) prior to January 1, 2000 which reflects the hypothetical Basic Match Contributions and Incremental Match Contributions which would have been made to the Trust on behalf of the Participant
between the Participant’s Index Date and January 1, 2000, had the Plan been in effect during such period of time, subject to the further limitations described in Section 7(E). 
 “Deemed Participation Match Contribution Account” shall mean the ledger account maintained by a Participating Company on behalf of a
Participant reflecting the Deemed Participation Match Contributions allocated to such Participant pursuant to Section 7(E). 
 “Deferral Contribution” shall mean the cumulative amount the Participating Company contributes to the Trust each Plan Year on behalf of a Participant equal to the amount by which a Participant elected to reduce his Compensation
for such Plan Year pursuant to Section 7(A). 
 “Deferral Contribution Account” shall mean the account maintained for a
Participant reflecting the Deferral Contributions allocated to such Participant pursuant to Section 7(A), as adjusted by earnings or losses thereon in accordance with the provisions of Section 6. 
 “Deferral Election” shall mean the form filed with the Administrative Committee or its delegate or filed in accordance with such procedure as
may be specified by the Administrative Committee from time to time, whereby a Participant may elect to defer Compensation under the Plan. 
 “Deferred Compensation” shall mean 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. 
 “Distribution Election” shall mean the form filed with the Administrative Committee or its delegate or filed in accordance with such procedure
as may be specified by the Administrative Committee from time to time, whereby a Participant may elect the time at which amounts are to be paid under the Plan (including with respect to both in-service withdrawals and payments on termination of
employment). 
  

 5 

 “Effective Date” of the Plan shall mean January 1, 2005. 
 “Eligible Participant” shall be used in the context of determining which Participants are eligible to receive Incremental Match Contributions
and Savings Plan Restoration Match Contributions and shall mean any Participant who (i) was employed by a Participating Company or an Affiliated Company on the last day of the Plan Year, and (ii) elected, pursuant to Section 7(A), to
reduce his Compensation with respect to such Plan Year; provided, however, that an Employee will not fail to be a Participant with respect to reduction of Compensation and crediting of Deferral Contributions for any year solely by reason of his
failure to be employed by a Participating Company or an Affiliated Company on the last day of the Plan Year. 
 “Employee” shall
mean, for any Plan Year: 
  

	(i)	Any person who is employed by a Participating Company and, as of the first day of that Plan Year, (A) is a “Highly Compensated Employee” determined by applying the
principles of Section 414(q) of the Internal Revenue Code as if the person’s Salary was the only compensation received from the Participating Company, and (B) has either been designated as an “Executive Officer” by the Board
of Directors for purposes of Rule 3b-7 under the Exchange Act or has been designated by the Administrative Committee as eligible to participate in the Plan. For purposes of clause (A) above, an individual will be treated as satisfying such
condition with respect to the first day of a Plan Year if the individual’s Salary on the first day of that Plan Year equals or exceeds the indexed dollar amount of compensation under Section 414(q)(1)(B)(i) of the Internal Revenue Code as
in effect on the October 1 of the immediately preceding Plan Year. 

  

	 (ii)
	 Any person who does not satisfy the requirements of paragraph (i) above as of the first day of such calendar year,
but during the calendar year satisfies the requirements of clauses (i)(A) and (I)(B) above (by reason of being hired during the year, promoted during the year, or otherwise) shall become eligible to be a Participant in the Plan 30 days after first
meeting the requirements of clauses (i)(A) and (i)(B) above. For purposes of this paragraph (ii), a person will be considered to have satisfied clause (i)(A) above at the time his current Salary rate equals or exceeds the indexed dollar amount of
compensation under Section 414(q)(1)(B)(i) as in effect on the first day of such Plan Year. However, in determining the amount that is subject to deferral under the Plan for the Plan Year, the Compensation of a person who becomes eligible to
become a Participant in accordance with this paragraph (ii) shall be disregarded to the extent that it is attributable to services performed before the 30th day after the date the employee first satisfies the requirements of clauses (i)(A) and (i)(B) above. 

 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. References in the Plan to any Section of ERISA shall include any successor provision thereto. 

 

 6 

 “Exchange Act” shall mean the Securities Exchange Act of 1934. 
 “Exempt Holder” 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. 
 “Exempt Entity” means (i) an institution that is entitled under Rule 13(d)-1 of the Exchange Act (or any successor rule or regulation) to report its ownership of equity securities of the Sponsoring Company through the filing
of a statement on Schedule 13G under the Exchange Act, in lieu of Schedule 13D, for so long as such institution remains so entitled, (ii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iii) the
Sponsoring Company, any of its subsidiaries or any employee benefit plan (or related trust) sponsored or maintained by the Sponsoring Company or any of its subsidiaries, and (iv) the surviving or acquiring entity (and the direct and indirect
wholly owning parents thereof) in a merger, consolidation, sale or disposition transaction of the type referred to in clause (iii) of the definition of a Change of Control provided such transaction has not resulted in a Change in Control due to
failure to satisfy the conditions of subclause (a) or subclause (b) of said clause (iii). 
 “Incremental Match
Contribution” shall mean the cumulative amount the Participating Company contributes to the Trust each Plan Year on behalf of an Eligible Participant described in Section 7(C). 
 “Incremental Match Contribution Account” shall mean the account maintained for a Participant reflecting the Incremental Match Contribution
allocated to such Participant pursuant to Section 7(C), as adjusted by earnings or losses thereon in accordance with the provisions of Section 6. 
 “Incremental Years” shall mean, with respect to a Participant, the whole number of Plan Years in the sequence which begins with the Participant’s Index Year and ends with the then-current Plan Year,
inclusive. 
 “Index Date” shall mean, in the case of Participant who is employed on January 1, 2000 and who has attained 45
on or before January 1, 2000, the first day of the calendar year in which such Participant attained age 45. In the case of a Participant who is employed on January 1, 2000 and has not yet attained age 45 as of January 1, 2000, the
term Index Date means the first day of the calendar year in which the Participant attains the age of 45 plus “n” where “n” equals the number of years from the beginning of the Participant’s first year of participation in
this Plan prior to the year in which the Participant attains age 45. In the case of a Participant who is hired after January 1, 2000, and who attains age 45 prior to becoming a Participant in the Plan, the Index Date shall be the first day of
the calendar year in which the Participant attained age 45. In the case of a Participant who is hired after January 1, 2000 and who has not attained age 45 prior to commencing participation in the Plan, the Index Date shall be the first day of
the calendar year in which the executive attains age 45 plus “n” where “n” equals the number of years, if any, from the beginning of the Participant’s first year of participation in this Plan prior to the year in which the
Participant attains age 45. 
  

 7 

 “Index Year” shall mean, with respect to a Participant, the Plan Year that includes such
Participant’s Index Date. 
 “Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended from time to
time. References in the Plan to any Section of the Internal Revenue Code shall include any successor provision thereto. 
 “Investment
Election” shall mean the form, filed with the Administrative Committee, or its delegate, or such other procedure as may be specified by the Administrative Committee at any time, and from time to time, through which a Participant may designate
the manner in which the rate of investment return on his Accounts shall be allocated among the Investment Funds. 
 “Investment Election
Date” shall mean the first business day of each month. 
 “Investment Fund” shall mean each fund, contract, or other
arrangement designated by the Administrative Committee as an Investment Fund in which Participants may direct their Accounts to be invested. 
 “Participant” shall mean an Employee who becomes a Participant in the Plan as provided in Section 4. 
 “Participating Company” shall mean the Sponsoring Company, or any Affiliated Company which the Sponsoring Company designates as having adopted the Plan and Trust pursuant to the provisions of Section 20. 
 “Performance-Based Compensation” means compensation that is contingent on the satisfaction of preestablished organizational or individual
subjective or objective performance criteria relating to a Performance Period of at least 12 consecutive months, subject to the provisions of Treas. Reg. §1.409A-1(e). Performance criteria are considered preestablished if established in writing
not later than 90 days after the beginning of the period of service to which the criteria relates, and the outcome is substantially uncertain at the time the criteria are established. Performance-Based Compensation does not include any amount or
portion of the amount that will be paid either regardless of performance or based on a level of performance that is substantially certain to be met at the time the criteria are established. However, compensation will not fail to be Performance-Based
Compensation solely by reason of the compensation being payable due to the Employee’s death or disability (as defined in Treas. Reg. §1.409A-1(e)); provided that if such event occurs before the Employee’s Deferral Election has been
filed, the Deferral Election may not be effective under the exception for Performance-Based Compensation. 
 “Performance Period”
with respect to any Bonus shall mean the period during which performance is measured for purposes of determining the amount of such Bonus. 
 “Plan” shall mean the Chiquita Brands International, Inc. Capital Accumulation Plan, and as hereafter amended. “Prior Plan” shall have the meaning set forth in Section 1(B). 
 “Plan Year” shall mean the twelve (12)-consecutive month period ending on December 31. If an Employee has a taxable year for Federal
income tax purposes that is other than a 

  

 8 

 
calendar year, then, to the extent required by Section 409A, the term “calendar year” shall mean the individual’s taxable year. For
purposes of the Plan, an Employee will be presumed to have a calendar year as his taxable year except to the extent he provides evidence to the Committee to the contrary. 
 “Related Companies” shall mean all companies and other persons with whom the Sponsoring Company is considered to be a single employer under Section 414(b) of the Internal Revenue Code, and all persons
with whom the Sponsoring Company would be considered a single employer under Section 414(c) of the Internal Revenue Code. 
 “Related Plans” shall mean, with respect to any type of plan described in Treas. Reg. §1.409A-1(v), the corresponding portion of this Plan and any other plan to the extent that is required to be aggregated with such portion
of this Plan pursuant to Treas. Reg. §1.409A-1(c)(2)(A). 
 “Retirement
Date” of a Participant shall mean the later of (i) Participant’s fifty-fifth (55th) birthday, or (ii) the date upon which a Participant completes ten (10) Years of Service commencing with the calendar year in which the
Participant attains his forty-fifth (45th) birthday. 
 “Salary” shall mean basic cash compensation before any payroll deductions for taxes or any other purposes, payable by a Participating Company to an Employee in respect of such Employee’s service for a
Participating Company during the Plan Year; provided that the Salary amount will be increased by any amounts with respect to which the Employee has elected to defer or reduce Salary for federal income tax purposes (i) under this Plan,
(ii) under a Savings Plan or (iii) under any “cafeteria plan,” dependent care assistance program or qualified transportation fringe benefit program (as described in Sections 125, 129 and 132 of the Internal Revenue Code)
maintained by the Participating Companies. Salary shall not include any amounts paid to the Employee as (i) overtime pay, (ii) any imputed income, severance pay and special allowances or other amounts not considered as a part of base
salary for time actually worked, (iii) any amounts paid during a Plan Year on account of the Employee under this Plan or under any other employee pension benefit plan (as defined in Section 3(2) of ERISA), and (iv) except as otherwise
provided in the preceding sentence, any amounts which are not includible in the Employee’s income for applicable income tax purposes. 
 “Savings Plan” shall mean the Chiquita Savings and Investment Plan and any other qualified or nonqualified retirement program maintained by any Participating Company into which employee contributions and employer matching
contributions may be made. 
 “Savings Plan Restoration Match Contribution” shall mean the cumulative amount the Participating
Company contributes to the Trust each Plan Year as described in Section 7(C). 
 “Savings Plan Restoration Match Contribution
Account” shall mean the account maintained for a Participant reflecting the Savings Plan Restoration Match Contribution allocated to such Participant pursuant to Section 7(D), as adjusted by earnings or losses thereon in accordance with
the provisions of Section 6. 
  

 9 

 “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 (including its delegate) from time to time. 
 “Sponsoring Company”
shall mean Chiquita Brands International, Inc. 
 “Termination of Employment.” References in the Plan to a Participant’s
termination of employment (including references to a Participant’s employment termination, and to the Participant terminating employment and other similar references) shall mean the Participant ceasing to be employed by the Sponsoring Company
and the Related Companies, subject to the following: 
  

	(i)	The employment relationship will be deemed to have ended at the time the Participant and his employer reasonably anticipate that the level of bona fide services the Participant
would perform for the Sponsoring 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 Sponsoring Company and the Related Companies (or the full period of service to the Sponsoring Company and the Related Companies if the Participant has performed services for the
Sponsoring Company and the Related Companies for less than 36 months). In the absence of an expectation that the Participant will perform at the above-described level, the date of termination of employment will not be delayed solely by reason of the
Participant continuing to be on the Sponsoring Company’s and the Related Companies’ payroll after such date. 

  

	(ii)	The employment relationship will be treated as continuing intact while the Participant is on a bona fide leave of absence (determined in accordance with Treas. Reg.
§1.409A-1(h)). 

  

	(iii)	The Participant shall be treated as having terminated employment at the time the Participant’s employer ceases to be a Related Company; provided, however, that to the extent
required by Section 409A, no such termination of employment will be deemed to occur by reason of a spinoff or other transaction where the Participant continues to be employed by his employer immediately after the time of the consummation of the
transaction, or thereafter until the Participant ceases to be employed by the employer or its affiliates. 

 “Total and
Permanent Disability” shall mean a physical and/or mental incapacity of such a nature that it prevents a Participant from engaging in or performing the principal duties of his customary employment or occupation on a continuing or sustained
basis. 
 “Trust” shall mean the entity established pursuant to a Chiquita Brands International, Inc. Capital Accumulation Plan
Trust Agreement between the Sponsoring Company and a trustee selected by the Administrative Committee from time to time. 
  

 10 

 “Unforeseeable Emergency” shall mean a severe financial hardship to the Participant resulting
from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent; loss of the Participant’s property due to casualty; or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant; provided, however, that the determination of Unforeseeable Emergency shall be made by the Administrative Committee in a manner that is consistent with
the meaning of Unforeseeable Emergency set forth in Treas. Reg. §1.409A-3(i)(3). 
 “Valuation Date” shall mean the last day
of each calendar month, or such other date or dates determined prospectively by the Administrative Committee. 
 “Year of Service”
shall mean a twelve (12) month period beginning on a Participant’s initial date of hire and on successive anniversaries of such date during which the Participant is treated by the Sponsoring Company or any Affiliated Company as
continuously employed. 
 Wherever appropriate, words used in the Plan in the singular may mean the plural, the plural may mean the singular,
and the masculine may mean the feminine. 
 SECTION 3 
 REQUIREMENTS FOR ELIGIBILITY 
 An Employee who completes the eligibility requirements set forth in
the Plan may participate in the Plan in accordance with its terms. Subject to the provisions of Section 4, for each Plan Year beginning on or after the Effective Date, an individual shall be eligible to have Deferral Contributions made on his
behalf under the Plan, and to share in Basic Match Contributions, to the extent provided in Section 4. 
 SECTION 4 
 PARTICIPATION IN THE PLAN 
 For Plan
Years beginning on or after the Effective Date: 
 A. Full Years of Salary. Subject to the provisions of this Section 4, a
Deferral Election by an eligible Employee to defer Salary for services performed during any calendar year must be filed with the Administrative Committee no later than the last day of the preceding calendar year, or such earlier date as may be
required by the Administrative Committee. 
 B. Full Years of Bonus. 
  

	(i)	 Subject to the following provisions of this Section 4, a Deferral Election by an eligible Employee to defer Bonus amounts for services performed during any
calendar year must be filed with the Administrative Committee no later than the last day of the preceding calendar year, or such earlier date as may be required by the Administrative Committee. Accordingly, to the extent required by the provisions
of Section 409A, if more than one year is included in the Performance Period under a Bonus arrangement, and to the extent the amount of the payments under the arrangement could be affected by performance in 

  

 11 

	 	 
the entire Performance Period, the deadline for filing the Deferral Election with respect to such Performance Period is the end of the calendar year prior to
the calendar year in which the Performance Period begins. 

  

	(ii)	Notwithstanding the preceding sentence, to the extent permitted by the Administrative Committee, if the Bonus satisfies the requirements for Performance-Based Compensation, the
Deferral Election with respect to such Bonus may be made on or before the date that is six months before the end of the Performance Period with respect to such Bonus, provided that the individual performs services continuously from the later of the
beginning of the Performance Period or the date the performance criteria for such bonus are established through the date the Deferral Election is filed, and provided further that in no event may an election to defer Performance-Based Compensation be
made after such compensation has become readily ascertainable (as determined in accordance with Treas. Reg. §1.409A-2(a)(8)). 

 C. Initial Participation. For the first calendar year in which an individual becomes eligible to participate in this Plan; the individual may make an initial Deferral Election to participate in this Plan; provided, however, that such
election must be made by filing a Deferral Election to defer Salary or Bonus within 30 days after the date the individual initially becomes eligible to participate in this Plan or, if earlier, any of the Related Plans, and may only apply with
respect to Salary or Bonus paid for services to be performed after the election is filed. Where a Deferral Election is made under this paragraph (C) with respect to a Bonus, the election may apply to no more than an amount equal to the total
amount of the Bonus for the Performance Period multiplied by the ratio of the number of days remaining in the Performance Period after the election over the total number of days in the Performance Period. 
 D. Date of Filing. For purposes of this Section 4, a Deferral Election will be deemed to be filed on the later of the date it is filed with
Administrative Committee or the date on which it becomes irrevocable. In the case of a Deferral Election that is with respect to compensation for services to be performed in the calendar year following the calendar year in which the election is
filed, the election shall become irrevocable on the last day of such earlier year, but in no event later than the deadline established by the Administrative Committee. In the case of a Deferral Election that is with respect to an individual who
initially becomes eligible to participate in the Plan or any other Related Plan, the Deferral Election will be considered to become irrevocable on the 30th day after such initial eligibility date or, if earlier, on the date established by the
Administrative Committee. 
 E. Determination of Eligibility. The determination of eligibility under this Section 4 shall be
subject to Treas. Reg. §1.409A-2(a)(7) (relating to the determination of initial eligibility). 
 F. Deferral on Rehire. If, at
the time of a Participant’s termination of employment, he has a Deferral Election in effect with respect to Salary, and he is thereafter hired by a Related Company within the calendar year of termination, such Deferral Election shall apply with
respect to his Salary for the remainder of the year. If, at the time of a Participant’s termination of employment, he has a Deferral Election in effect with respect to Salary, and he is thereafter hired 

  

 12 

 
by a Participating Company in a calendar year after the calendar year of termination, his Deferral Election shall be treated as having been cancelled as of
the December 31 of the year in which such termination occurs, regardless of whether the Deferral Election otherwise provides that it would remain in effect for subsequent year until cancelled by election of the Participant. 
 G. Transfers among Related Companies. If, during any calendar year, a Participant has a Deferral Election in effect with respect to Salary, and
the Participant’s employment is transferred to a Related Company, the Participant’s Deferral Election shall remain in effect for the remainder of that year with respect to the Participant’s Salary at his new employer. If, during any
calendar year, a Participant who has a Deferral Election in effect with respect to Bonus, and the Participant’s employment is transferred to a Related Company, the Participant’s Deferral Election shall remain in effect with respect to the
Bonus from the prior employer, but except as otherwise expressly provided in the applicable Deferral Election, the Deferral Election shall not apply to any Bonus from his new employer. 
 H. Expiration of Deferral Election. A Deferral Election with respect to compensation for services performed in any calendar year shall not apply
to compensation for services with respect to a subsequent calendar year except as otherwise provided by the applicable Deferral Election form (but only to the extent permitted by the Administration Committee). 
 SECTION 5 
 ADMINISTRATION OF THE PLAN 

 A. Responsibility for Administration of the Plan. The Administrative Committee shall be responsible for the management, operation
and administration of the Plan. 
 B. Appointment of Administrative Committee. The Board of Directors of the Sponsoring Company has
appointed the Chiquita Brands International, Inc. Employee Benefits Committee to be the Administrative Committee hereunder. The Administrative Committee shall be responsible for the management, operation and administration of the Plan. Any member of
the Administrative Committee may resign by delivering written notice to the Board of Directors of the Sponsoring Company. The Board of Directors of the Sponsoring Company shall be authorized to remove any member of the Administrative Committee at
any time and in its sole discretion to appoint a successor whenever a vacancy on the Administrative Committee occurs. 
 C. Delegation of
Powers. The Administrative Committee may appoint such assistants or representatives as it deems necessary for the effective exercise of its duties in administering the Plan. The Administrative Committee may delegate to such assistants and
representatives any powers and duties, both ministerial and discretionary, as it deems expedient or appropriate. 
 D. Records. All
records, together with such other documents as may be necessary for the administration of the Plan, shall be preserved in the custody of the Administrative Committee or the assistants or representatives appointed by it. 
 E. General Administrative Powers. The Administrative Committee shall have all powers necessary to administer the Plan in accordance with its
terms, including the power to construe the 

  

 13 

 
Plan and to determine all questions that may arise thereunder. In the exercise of such powers under the Plan, the Administrative Committee shall have
discretionary authority to interpret the terms of the Plan and to determine eligibility for and entitlement to Plan benefits in accordance with the terms of the Plan. Any interpretation or determination made pursuant to such discretionary authority
shall be given full force and effect, unless such interpretation or determination is made after a Change in Control and is shown to be unreasonable, arbitrary or capricious. 
 F. Appointment of Professional Assistance and Investment Manager. The Administrative Committee may engage accountants, attorneys, physicians and
such other personnel as it deems necessary or advisable. The functions of any such persons engaged by the Administrative Committee shall be limited to the specific services and duties for which they are engaged, and such persons shall have no other
duties, obligations or responsibilities under the Plan. Such persons shall exercise no discretionary authority or discretionary control respecting the management of the Plan. The fees and costs of such services shall be paid by the Participating
Companies. 
 G. Actions by the Administrative Committee. All actions of the Administrative Committee shall be taken pursuant to the
decision of a majority of the then members of the Administrative Committee. 
 H. Discretionary Acts. In the event the Administrative
Committee exercises any discretionary authority under the Plan with respect to a Participant who is a member of the Administrative Committee, such discretionary authority shall be exercised solely and exclusively by those members of the
Administrative Committee other than such Participant, or, if such Participant is the sole member of the Administrative Committee, such discretionary authority shall be exercised solely and exclusively by the Board of Directors of the Sponsoring
Company. Notwithstanding any other provision of the Plan, no person shall be paid a benefit under the Plan unless the Administrative Committee, in its sole discretion, determines that such person is entitled to benefits under the Plan. 

I. Payment of Fees and Expenses. The members of the Administrative Committee and their assistants and representatives shall be entitled to
payment from the Participating Companies for all reasonable costs, charges and expenses incurred in the administration of the Plan, including, but not limited to, reasonable fees for accounting, legal and other services rendered, to the extent
incurred by the members of the Administrative Committee or their assistants and representatives in the course of performance of their duties under the Plan. 
 J. Plan Administrator. The Sponsoring Company shall be the “administrator” (as defined in Section 3(16)(A) of ERISA) of the Plan. The Vice President of Human Resources of the Sponsoring Company
shall be the designated agent for service of legal process. 
 K. Allocation and Delegation of Administrative Committee
Responsibilities. The Administrative Committee may upon approval of a majority of the members of the Administrative Committee, (i) allocate among any of the members of the Administrative Committee any of the responsibilities of the
Administrative Committee under the Plan or (ii)

  

 14 

 
designate any person, firm or corporation that is not a member of the Administrative Committee to carry out any of the responsibilities of the Administrative
Committee under the Plan. Any such allocation or designation shall be made pursuant to a written instrument executed by a majority of the members of the Administrative Committee. 
 SECTION 6 
 PARTICIPANTS’ ACCOUNTS 
 A. Maintenance of Accounts. There shall be maintained on behalf of each Participant a Basic Match Contribution Account, an Incremental Match
Contribution Account, a Deferral Contribution Account, a Savings Plan Restoration Match Contribution Account and, if applicable, a Deemed Participation Match Contribution Account. The Participant’s interest in his Company Contribution Accounts
shall be subject to the vesting schedule set forth in Section 11(A). All payments to a Participant or his Beneficiaries shall be charged against the respective Accounts of such Participant. 
 B. Accounts of Participant Transferred to an Affiliated Company. If a Participant is transferred to an Affiliated Company which has not adopted
the Plan, the amounts which are credited to his Accounts shall continue to be governed by the provisions of the Plan. 
 C. Adjustment of
Participants’ Accounts. As of each Valuation Date, the Administrative Committee or its delegate shall adjust the Accounts of each Participant (other than a Participant’s Deemed Participation Match Contribution Account) so that the
amount of net income, loss, appreciation or depreciation in the value of the amount invested in an Investment Fund shall be allocated equitably and exclusively to the Accounts of the Participants invested in such Investment Fund. Promptly after the
last day of each Plan Year, the Administrative Committee shall adjust the Deemed Participation Match Contribution Account of each Participant by the amount of interest specified in Section 7(E). 
 D. Investment of Contributions. 
  

	(i)	Participant-Directed Investments. In accordance with procedures established by the Administrative Committee, each Participant shall have the opportunity, at the time of
enrollment for a Plan Year and subsequently on or before each Investment Election Date, to make an Investment Election with the Administrative Committee or its delegate, which shall apply to all of the Participant’s Accounts for all or any
specified Plan Year or Plan Years to determine the deemed investment return other than his Deemed Participation Match Contribution Account which will be credited with interest as specified in Section 7(E). This election shall be effective
beginning on the Investment Election Date following its receipt by the Administrative Committee, or its delegate, and shall continue in effect until revoked or modified as of a subsequent Investment Election Date. The following restrictions shall
apply to such investment elections: 

 (a) No election may be made in violation of any applicable investment contract or other
agreement establishing an Investment Fund, and 
  

 15 

 (b) Transfers among the available Investment Funds may be made daily in whole percentage multiples of one
percent (1%) of the balances therein. 
 In addition, the Administrative Committee, in its sole discretion, may from time to time
establish special Investment Election Dates to provide the Participants with additional opportunities to designate the manner in which the deemed investment return on their Accounts shall be allocated among the then-available Investment Funds.

  

	(ii)	Other Investments. All Accounts not subject to an Investment Election filed with the Administrative Committee pursuant to paragraph (i) above shall have a deemed
investment return equal to the return on a money market fund or other liquid or pooled fund investment vehicle selected by the Administrative Committee. 

 E. No Right to Specific Assets. The fact that for administrative purposes Accounts are maintained for each Participant under the Plan shall not be deemed to segregate for such Participant, or to give such
Participant any direct interest in, any specific assets of the Participating Companies except as otherwise provided in Section 18. 
 F.
Participant Statements. Promptly after the end of each Plan Year the Administrative Committee shall issue statements of account to each Participant. 
 SECTION 7 
 ALLOCATIONS TO PARTICIPANTS’ ACCOUNTS 
 A. Deferral Contributions. Each Plan Year, the Participating Company employing a Participant who has elected to reduce his Compensation pursuant
to paragraph (i) below shall withhold from such Participant’s Compensation the Deferral Contributions, as elected by such Participant. 
  

	(i)	Deferral Elections. A Participant may elect to reduce his Compensation by an amount of up to eighty percent (80%) of his Salary and up to eighty percent (80%) of
his Bonus provided, however, that the aggregate amount by which a Participant may elect to reduce his Compensation under this paragraph (i) shall not cause such Participant’s Compensation to be reduced below the amount necessary to satisfy
the following obligations: 

 (a) Applicable employment taxes (e.g. FICA/Medicare) on amounts of Compensation which have been
deferred; 
 (b) Any Federal or state tax withholding requirements relating to any employee benefit plan; and 
 (c) Any Federal or state tax withholding requirements relating to any taxable remuneration payable to the Participant. 
 Such contributions shall be made through regular payroll deductions by notifying the Administrative Committee pursuant to such notification procedures as
the Administrative 

  

 16 

 
Committee may establish, from time to time. Subject to Section 409A, any and all of the dates referenced in the preceding paragraph may be modified by
the Administrative Committee at any time and from time to time. 
  

	(ii)	Method of Allocating Deferral Contributions. Each Participant who elected to reduce his Compensation during a Plan Year pursuant to the provisions of this Section 7(A)
shall receive an allocation of Deferral Contributions to his Deferral Contribution Account for such Plan Year equal to the amount by which he elected to reduce and has in fact reduced his Compensation for such Plan Year pursuant to the provisions of
this Section 7(A). Such allocations shall be credited to the Participant’s Deferral Contribution Account as soon as practicable but in no event more than 30 days after they are deducted from Participant’s Salary or Bonus.

 B. Basic Match Contributions. Each Participant shall receive an allocation to his Basic Match Contribution Account in
accordance with the following: 
  

	(i)	Allocation of Basic Match Contributions. For each Plan Year, each Participant shall receive allocations to his Basic Match Contribution Account for such Plan Year in
accordance with paragraphs (a) and (b) below: 

 (a) For each Plan Year, each Participant shall receive an allocation
to his Basic Match Contribution Account for such Plan Year in an amount equal to one-hundred percent (100%) of the amount of Deferral Contributions allocated to such Participant under Section 7(A) for such Plan Year. The aggregate amount
of the Basic Match Contributions under this Section 7(B)(i)(a) which may be allocated to each Participant’s Basic Match Contribution Account for such Plan Year shall not exceed the percent of the Participant’s Compensation determined
in accordance with the chart below: 
  

			
	 Participant’s Highest Attained Age During Plan
Year
	  	 Percent of Compensation

	 Age 44 and Below
	  	1%
	 45
	  	2%
	 46
	  	3%
	 47
	  	4%
	 48
	  	5%
	 49
	  	6%
	 50
	  	7%
	 51
	  	8%
	 52
	  	9%
	 53
	  	10%
	 54
	  	11%
	 55
	  	12%
	 56
	  	13%
	 57
	  	14%
	 58
	  	15%
	 59
	  	16%
	 Age 60 and Above
	  	17%

  

 17 

 (b) For each Plan Year, each Participant shall receive an allocation to his Basic Match Contribution
Account for such Plan Year in an amount equal to one-hundred percent (100%) of the amount of Deferral Contributions allocated to such Participant under Section 7(A) above for such Plan Year, provided that the aggregate amount of the Basic
Match Contribution under this Section 7(B)(i)(b) which may be allocated to each Participant’s Basic Match Contribution Account for such Plan Year under this Plan shall not exceed four percent (4%) of the portion of the
Participant’s Compensation for such Plan Year that exceeds the dollar limitation on compensation set forth under Section 401(a)(17) of the Internal Revenue Code. 
  

	(ii)	Time of Allocation. The Basic Match Contribution shall be credited to the Participant’s Basic Match Contribution Account at the same time as the Participant’s
Deferral Contributions, to which such Basic Match Contributions relate, are credited to the Participant’s Account. 

  

	(iii)	Vesting. The Basic Match Contribution Account shall be subject to the vesting schedule set forth in Section 11(A)(iii). 

  

	(iv)	Limit. Notwithstanding the foregoing, the Basic Match Contribution with respect to any Plan Year for any Participant may not exceed Fifty Thousand Dollars ($50,000).

 C. Incremental Match Contributions. For Plan Years beginning on or after January 1, 2004, no Participant shall
receive an allocation to his Incremental Match Contribution Account. For Plan Years beginning prior to January 1, 2004, each Participant shall receive an allocation to his Incremental Match Contribution Account in accordance with the following:

  

	(i)	For each Plan Year beginning prior to January 1, 2004, each Eligible Participant whose Index Date has occurred during such Plan Year or during a prior Plan Year shall receive
an allocation to his Incremental Match Contribution Account for such Plan Year in an amount such that when added to his Basic Match Contribution under Section 7(B)(i) shall equal fifty percent (50%) of the amount of Deferral Contributions
allocated to such Eligible Participant under paragraph (A) above for such Plan Year. Notwithstanding the above, the aggregate amount of Incremental Match Contributions which may be allocated to an Eligible Participant’s Incremental Match
Contribution Account with respect to a Plan Year may not exceed the multiple of (a) one percent (1%) of the Eligible Participant’s Compensation for such Plan Year, times (b) the number of the Eligible Participant’s
Incremental Years as of the last day of the current Plan Year. 

  

 18 

	(ii)	As a further limitation to the amount of an Eligible Participant’s Basic Match Contributions set forth in Section 7(B)(i) and Incremental Match Contributions, the sum of
the Basic Match Contributions set forth in Section 7(B)(i) and the Incremental Match Contributions with respect to any Plan Year may not exceed the lesser of (a) Fifty Thousand Dollars ($50,000) or (b) Fifteen Percent (15%) of
the Eligible Participant’s Compensation with respect to such Plan Year. 

 If the application of these limitations would
otherwise result in the reduction of the Incremental Match Contributions to an amount less than zero, such excess reduction shall instead be applied to reduce the Participant’s Basic Match Contributions set forth in Section 7(B)(i).

  

	(iii)	The Incremental Match Contributions with respect to a Plan Year shall be credited to the Eligible Participant’s Incremental Match Contribution Account as soon as practicable
after the end of such Plan Year. 

  

	(iv)	The Incremental Match Contribution Account shall be subject to the vesting schedule set forth in Section 11(A)(iv). 

  

	(v)	If a Participant who incurs a termination of employment is subsequently rehired by a Participating Company, the Participant’s Incremental Years for purposes of computing
Incremental Match Contributions and the post-date of hire service for purposes of computing the portion of any Deemed Participation Match Contributions earned by the Participant will be adjusted to exclude the years of the break in service and Years
of Service for vesting purposes will be adjusted in accordance with the principles applying to qualified plans under the Internal Revenue Code. 

 D. Savings Plan Restoration Match Contributions. For Plan Years beginning on or after January 1, 2004, no Participant shall receive an allocation to his Savings Plan Restoration Match Contribution Account.
For Plan Years beginning prior to January 1, 2004, each Participant shall receive an allocation to his Savings Plan Restoration Match Contribution Account in accordance with the following: 
  

	(i)	For Plan Years beginning prior to January 1, 2004, each Eligible Participant whose Salary for such Plan Year is less than the dollar limitation on compensation set forth under
Section 401(a)(17) of the Internal Revenue Code but only after taking into account the Eligible Participant’s Deferral Contributions with respect to Salary pursuant to Section 7(A), shall receive an allocation to his Savings Plan
Restoration Match Contribution Account for such Plan Year in an amount equal to six percent (6%) of the positive difference, if any, between the amount of his Salary which does not exceed the dollar limitation then in effect under
Section 401(a)(17) of the Internal Revenue Code and his Salary after reduction by the amount of his Deferral Contributions with respect to Salary pursuant to Section 7(A). 

  

 19 

	(ii)	The Savings Plan Restoration Match Contribution Account shall be credited to the Eligible Participant’s Savings Plan Restoration Account as soon as practicable after the end of
such Plan Year. 

  

	(iii)	The Savings Plan Restoration Match Contribution Account shall be subject to the vesting schedule set forth in Section 11(A)(v). 

 E. Deemed Participation Match Contribution. On January 1, 2000, each Eligible Participant whose Index Date occurred prior to January 1,
2000 and who elected to make a Deferral Contribution for the Plan Year 2000 under the Prior Plan is to receive a ledger account credit for a constructive Deemed Participation Match Contribution with respect to each Plan Year occurring between such
Eligible Participant’s Index Date and January 1, 2000 computed as follows: 
  

	(i)	A determination will be made of the amount of the Basic Match Contributions and the Incremental Match Contributions which would have been allocated to such Eligible
Participant’s Accounts with respect to each Plan Year had the Plan been in effect during such Plan Year and had the individual elected the maximum amount of permissible Deferral Contributions with respect to such Plan Year based on the Eligible
Participant’s annualized Salary and target Bonus in effect on December 1, 1999. Such determination will include all limitations set forth above in connection with the amount of the Basic Match Contributions and Incremental Match
Contributions. 

  

	(ii)	The above amount will be reduced by an amount equal to the actuarial equivalent computed lump-sum value of the annual accrued benefit which the individual has earned as of the time
of the computation of such ledger credit under the terms of any defined benefit retirement-type plan (whether tax-qualified or nonqualified) maintained by any Participating Company. Such computation shall be made by the Administrative Committee
utilizing such reasonable methodology as it may develop from time to time in its discretion. 

  

	(iii)	 The above-referenced amount will be considered earned over a fifteen (15) year period in equal portions and each portion will be deemed to accrue on each of
the first fifteen (15) anniversaries of the Eligible Participant’s date of hire by the Sponsoring Company or any Affiliated Company beginning with the Plan Year in which the Eligible Participant was 

  

 20 

	 	 
first hired by the Sponsoring Company or any Affiliated Company. For the portions of the Deemed Participation Match Contribution which are deemed to have
accrued in years prior to January 1, 2000, all such portions shall be deemed to have accrued in a lump-sum on January 1, 2000 without interest. After January 1, 2000, the remaining portions of the Deemed Participation Match
Contribution, if any, shall be earned as of successive anniversaries of the Eligible Participant’s date of hire throughout the remainder of such fifteen (15)-year period in equal annual amounts computed as periodic payments, discounted at
10% per annum, and such amounts, as earned, shall be credited to the ledger account on December 31 of each such year. 

  

	(iv)	The accrued balance in the Eligible Participant’s ledger account shall be credited with interest on December 31 of each year at a rate to be determined prospectively and
published by the Administrative Committee, in its discretion. 

  

	(v)	The Deemed Participation Match Contribution shall not actually be made to the Trust but the cumulative amount credited to the Deemed Participation Match Contribution ledger account
shall instead be paid directly to the Eligible Participant in a lump sum by the applicable Participating Company if the Eligible Participant terminates employment after attaining his Retirement Date and after having become vested in accordance with
Section 11(A)(vi). 

  

	(vi)	The entitlement of the Eligible Participant to the Deemed Participation Match Contribution shall be subject to the vesting schedule set forth in Section 11(A)(vi).

 SECTION 8 
 DISABILITY BENEFITS 
 A. Disability Retirement Benefits. If a Participant’s employment terminates by reason of
Total and Permanent Disability while in the employ of the Sponsoring Company or an Affiliated Company, his Company Contribution Accounts shall fully vest (except for his Deemed Participation Match Contribution Account which will only be paid if the
Participant has terminated employment after satisfying the conditions described in Section 11(A)(vi)), and he shall be entitled to receive benefits equal to the total amount in his Accounts in the Plan (except for his Deemed Participation Match
Contribution Account which will only be paid if the Participant has terminated employment after satisfying the conditions described in Section 11(A)(vi)). Such benefits shall be paid at the time and in the manner specified in Section 12.

 B. Determination of Disability. The Administrative Committee shall determine whether a Participant has suffered a Total and
Permanent Disability and its determination in that respect shall be binding upon the Participant. In making its determination, the Administrative Committee may (i) require the Participant to submit to medical examinations by doctors selected by
the Administrative Committee or (ii) rely upon a determination that the Participant is entitled to disability benefits payable under Title II of the Social Security Act, 42 U.S.C. 301 et. seq., or similar subsequent section, as
evidenced by a certificate of Social Security Insurance Award. The provisions of this Section 8 shall be uniformly and consistently applied to all Participants. 
  

 21 

 SECTION 9 
 RETIREMENT BENEFITS 
 If a Participant is employed by the Sponsoring Company or an Affiliated Company
on his Retirement Date, his Company Contribution Accounts shall fully vest at that time (except for his Deemed Participation Match Contribution Account which will only be paid if the Participant terminates employment after satisfying the conditions
described in Section 11(A)(vi)). If the Participant continues in a Participating Company’s employ after his Retirement Date, he shall continue to be eligible to reduce his Compensation under the Plan and to share in the allocations of
Company Contributions under the Plan until his actual retirement. Upon retirement on or after attaining his Retirement Date, a Participant shall be entitled to receive benefits equal to the total amount in his Accounts in the Plan (except for his
Deemed Participation Match Contribution Account which will only be paid if the Participant terminates employment after satisfying the conditions described in Section 11(A)(vi)). Such benefits shall be paid at the time and in the manner
specified in Section 12. 
 SECTION 10 
 DEATH BENEFITS 
 A. Death Benefits. Upon the death of a Participant who is employed by the
Sponsoring Company or an Affiliated Company at the time of his death, such deceased Participant’s Company Contribution Accounts shall fully vest (except for his Deemed Participation Match Contribution Account which will only be paid if the
Participant dies after having satisfied the conditions described in Section 11(A)(vi)), and his Beneficiary shall be entitled to receive benefits equal to the total amount in the deceased Participant’s Accounts in the Plan (except for his
Deemed Participation Match Contribution Account which will only be paid if the Participant dies after having satisfied the conditions described in Section 11(A)(vi)). Upon the death of a Participant who is not employed by the Sponsoring Company
or an Affiliated Company at the time of his death, such deceased Participant’s Beneficiary shall be entitled to receive benefits equal to the vested amount in the deceased Participant’s Accounts in the Plan as determined in accordance with
the provisions of Section 11(A). In either event, such benefits shall be paid at the time and in the manner specified in Section 12. 
 B. Designation of Beneficiaries. Each Participant may designate one or more Beneficiaries and contingent Beneficiaries by delivering a written designation thereof over his signature to the Administrative Committee. A Participant may
designate different Beneficiaries at any time by delivering a new written designation over his signature to the Administrative Committee. Any such designation shall become effective only upon its receipt by the Administrative Committee. The last
effective designation received by the Administrative Committee shall supersede all prior designations. A designation of a Beneficiary shall be effective only if the designated Beneficiary survives the Participant. 
 C. Failure of Participant to Designate. If a Participant fails to designate a Beneficiary, or if no designated Beneficiary survives the
Participant, the Participant shall be deemed to have designated the Beneficiaries then in effect under the group term life insurance plan of the Sponsoring Company or an Affiliated Company, or, in the absence of any such valid designation, his
estate. 
  

 22 

 D. Beneficiaries’ Rights. Whenever the rights of a Participant are stated or limited in the
Plan, his Beneficiaries shall be bound thereby. 
 SECTION 11 
 EMPLOYMENT TERMINATION BENEFITS 
 A. Vesting Rules. 
  

	(i)	Vesting of Deferral Contribution Account. A Participant is always vested one hundred percent (100%) in his Deferral Contribution Account. 

  

	(ii)	Vesting of Company Contribution Accounts in Special Cases. In the event of the termination of employment of a Participant due to death, incurrence of Total and Permanent
Disability or after attainment of his Retirement Date or a Change in Control, such Participant shall be entitled to receive one hundred percent (100%) of the amount in his Company Contribution Accounts (other than the Deemed Participation Match
Contribution Account which will only be payable if the Participant terminates employment after having satisfied the conditions described in Section 11(A)(vi)). 

  

	(iii)	Vesting of Basic Match Contribution Account. In the event that the Participant terminates employment for reasons or under circumstances other than those set forth in
paragraph (ii) above, the vested status of the Participant’s Basic Match Contribution Account will be based upon a five-year vesting schedule wherein 20% of the balance of the Account will become vested for each Year of Service commencing
with the Participant’s initial date of hire with the Sponsoring Company or an Affiliated Company. 

  

	(iv)	Vesting of Incremental Match Contribution Account. In the event that the Participant terminates employment for reasons or under circumstances other than those set forth in
paragraph (ii) above, the vested status of the Participant’s Incremental Match Contribution Account will be based upon a schedule wherein 10% of the balance of the Account will become vested for each Year of Service commencing with the
later of (a) the Participant’s initial date of hire with the Sponsoring Company or an Affiliated Company or (b) the Participant’s Index Date. 

  

	(v)	Vesting of Savings Plan Restoration Match Contribution Account. In the event the Participant terminates employment for reasons or under circumstances other than those set
forth in paragraph (ii) above, the vested status of Participant’s Savings Plan Restoration Match Contribution Account will be based upon a five-year vesting schedule wherein 20% of the balance of the Account will become vested for each
Year of Service commencing with the Participant’s initial date of hire with the Sponsoring Company or an Affiliated Company. 

  

	(vi)	 Vesting of Deemed Participation Match Contribution Account. A Participant will become vested in his Deemed Participation Match Contribution ledger account on
the 

  

 23 

	 	 
later of (a) his attainment of his Retirement Date or (b) the fifth (5th) anniversary of the date of such Participant’s initial participation in the Plan. If the Participant terminates employment for any reason prior to such Retirement Date or prior to such fifth (5th) anniversary, the individual will have no entitlement to receive any payments with respect to his Deemed Participation Match Contribution.

  

	(vii)	Termination for Cause. Notwithstanding the above, in the event a Participant’s employment is terminated “for cause” other than a termination which occurs
subsequent to a Change in Control, the Participant will not be entitled to receive any payments from the Plan other than a payment relating to his Deferral Contribution Account. For these purposes, the term “for cause” shall mean any of
the following in the judgement of the Administrative Committee: 

 (a) 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 
 (b) conviction of a felony or other crime involving a breach of trust or fiduciary duty owed to the Company; or 
 (c) unauthorized
disclosure of trade secrets or confidential information of the Company; or 
 (d) a material breach of any agreement with the Company in
respect of confidentiality, non-disclosure, non-competition or otherwise; or 
 (e) any serious violation of Company policy that is materially
damaging to the Company’s interests. 
 B. Counting Years of Service. For purposes of this Section 11, all Years of Service
(whether or not continuous) shall be taken into account. 
 C. Forfeiture of
Non-Vested Amount. The excess of (i) the amount in the Company Contribution Accounts of a Participant whose termination of employment has occurred, over (ii) the vested amount in such Company Contribution Accounts as determined in
accordance with the vesting schedules set forth in Section 11(A) (such difference being referred to herein as the “Non-Vested Amount”) shall be forfeited upon the earlier of (i) the Participant’s receipt of a payment of his
total vested Accounts under the Plan or (ii) the second (2nd) anniversary following his termination of employment. 
 SECTION 12 
 PAYMENT OF BENEFITS

 A. General. 
  

	(i)	Payment Provisions. Amounts shall be paid under the Plan in accordance with the following provisions of this Section 12. 

  

 24 

	 (ii)
	 Permitted Date of Payment. A payment will be considered to be made on the applicable Payment Date if it is made
on or as soon as practicable after that date, but in no event later than the end of the calendar year in which such date occurs or, if later, by the 15th day of the third calendar month following the Payment Date; provided that, except pursuant to a timely filed Distribution Election, a Participant is not permitted, directly or indirectly, to designate the taxable year of the payment.

  

	(iii)	Amount of Payment. The amount of a payment with respect to a Participant’s Account balances as of any Payment Date will be determined as of the first Valuation Date
occurring on or after that Payment Date; and investment returns on the amount of such payment occurring after that Valuation Date will be disregarded. However, the amount of a payment to be determined as of a Valuation Date in accordance with this
paragraph (iii) will be supplemented, where applicable, by a distribution equal to any vested amounts allocated to such Participant’s Accounts after that Valuation Date (but disregarding any adjustment for investment returns after the
Valuation Date). 

  

	(iv)	Deferrals during Year of Termination. For the avoidance of doubt, it is recited that Salary or Bonus amounts that are deferred with respect to any calendar year shall be
allocated to the Participant’s Accounts in accordance with the provisions of the Plan and shall be paid in accordance with the terms of the Plan, without regard to whether the Participant’s employment terminates during that year.

  

	(v)	Reemployment. For the avoidance of doubt, it is recited that amounts scheduled to be paid on a Payment Date shall not be suspended by reason of a Participant’s
reemployment by the Sponsoring Company or an Affiliated Company. 

  

	(vi)	Disability. If a Participant’s termination of employment is by reason of disability, including by reason of Total and Permanent Disability, the time of payment will be
determined without regard to the existence of such disability, provided that this paragraph (vi) shall not affect the application of Section 8 (relating to vesting by reason of Total and Permanent Disability). 

  

	(vii)	Liability for Taxes. A Participating Company making any payment hereunder shall withhold from the payment any applicable payroll taxes or required income taxes.

  

	(viii)	Intervening Event. 

 (a) If a Participant has
elected to receive payment of all or a portion of his vested Account balances in the form of installments beginning on termination of employment, and the Participant dies before complete payment (or before any payment) of those Account balances
(regardless of whether the death occurs before or after termination of employment), then notwithstanding the Participant’s election, the Payment Date of the vested Account balances will be accelerated, and payment will be made in a lump sum in
accordance with Section 12(D) (relating to payment on death). 
  

 25 

 (b) If a Participant has elected to receive payment of all or a portion of his benefits as an in-service
withdrawal in the form of a lump sum or installments, and the Participant dies before payment of all such amounts, then notwithstanding the Participant’s election, the Payment Date for all vested Account balances will be accelerated, and
payment will be made in a lump sum in accordance with Section 12(D) (relating to payment on death). 
 (c) If a Participant has elected
to receive all or a portion of his benefits as an in-service withdrawal in the form of installments, and the Payment Date for the first payment of such in-service withdrawal occurs before the Participant’s termination of employment, the amounts
otherwise to be paid as an in-service withdrawal will continue to be paid in accordance with the applicable in-service withdrawal installment schedule after the Participant’s termination of employment; provided, however, that if the schedule
for payment of Plan benefits upon termination of employment (including, if applicable, the schedule as modified by paragraph (a) and (b) above) would result in a faster payment than the otherwise-applicable schedule for the in-service
withdrawal, the remaining portion of the Participant’s benefits to be paid as an in-service withdrawal will instead be paid in accordance with the payment schedule applicable to the Participant’s termination of employment. 
 (d) If a Participant has elected to receive all or a portion of his benefits as an in-service withdrawal in the form of installments, and the Payment Date
for the first payment of such in-service withdrawal is after the date of the Participant’s termination of employment, such in-service withdrawal election shall be disregarded, and the amount shall be paid in accordance with Section 12(B),
12(C), or 12(D), whichever is otherwise applicable. 
  

	(ix)	Payment for Minor Beneficiary. In the event a payment is to be made to a minor, then the Administrative Committee may, in its sole discretion, direct that such payment be
made to the legal guardian, or if none, to a parent of such Beneficiary or a responsible adult with whom the Beneficiary maintains his residence, or to the custodian for such Beneficiary under the Uniform Gift to Minors Act or Gift to Minors Act, if
such is permitted by the laws of the state in which said Beneficiary resides. Such a payment to the legal guardian or parent of a minor Beneficiary shall fully discharge the Participating Company and the Plan from further liability on account
thereof. 

 B. Lump Sum Payment on Termination of Employment. Subject to the provisions of this Section 12, a
Participant’s vested Account balances shall be paid in a lump sum on the date his employment terminates, which termination date shall be the Payment Date under this paragraph (B). 
 C. Installment Payment on Termination of Employment. Subject to the provisions of this Section 12, in lieu of the payment under
Section 12(B), a Participant may elect to have his vested Account balances paid in installments commencing on his termination of employment, subject to the following: 
  

	(i)	Payment Dates. Payments made under this paragraph (C) shall be in the form of annual installments, with the first such installment payment to be made on the date of
termination of employment (the “Payment Date” for the first such installment). Subsequent payments shall be made on February 1 of each subsequent calendar year (the “Payment Date” for each such respective installment). For
purposes of Treas. Reg. §1.409A-2(b), the entitlement to a series of installment payments is treated as the entitlement to a single payment. 

  

 26 

	(ii)	Distribution Election. A Participant’s vested Account balances shall be paid in the form of installments under this paragraph (C) only if that form of payment is
elected by the Participant by filing a Distribution Election with respect to such Account balances not later than the deadline for filing the Deferral Election for the first allocation under the Plan for any of the Participant’s Accounts or, if
later, December 31, 2008. However, to the extent required by applicable guidance issued by the Internal Revenue Service, an election made in any of 2005, 2006, 2007 or 2008 may not have the effect of deferring payment of amounts otherwise
payable in the year in which such election is made, and may not have the effect of accelerating the date of payment into the year in which the election is made. Except as otherwise expressly provided in the Plan, the Distribution Election with
respect to any amounts may not be modified after the deadline for filing the election with respect to such amounts. If a Participant elects payment in the form of installments, the Distribution Election shall further designate the period of time
(either five (5) years or ten (10) years) over which the installments are to be paid. In the absence of properly filed election under this paragraph (C), upon termination of employment, a Participant’s vested Account balances shall be
paid in accordance with Section 12(B). 

  

	(iii)	Eligible Participants. Payment in the form of installments under this paragraph (C) shall be available only if payment is by reason of the Participant’s termination
of employment, and only if the Participant has attained age forty-five (45) before his termination of employment. If a Participant who has elected to receive payment of his Account balances in installments in accordance with this paragraph
(C) has not attained age forty-five (45) before his termination of employment, payment of those vested Account balances shall be made in a lump sum in accordance with Section 12(B). 

  

	(iv)	Application of Installment Election. The ability to elect to receive installment payments under this paragraph (C) shall be available only if the election applies to all
of the Participant’s Accounts excluding Account balances that are to be withdrawn under Section 12(E) (relating to in-service withdrawals), and such in-service withdrawals shall be paid in accordance with Section 12(E) below, subject
to paragraph 12(A)(viii) (relating to intervening events). 

  

	(v)	Amount of Installments. The amount of each installment paid under this paragraph (C) will equal the result of dividing the Participant’s vested Account balances
(determined as of the applicable Payment Date) by the number of installments remaining immediately before the payment, with such determination to be made disregarding the possibility of any acceleration described in Section 12(D) (relating to
death); provided however that subject to paragraph 12(A)(viii) (relating to intervening events), the determination of the Account balances to be paid under this paragraph (C) shall exclude Account balances that are to be withdrawn under
Section 12(E) (relating to in-service withdrawals). 

  

 27 

	(vi)	Adjustments to Account Balances. Subject to Section 12(A)(iii) (relating to investment returns), during the period installment payments are being made under this
paragraph (C), the remaining balances in the Participant’s vested Accounts shall have the investment return as selected by the Participant, and such amounts shall be credited with earnings or losses, in accordance with the provisions of
Section 6. 

  

	(vii)	Accelerated Cash Out for Small Amounts. Notwithstanding the foregoing provisions of this paragraph (C), if, after termination of employment (including any time after
installments commence under this paragraph (C)), as of the Payment Date for any installment under this paragraph (C), the Participant’s Account balances subject to payment under this paragraph (C) are less than Fifty Thousand Dollars
($50,000), then in lieu of receiving any further installments under this paragraph (C), the Participant shall receive a lump sum at the time the installment would otherwise be paid equal to the Participant’s Account balances as of such
Valuation Date. For purposes of this paragraph (vii), the value of the Account balances shall be determined as of the applicable Payment Date under Section 12(A)(iii). 

 D. Death. If a Participant’s termination of employment occurs by reason of death, or if a Participant dies before having received all
installments otherwise scheduled to be paid to him under either or both of Section 12(C) or Section 12(E), the Payment Date will be the date of death, and the Participant’s beneficiary determined in accordance with Section 10
will receive a lump sum payment equal to the vested Account balances determined for that Payment Date in accordance with Section 12(A)(iii). Subject to Section 12(A)(ii) (relating to permitted date of payment)), such payment shall be made
on the date of death. 
 E. In-Service Withdrawal. A Participant may elect to receive an in-service withdrawal of amounts credited to
the Participant’s Deferral Contribution Account, vested Basic Match Contribution Account or vested Incremental Match Contribution Account, subject to the following: 
  

	(i)	Distribution Election. An in-service withdrawal of amounts attributable to services performed in a calendar year may be made pursuant to a Distribution Election filed not
later than the end of the calendar year before the calendar year in which such services are performed or, if later, December 31, 2008, but in no event later than the filing deadline established by the Administrative Committee. Further, to the
extent required by applicable guidance issued by the Internal Revenue Service, an election made in any of 2005, 2006, 2007 or 2008 may not have the effect of deferring payment of amounts otherwise payable in the year in which such election is made,
and may not have the effect of accelerating the date of payment into the year in which the election is made. A separate Distribution Election may be made for each Plan Year with respect to all but not less than all of the combination of all Deferral
Contributions, Basic Match Contributions and Incremental Match Contributions relating to such Plan Year. Except as otherwise expressly provided in the Plan, a Distribution Election with respect to any amounts may not be modified after the deadline
for filing the election with respect to such amounts. 

  

 28 

	(ii)	Installment Period. An in-service withdrawal may be made in the form of a lump-sum payment, or in the form of annual installments over a two, three, four or five year period
as specified in the Distribution Election form. 

  

	(iii)	Payment Dates. Subject to Section 12(A)(viii) (relating to intervening events), the Payment Date (or, in the case of installments, the Payment Date for the first
installment) under this paragraph (E) shall be the January 1 of the year specified in the Participant’s Distribution Election under this paragraph (E), provided that the year specified may be no less than two years after the end of
the Plan Year in which the services resulting to such Deferral Contributions and/or Matching Contributions are performed. If payments are made in installments, the Payment Date of each installment will be January 1 of the year of the applicable
payment. 

  

	(iv)	Amount of Installments. If amounts deferred for any Plan Year are to be paid in the form of installments in accordance with this paragraph (E), the amount of each installment
will equal the result of dividing the Participant’s vested Account balances deferred for such year (determined as of the applicable Payment Date) by the number of installments remaining immediately before the payment, with such determination to
be made disregarding the possibility of any acceleration described in Section 12(D) (relating to death). 

  

	(v)	Adjustments to Account Balances. Subject to Section 12(A)(iii), during the period installment payments are being made under this paragraph (E), the remaining balances in
the Participant’s vested Accounts shall have the investment return as selected by the Participant, and such amounts shall be credited with earnings or losses, in accordance with the provisions of Section 6. 

  

	(vi)	Accelerated Cashout for Small Amounts. Notwithstanding the foregoing provisions of this paragraph (E), if as of the Payment Date for any installment under this paragraph (E),
the Participant’s Account balances subject to payment under this paragraph (E) are less than twenty-five thousand dollars ($25,000), then in lieu of receiving any further installments under this paragraph (E), the Participant shall receive
a lump sum at the time the installment would otherwise be paid equal to the Participant’s Account balances as of such Valuation Date. For purposes of this paragraph (vi), the value of the Account balances shall be determined as of the
applicable Payment Date. The foregoing $25,000 limit shall be applied separately with respect to the Account balances attributable to any single Plan Year. 

 F. Unforeseeable Emergency Withdrawals. Unforeseeable emergency withdrawals shall be subject to the following: 
  

	(i)	 Prior to and after his termination of employment, a Participant may request the Administrative Committee to allow withdrawal from the Participant’s
undistributed 

  

 29 

	 	 
vested Accounts in the event of an Unforeseeable Emergency. The Administrative Committee shall determine the Account or Accounts from which the withdrawal is
to be made. 

  

	(ii)	Subject to the definition of “Unforeseeable Emergency” set forth in Section 2, the Administrative Committee can grant or deny a Participant’s request for a
hardship withdrawal in its sole discretion and need not be consistent with respect to similarly situated requests. 

  

	(iii)	Payments because of an unforeseeable emergency are limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal,
state, local, or foreign income taxes or penalties reasonably anticipated to result from the payment). A payment on account of Unforeseeable Emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or
compensation from insurance or otherwise, or by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship. However, in making the determination of amounts reasonably
necessary to satisfy the emergency need, the Administrative Committee is not required to take into account any additional compensation that is available under another nonqualified deferred compensation plan due to the unforeseeable emergency but has
not actually been paid, or that is available due to the unforeseeable emergency under another plan that would provide for deferred compensation except due to the application of the effective date provisions under Treas. Reg. §1.409A-6.

 G. Accelerated Payment for Tax Liability. To the extent permitted by the Administrative Committee, amounts credited,
or to be credited, to a Participant’s Accounts may be reduced to pay Federal Insurance Contributions Act (FICA) tax imposed under Internal Revenue Code Section 3101, Section 3121(a), and Section 3121(v)(2), on compensation
deferred under the plan (the “FICA Amount”), or to pay the income tax at the source on wages imposed under Internal Revenue Code Section 3401 or the corresponding withholding provisions of applicable state, local, or foreign tax laws
as a result of the payment of the FICA Amount, and to pay the additional income tax at the source on wages attributable to the pyramiding Internal Revenue Code Section 3401 wages and taxes. However, the total payment under this paragraph
(G) must not exceed the aggregate of the FICA Amount, and the income tax withholding related to such FICA Amount. 
 H. Delayed
Payment for Specified Employees. Notwithstanding any other provision of the Plan, if a Participant is a Specified Employee at the time of termination of employment, and payment of benefits under the Plan is by reason of the termination of
employment, then amounts may not be paid before the date that is six months after the date of termination of employment or, if earlier, the date of death of the employee. At the end of the six-month period described in the preceding sentence,
amounts that could not be paid by reason of the limitation in the preceding sentence shall be paid on the first day of the seventh month following the date of termination of employment; provided that the delay required under this paragraph
(H) shall not delay payment of any other amounts otherwise due after the six-month anniversary of the termination of the Participant’s employment. 
  

 30 

 I. Subsequent Deferral. Notwithstanding the foregoing provisions of the Plan, to the extent
permitted by the Administrative Committee, a Participant may elect to postpone payment of amounts under the Plan, provided that the subsequent deferral satisfies the following requirements: 
  

	(i)	The subsequent deferral election may not take effect until at least 12 months after the date on which the election is filed and becomes irrevocable. 

  

	(ii)	In the case of an election related to a payment not described in Treas. Reg. §1.409A–3(a)(2) (relating to payment on account of disability), Treas. Reg.
§1.409A–3(a)(3) (relating to payment on account of death), or Treas. Reg. §1.409A–3(a)(6) (relating to payment on account of the occurrence of an unforeseeable emergency), the payment with respect to which such election is made
must be deferred for a period of not less than five years from the date such payment would otherwise have been paid (or in the case of installment payments which are treated as a single payment under the Plan, five years from the date the first
amount was scheduled to be paid). 

  

	(iii)	Any election related to a payment described in Treas. Reg. §1.409A–3(a)(4) (relating to payment at a specified time or pursuant to a fixed schedule) be made not less than
12 months before the date the payment is scheduled to be made (or in the case of installment payments which are treated as a single payment under the Plan, 12 months before the date the first amount was scheduled to be paid).

 J. Benefits of Persons Who Cannot Be Located. If the Administrative Committee determines in good faith that a
Participant or Beneficiary entitled to receive a benefit payment hereunder cannot be located, the Administrative Committee shall nevertheless give written notice to such person of the fact that such benefit payment is payable to him under the Plan.
Such written notice shall be given by United States mail to the person entitled to the benefit payment (according to the records of the Plan) at the last known address of such person. In addition, the Administrative Committee shall use such other
means as it determines are reasonably available to it in order to ascertain the location of such person. If such Participant or Beneficiary makes no claim for such benefit payment before the earlier of (i) the deadline for payment under
Section 409A or (ii) the termination of the Plan, then, subject to limitations of applicable law, the Administrative Committee shall declare a forfeiture of the benefits otherwise payable to such person, provided such person has not yet
been located. 
 SECTION 13 
 BENEFIT CLAIMS PROCEDURE 
 A. Claims for Benefits. Any claim for benefits under the Plan shall be made in writing to
the Administrative Committee. If such claim for benefits is wholly or partially denied, the Administrative Committee shall, within ninety (90) days after receipt of the claim, notify the Participant or Beneficiary of the denial of the claim.
Such notice of denial shall (i) be in writing, (ii) be written in a manner calculated to be understood by the Participant or Beneficiary, and (iii) contain (a) the specific reason or reasons for denial of the claim, (b) a
specific reference to the pertinent Plan provisions upon which the denial is based, (c) a description of any additional 

  

 31 

 
material or information necessary to perfect the claim, along with an explanation of why such material or information is necessary, and (d) an
explanation of the claim review procedure as set forth in this Section 13. 
 B. Request for Review of Denial. Within sixty
(60) days after the receipt by a Participant or Beneficiary of a written notice of denial of the claim, or such later time as shall be deemed reasonable taking into account the nature of the benefit subject to the claim and any other attendant
circumstances, the Participant or Beneficiary may file a written request with the Administrative Committee that it conduct a full and fair review of the denial of the claim for benefits. 
 C. Decision on Review of Denial. The Administrative Committee shall deliver to the Participant or Beneficiary a written decision on the claim
within sixty (60) days after the receipt of the aforesaid request for review. Such decision shall (i) be written in a manner calculated to be understood by the Participant or Beneficiary, (ii) include the specific reason or reasons
for the decision, and (iii) contain a specific reference to the pertinent Plan provisions upon which the decision is based. 
 SECTION 14

 INALIENABILITY OF BENEFITS 
 The right of any Participant or Beneficiary to any benefit or payment under the Plan shall not be subject to voluntary or involuntary transfer, alienation, or assignment, and, to the fullest extent permitted by law, shall not be subject to
attachment, execution, garnishment, sequestration, or other legal or equitable process. In the event a Participant or Beneficiary who is receiving or is entitled to receive benefits under the Plan attempts to assign, transfer or dispose of such
right, or if an attempt is made to subject said right to such process, such assignment, transfer or disposition shall be null and void. 
 SECTION 15 
 AMENDMENT OF THE PLAN 
 A. Authority to Amend and Terminate. The Sponsoring Company may amend the Plan at any time, and from time to time, with respect to both Participants who are employed by the Sponsoring Company and Participants
who are employed by any Participating Company, pursuant to written resolutions of the Board of Directors of the Sponsoring Company or, to the extent it has delegated such authority, pursuant to written resolutions of the Administrative Committee.
Notwithstanding the foregoing provisions of this Plan, the Sponsoring Company may provide for payment of some or all of the Accounts established in connection with the Plan if legal counsel for the Sponsoring Company renders a written opinion that
such payment is required to enable the Plan to qualify for exemption from the requirements of Parts 2-4 of Title I of ERISA or as otherwise required by applicable law. No such amendment, however, shall either: (I) have the effect of reducing
any then nonforfeitable percentage of benefits of any Participant as computed in accordance with the vesting schedule under Section 11(A); or (ii) have the effect of causing an acceleration or other payment that would otherwise result in
the application of penalties under Section 409A. 
  

 32 

 B. Prior Plan. An amendment or termination that is adopted after the Effective Date will apply to
the Prior Plan only if such amendment or termination expressly provides that it applies to the Prior Plan. 
 C. Successors. The
Sponsoring Company (including a successor to the Company) may, without the consent of any other person: 
  

	(i)	Assignment By Sponsoring Company. Assign its rights and obligations under the Plan or assign the rights and obligations of any other Participating Company under the Plan to
any Related Company. 

  

	(ii)	Assignment in Transaction. Assign its rights and obligations with respect to one or more Participants under the Plan to any person acquiring, whether by merger,
consolidation, purchase of assets or otherwise (a “Transaction”), all or substantially all of the assets and business of the Sponsoring Company or any Related Company, all or substantially all of the stock of any Related Company, or all or
substantially all of the assets and business of a division or business unit of the Sponsoring Company or a Related Company (a “Successor”); provided that such Successor employs such Participant after the transaction, the business acquired
by the Successor employed the Participant before the Transaction, or the Participant provided services to such business before the Transaction. 

  

	(iii)	The Sponsoring Company will require any assignee (pursuant to paragraph (i) above) or Successor (pursuant to paragraph (ii) above) to assume and agree to perform the Plan
in the same manner and to the same extent that the Sponsoring Company or Related Company (including a successor to the Sponsoring Company or Related Company), as applicable, would be required to perform it if no such assignment or succession had
taken place; and after such assignment, the Sponsoring Company or Related Company or successor assigning the rights and obligations under the Plan shall have no further rights or obligations with respect to the assigned rights and obligations. The
ability to assign rights and obligations under paragraph (ii) above will be applicable with respect to any Participant only if, as a result of the transaction described in paragraph (ii) above, the Participant is not, at the end of the
30-day period following the transaction, employed by the Sponsoring Company or an entity that is then a Related Company. 

 SECTION 16 
 PERMANENCY OF THE PLAN 
 A. Right of Termination. The Sponsoring Company reserves the right to terminate the Plan with respect to any and all the Participating Companies. 
 B. Termination Procedure. If the Board of Directors of the Sponsoring Company determines to terminate the Plan completely with respect to any or
all Participating Companies, the Plan shall be terminated with respect to such Participating Company as of the date specified in resolutions of such Board of Directors of the Sponsoring Company delivered to the Administrative Committee. Upon such
termination or partial termination of the Plan, after payment of all expenses and proportional adjustment of the Accounts of the Participants affected 

  

 33 

 
by such termination to reflect expenses, profits or losses, and allocations of any previously unallocated amounts to the date of termination, the
Participants affected by such termination shall be entitled to receive the vested amounts then credited to their respective Accounts in the Plan. The Administrative Committee shall make payment of such amounts in cash. No such amendment, however,
shall have the effect of causing an acceleration or other payment that would otherwise result in accelerated recognition of income or imposition of additional tax under Section 409A. 
 C. Vesting on Termination. Upon the termination or partial termination of the Plan, the right of each Participant affected by such termination to
the vested amount credited to his Accounts at such time shall be nonforfeitable without reference to any formal action on the part of the Administrative Committee or the Participating Company employing such Participant. 
 SECTION 17 
 STATUS OF EMPLOYMENT RELATIONS

 The adoption and maintenance of the Plan shall not be deemed to constitute a contract between any Participating Company and its
Employees or to be consideration for, or an inducement or condition of, the employment of any person. Nothing herein contained shall be deemed (i) to give to any Employee the right to be retained in the employ of a Participating Company;
(ii) to affect the right of a Participating Company to discipline or discharge any Employee at any time; (iii) to give a Participating Company the right to require any Employee to remain in its employ; (iv) to affect any
Employee’s right to terminate his employment at any time; or (v) to confer the right to receive any Compensation in any form. 
 SECTION 18 
 FUNDING 
 No assets of the Participating Companies shall be set aside, earmarked or placed in trust or escrow for the benefit of any Participant to fund any obligation of any Participating Company which may exist under this Plan; provided, however,
that the Sponsoring Company shall establish a grantor trust designated as the “Chiquita Brands International, Inc. Capital Accumulation Plan Trust” to hold assets to secure the obligations to the Participants under this Plan (except for
Deemed Participation Match Contribution) provided that neither the establishment nor the maintenance of the Trust results in the Plan being “funded” for purposes of the Internal Revenue Code. Except to the extent provided through the
Trust, all payments to a Participant or Beneficiary under this Plan shall be made out of the general revenue of the Sponsoring Company or the Participating Company which employed the Participant to which such benefits were attributable, and the
right to such payments by the Participant or Beneficiary shall be solely that of an unsecured general creditor of the Sponsoring Company and the relevant Participating Company. If the Sponsoring Company or other Participating Company makes a direct
payment of a benefit to a Participant or Beneficiary, it shall be entitled to reimbursement for such amount from the Trust. 
  

 34 

 SECTION 19 
 APPLICABLE LAW 
 The Plan shall be construed, regulated, interpreted and administered under and in
accordance with the laws of the State of Ohio, to the extent not preempted by ERISA. 
 SECTION 20 
 ADOPTION OF PLAN BY AFFILIATED COMPANIES 
 Any Affiliated Company, whether or not presently existing, may be designated by the Administrative Committee of the Sponsoring Company as a Participating Company under this Plan and a party to any trust established in connection with the
Plan. Any such Affiliated Company which is deemed to have adopted the Plan pursuant to action taken by the Administrative Committee of the Sponsoring Company as provided above shall thereafter be included within the meaning of the term
“Participating Company” when used in the Plan. 
 SECTION 21 
 PAYMENT UNDER BONUS ARRANGEMENTS 
 Payments under a bonus arrangement
established or maintained by a Sponsoring Company or a Related Company attributable to any Performance Period shall be paid on the 15th day of the third month following the end of the first calendar year in which the right to the payment is no
longer subject to a substantial risk of forfeiture determined in accordance with Treas. Reg. §1.409A-1(d); provided, however, that the foregoing provisions of this Section 21 shall not apply to the extent otherwise provided in any
documents governing such bonus arrangement, and except to the extent that payment of amounts attributable to such bonuses are deferred under the foregoing provisions of this Plan or under any other plan or arrangement document. 
  

 35

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