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Exhibit 10.14  

BUNGE LIMITED EQUITY INCENTIVE PLAN

AWARD AGREEMENT

—Notice of Performance-Based Restricted Stock Units Grant—

Performance Period—Years 2004, 2005 and 2006

Target Operating Profit U.S. $[        ]—[NAME OF BUNGE BUSINESS UNIT]  

        Effective as of the Date of Grant set forth below, the Participant named below is hereby awarded an Award of Performance-Based Restricted Stock Units (the
"Award" or "Performance-Based Restricted Stock Units") under the Bunge Limited Equity Incentive Plan
(the "Plan") covering the Target Number of Performance-Based Restricted Stock Units set forth below, subject to the terms and conditions of the Plan and
this Award Agreement (this "Award Agreement"). This Award Agreement consists of this Notice of Performance-Based Restricted Stock Units Grant (the
"Grant Notice") and the attached Terms and Conditions Applicable to Performance-Based Restricted Stock Units. Defined terms not explicitly defined in
this Award Agreement but defined in the Plan shall have the same definitions as in the Plan. 

Participant Information:  

	
Name:	
 	

Address:
	

Summary of Performance-Based Restricted Stock Units Terms:
	
Date of Grant:	
 	

Target Number of Performance-Based Restricted Stock Units:
	
Vesting Date:	
 	

 
	 	Third anniversary of the Date of Grant.	 	 

        The
Participant and Bunge Limited, a company organized under the laws of Bermuda, and any successor thereto ("Bunge"), agree that this
Award is granted under and governed by the terms and conditions of the Plan and this Award Agreement, and that this Award is granted for no consideration other than the Participant's services. The
Participant acknowledges that he or she has reviewed the Plan and this Award Agreement in their entirety and has had an opportunity to obtain the advice of counsel and a qualified tax advisor prior to
executing this Award Agreement. The Participant hereby agrees to comply with the terms and conditions of the Plan and this Award Agreement and accepts as binding, conclusive and final all decisions or
interpretations of the Board upon any questions relating to the Plan and this Award Agreement. 

        The
Participant indicates acceptance of this Award, subject to the terms and conditions set forth in the Plan and the Award Agreement, by signing this Grant Notice and returning it to
the undersigned representative of Bunge no later than                        , 2004. If a signed copy of this Grant Notice is not
received by such date, this Award shall be void and of no force and effect. 

	BUNGE LIMITED	 	PARTICIPANT
	

By:	
 	

	
 	

By:	
 	

	Name:  Flavio Sá Carvalho

Title:  Chief Personnel Officer	 	[NAME]

Attached
hereto and apart hereof:

Terms and Conditions Applicable to Performance-Based Restricted Stock Units. 

 
BUNGE LIMITED

EQUITY INCENTIVE PLAN

AWARD AGREEMENT

—Terms and Conditions Applicable to Performance-Based Restricted Stock Units—  

        1.     Grant.    Subject to the terms and conditions of the Plan and this Award Agreement, the
Company has elected to grant the Participant an Award of Performance-Based Restricted Stock Units as of the Date of Grant. Each Performance-Based Restricted Stock Unit shall entitle the Participant to
receive the value of one Share, subject to the Participant's satisfaction of the terms and conditions of the Plan and this Award Agreement. 

        2.     Vesting of Performance-Based Restricted Stock Units.  

        (a)    Vesting Date; Performance Level.    Subject to the other terms and conditions of the
Plan and this Award Agreement, the Award shall vest and become nonforfeitable based upon the cumulative operating profit ("Cumulative Operating Profit")
of Bunge for the three consecutive fiscal years ending prior to the Vesting Date. The portion of the Award that shall vest as of the Vesting Date shall be determined based upon the Cumulative
Operating Profit achieved (with partial Shares rounded down so that only whole Shares shall vest) in the manner set forth in the table below (the "Vesting
Table"). 

	Performance Level
 
	 	Cumulative

Operating Profit

For the Years 2004, 2005 and 2006
	 	% Vesting

	Below Threshold	 	Less than U.S. $[            ]	 	0%
	Threshold	 	U.S. $[            ]	 	50% of the Award
	Target	 	U.S. $[            ]	 	100% of the Award
	Maximum	 	U.S. $[            ]	 	200% of the Award

        The
Cumulative Operating Profit amount shall be determined in good faith by the Committee as soon as practicable following the end of fiscal year 2006. Such determination shall be final
and binding on the Participant and the Company. In the event that the Cumulative Operating Profit is between performance levels, the portion of the Award that will become vested shall be interpolated
by the Committee, and the Participant shall be advised by the Committee in writing as to the portion of the Award that vests as of the Vesting Date. Any such determination by the Committee shall be
final and binding on the Participant and the Company. 

        (b)    Portion of Award that Vests on the Vesting Date.    Except as otherwise provided in Section 3 below, a
Participant must be employed by the Company on the Vesting Date for any portion of the Award to vest. The portion of the Award that will vest on the Vesting Date shall be determined in accordance with
the Vesting Table as follows: 

        (i)    No
portion of the Award shall vest, and the Award shall be immediately forfeited, if the Cumulative Operating Profit is less than the threshold amount set forth in the
Vesting Table. 

        (ii)   If
the Cumulative Operating Profit equals or exceeds the threshold amount set forth in the Vesting Table but is less than the target amount set forth therein, the
Participant shall vest in a percentage of the Target Number of Performance-Based Restricted Stock Units between 50% and 100% determined proportionally based upon the relationship between the actual
Cumulative Operating Profit and the threshold and target amounts therefore. 

        (iii)  If
the Cumulative Operating Profit equals the target amount set forth in the Vesting Table, the Participant shall vest in the Target Number of Performance-Based
Restricted Stock Units. 

        (iv)  If
the Cumulative Operating Profit exceeds the target amount set forth in the Vesting Table but is less than the maximum amount set forth therein, the Participant shall
vest in a percentage of the Target Number of Performance-Based Restricted Stock Units between 100% and 200% determined proportionally based upon the relationship between the actual Cumulative
Operating Profit and the target and maximum amounts therefore. 

2

 

        (v)   If
the Cumulative Operating Profit equals or exceeds the maximum amount set forth in the Vesting Table, the Participant shall vest in 200% of the Target Number of
Performance-Based Restricted Stock Units. 

        (vi)  Any
portion of the Award that does not vest in accordance with the provisions of this Section 2(b) shall be immediately forfeited. 

        (vii) Except
as otherwise provided in Section 3 below, in no event shall the Participant vest in more than 200% of the Target Number of Performance-Based Restricted
Stock Units. 

        (c)    Payment of Awards.    Payment in settlement of the vested portion of an Award shall be made as soon as
practicable following the Vesting Date in (1) whole Shares (rounded down to the nearest whole share) (a "Share Issuance"), (2) a
lump-sum cash payment (a "Cash Payment") or (3) any combination of (1) and (2), as determined by the Committee, in its sole
discretion; provided, however, that the Participant shall only be permitted to make a Deferral Election
(as defined below) in accordance with the provisions of Section 2(f) below with respect to the vested portion of the Award, if any, that he or she receives in the form of a Cash Payment. In the
event that a Participant receives any of the vested portion of the Award as a Cash Payment, the amount of the Cash Payment will equal (x) the number of Shares underlying the vested portion of
the Award payable to such Participant in the form of a Cash Payment multiplied by (y) the Fair Market Value of a Share on the Vesting Date. The Cash Payment, if any, shall be considered to be a
performance bonus and shall be paid as soon as practicable after the Vesting Date, unless the Participant makes a Deferral Election in accordance with the provisions of Section 2(f) below. In
the event that a Participant receives any of the vested portion of the Award as a Share Issuance, the number of Shares issued shall equal the number of Shares underlying the vested portion of the
Award receivable by such Participant in the form of a Share Issuance on the Vesting Date. The Share Issuance, if any, shall occur as soon as practicable after the Vesting Date. 

        (d)    No Rights as Shareholder.    A Participant shall have no rights as a shareholder with respect to any Award
until Shares, if any, shall have been issued to the Participant following the Vesting Date, and except as expressly provided herein or in the Plan, no adjustment shall be made for dividends or
distributions or other rights in respect of any Share for which the record date is prior to the date on which the Participant shall become the registered holder of such Shares. 

        (e)    Dividend Equivalent Payments.    Unless the Committee determines otherwise and subject to Section 2(f)
below, if the Company pays any cash or other dividend or makes any other distribution in respect of the Shares underlying the Award, the Company shall maintain a bookkeeping record to which such
amount of the dividend or distribution in respect to such Shares shall be credited, at such time and in such manner as is determined solely by the Committee, to an account for the Participant and paid
in [whole Shares] at the time the Award is settled. 

        (f)    Right to Elect to Defer Value of Awards Prior to Vesting Date.    In accordance with such procedures
established by the Committee from time to time, the Participant may elect to defer receipt of the value of all or any portion of the Cash Payment in accordance with the terms of this
Section 2(f) (a "Deferral Election") pursuant to the terms of the deferred compensation plan (the "Deferred Compensation
Plan") named on a deferral election form that the Company will provide to you at a later date (the "Deferral Election Form"). In
order to make a Deferral Election, the Participant must complete and submit the Deferral Election Form in accordance with the instructions included on such form by a date specified by the Chief
Personnel Officer in his sole discretion. Any Deferral Election made after such time shall be null and void. Under the terms of the Deferral Election, the Participant may irrevocably elect to defer an
amount equal to the Deferral Value (as defined below) of a whole number of Shares subject to this Award. The Deferral Value shall be credited automatically, without any further action on the part of
the Participant, to the Participant's account under the Deferred Compensation Plan on the Vesting Date that is subject to a Deferral Election. Any Deferral Value credited to the Deferred Compensation
Plan shall be subject to the terms of the Deferred Compensation Plan. For purposes of this Award Agreement, "Deferral Value" means, as of the applicable
Vesting Date, the Fair Market Value of the Shares underlying the Cash Payment, which are subject to the Deferral Election, less any applicable withholding taxes. 

3

 
	3.
	Adjustments.  

        (a)    Adjustment to Number of Units.    An Award of Performance-Based Restricted Stock Units
that has vested in accordance with Section 2(a) above may be adjusted, in the sole discretion of the Committee, so that the Target Number of Performance-Based Restricted Stock Units, as set
forth on the Grant Notice, represents either up to 20% more Performance-Based Restricted Stock Units or up to 20% fewer Performance-Based Restricted Stock Units. The Committee shall specify the
procedures applicable to implementing the provisions of this Section 3(a). The consent of the Participant shall not be required for any action to be taken by the Committee under this
Section 3(a). 

        (b)    Adjustment to Performance Goals.    The Committee may adjust the manner in which the threshold, target and
maximum performance goals are defined as set forth above in Section 2 in the event of an extraordinary corporate event such as a material acquisition or divestiture, changes in the capital
structure of the Company or extraordinary changes to accounting rules or procedures. 

        4.     Termination of Employment.    In the event that the Participant's employment is
terminated by the Company for Cause or as a consequence of the Participant's resignation for any reason, the Award shall lapse and become void as of the date of such termination. In the event that the
Participant's employment terminates for any other reason, the Award shall continue to be subject to the applicable terms of vesting and, if such terms are met, shall vest at the Vesting Date on a pro
rata basis from the Date of Grant until the date of the Participant's termination of employment; provided,  however, that, if the termination of employment
occurs for any other reason prior to the first anniversary of the Date of Grant, the entire Award shall
be forfeited as of the date of termination. 

        5.     General Terms.  

        (a)    Transferability.    The Award is not transferable by the Participant, except by will or
by the laws of descent and distribution or pursuant to a domestic relations order, if applicable. 

        (b)    Award Not a Service Contract.    Neither this Award Agreement nor the Award granted hereunder is an employment
or service contract, and nothing in this Award Agreement shall be deemed to create in any way whatsoever any obligation on the part of the Participant to continue in the employ of the Company, or of
the Company to continue the Participant's employment. In addition, nothing in this Award Agreement shall obligate the Company or shareholders, the Board, officers or employees of Bunge or any other
entity constituting the Company to continue any relationship that the Participant might have as a director, advisor, employee or consultant for the Company. 

        (c)    Withholding Obligations.    The Company shall be entitled to withhold from any Cash Payment an amount
sufficient to satisfy any U.S. federal, state, local and/or foreign income tax, social tax or other applicable payroll tax withholding requirements. The Company shall also be entitled to require the
Participant, prior to delivery of any Shares, to remit to the Company an amount sufficient to satisfy any U.S. federal, state, local and/or foreign income tax, social tax or other applicable payroll
tax withholding requirements. The Company may, in its sole discretion, permit the Participant, after the delivery of Shares to the Participant, to satisfy U.S. federal, state, local and/or foreign
income tax, social tax or other applicable payroll taxes by directing the Company to repurchase Shares that were issued to such Participant in accordance with all applicable laws and pursuant to any
such rules as the Committee may establish from time to time. 

4

 

        (d)   Restrictive
Covenants; Cooperation Obligations. 

        (i)    Confidentiality.    The Participant understands and acknowledges that in the course of his or her employment,
the Participant shall have access to and shall learn information proprietary to Bunge, its parent companies and subsidiaries (individually and as a group, the "Bunge
Group") that concerns the technological innovations, operation and methodology of the Bunge Group, including, without limitation, business plans, financial information,
protocols, proposals, manuals, clinical procedures and guidelines, scientific data, computer source codes, programs, software, know-how and specifications, copyrights, trade secrets,
market information, Developments (as hereinafter defined), data and customer information (collectively, "Proprietary Information").
"Developments" shall mean all data, discoveries, findings, reports, designs, inventions, improvements, methods, practices, techniques, developments,
programs, concepts and ideas, whether or not patentable, relating to the present or planned activities, or the products and services of the Bunge Group. The Participant hereby agrees that during the
period beginning on the Date of Grant and continuing in perpetuity thereafter, the Participant shall keep confidential and shall not disclose any such Proprietary Information to any third party,
except as required to fulfill his or her duties in connection with employment by the Bunge Group, and shall not misuse, misappropriate or exploit such Proprietary Information in any way. The
restrictions contained herein shall not apply to any information which (i) was already available to the public at the time of disclosure, or subsequently became available to the public,
otherwise than by breach of this Award Agreement or (ii) the disclosure of which was required by order of any court or administrative agency. Upon any termination of the Participant's
employment with the Bunge Group, the Participant hereby agrees to return immediately to the Bunge Group all Proprietary Information and copies thereof in the possession of the Participant. 

        (ii)    No Competing Employment.    During the period beginning on the Date of Grant and continuing until the end of
the twelfth month following the Participant's termination of employment for any reason with the Bunge Group (such period to be referred to as the "Restricted
Period"), the Participant shall not, without the prior written consent of Bunge, directly or indirectly, whether as owner, consultant, employee, partner, venturer, or agent,
through stock ownership, investment of capital, lending of money or property, rendering of services, or otherwise (except ownership of less than 5% of the number of shares outstanding of any
securities which are publicly traded), (A) compete with the Bunge Group, or (B) provide services to, whether as an employee or consultant, or own, manage, operate, control, participate
in or be connected with (as a shareholder, partner or similar owner) any corporation, firm, partnership, joint venture, sole proprietorship or other entity which competes with the Bunge Group, except
for the aforementioned ownership of less than 5% of any publicly traded securities. The Restricted Period shall be extended by the length of any period during which the Participant is in breach of any
of the terms of this Section 5(d)(ii). 

        (iii)    Restrictions on Solicitation.    During the Restricted Period, and except as required pursuant to the
Participant's duties to the Bunge Group in connection with the employment relationship, the Participant shall not, directly or indirectly: (i) solicit or contact any customer of the Bunge Group
(or any other entity that the Participant knows is a potential customer with respect to specific products of the Bunge Group and with which the Participant has had contact during the period of his or
her employment with the Bunge Group) for any commercial pursuit that to the knowledge of the Participant is in competition with the Bunge Group or that to the knowledge of the Participant is
contemplated from time to time during the period of his or her employment with the Bunge Group by any corresponding business plan; (ii) take away or interfere or attempt to interfere with any
custom, trade, business or patronage of the Bunge Group, or induce, or attempt to induce, any employees, agents or consultants of or to the Bunge Group to do anything from which the Participant is
restricted by reason of this Section 5(d); or (iii) offer or aid others to offer employment to employees of the Bunge Group, or interfere or attempt to interfere with any employees of
the Bunge Group. The Restricted Period shall be extended by the length of any period during which the Participant is in breach of any of the terms of this Section 5(d)(iii). 

        (iv)    Application of Covenants.    The activities described in this Section 5(d) shall be prohibited
regardless of whether undertaken by the Participant in an individual or representative capacity, and 

5

 

regardless
of whether performed for the Participant's own account or for the account of any other individual, partnership, firm, corporation or other business organization (other than Bunge). 

        (v)    Injunctive Relief.    Without limiting the remedies available to Bunge, the Participant acknowledges that a
breach of any of the covenants contained in this Section 5(d) may result in irreparable injury to Bunge for which there is no adequate remedy at law, that it shall not be possible to measure
damages for such injuries precisely and that, in the event of such a breach or threat thereof, Bunge shall be entitled to seek a temporary restraining order or a preliminary or permanent injunction
restraining the Participant from engaging in activities prohibited by this Section 5(d) or such other relief as may be required to specifically enforce any of the covenants in this
Section 5(d). 

        (e)    Plan Document Controls.    In the event of any conflict between the provisions of this Award Agreement and
those of the Plan, the provisions of the Plan shall control. 

        (f)    Applicable Law.    This Award Agreement shall be governed by and subject to the laws of the State of New York
and to all applicable laws and to the approvals by any governmental or regulatory agency as may be required. 

        (g)    Validity.    The invalidity or unenforceability of any provision of this Award Agreement shall not affect the
validity or enforceability of any other provision of this Award Agreement, which shall remain in full force and effect. The parties intend that any offending provision shall be enforced to the fullest
extent to which it is enforceable, that any unenforceable portion thereof be severed from this Award Agreement, and that this Award Agreement, as modified to sever any such unenforceable portion, be
enforced to the fullest extent permitted by law. In the event that all or any portion of this Award is forfeited pursuant to the terms of the Plan or this Award Agreement, such forfeiture shall be
automatic and shall not require any further action by the Participant or the Company. 

        (h)    Notices.    All notices and other communications provided for herein shall be in writing and shall be delivered
by hand, telecopy or facsimile transmission or sent by certified or registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the attention of the Participant at
the mailing address set forth on the Grant Notice (or to such other address as the Participant shall have specified to Bunge in writing) and, if to Bunge, to it at its principal offices which are
currently located at 50 Main Street, 6th Floor, White Plains, New York 10606, attention Chief Personnel Officer. All such notices shall be conclusively deemed to be received and shall be effective,
(i) if delivered by hand, upon receipt, (ii) if sent by telecopy or facsimile transmission, upon confirmation of receipt by the sender of such transmission or (iii) if sent by
registered or certified mail, on the fifth day after the day on which such notice is mailed. 

        (i)    Waiver.    The waiver by either party of compliance with any provision of this Award Agreement by the other
party shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach of such party of a provision of this Award Agreement. 

        (j)    Committee Decisions Final.    Any dispute or disagreement that arises under, or as a result of, or pursuant to,
or in connection with, the interpretation or construction of the terms of this Award Agreement or the Award granted hereunder shall be determined by the Committee. Any interpretation by the Committee
of the terms of the Award shall be final and binding on all persons affected thereby. 

        (k)    Amendments.    The Committee shall have the power to alter or amend the terms of this Award Agreement as set
forth herein from time to time, in any manner consistent with the provisions of Section 14 of the Plan, and any alteration or amendment of the terms of the Award by the Committee shall, upon
adoption, become and be binding on all persons affected thereby without requirement for consent or other action with respect thereto by any such person;  provided, however, that, except as contemplated by Section 14 of the Plan and Section 3
hereof, no such alteration or amendment may, without the consent of the Participant, adversely affect the rights of the Participant under this Award. The Committee shall give written notice to the
Participant of any such alteration or amendment as promptly as practicable after the adoption thereof. Notwithstanding any provision herein to the contrary, the Board shall have the broad authority to
amend this Award to take into account changes in applicable tax laws, securities laws, accounting rules and other applicable state and Federal laws. 

6

 

        (l)    Entire Agreement; Headings.    This Award Agreement and the other related documents expressly referred to
herein set forth the entire agreement and understanding between the parties hereto. The headings of sections and subsections herein are included solely for convenience of reference and shall not
affect the meaning of any of the provisions of this Award Agreement. 

        (m)    Counterparts.    The Grant Notice to this Award Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 

        (n)    Market Standoff Agreement.    The Participant, if requested by Bunge and an underwriter of Common Stock (or
other securities) of Bunge, agrees not to sell or otherwise transfer or dispose of any Common Stock (or other securities) of Bunge held by the Participant during the period requested by the
underwriter managing any public offering of Common Stock (or other securities) of Bunge following the effective date of a registration statement of Bunge filed under the U.S. Securities Act of 1933,
as amended, provided that all similarly situated officers and directors of Bunge are required to enter into similar agreements. Such agreement shall be
in writing in a form satisfactory to Bunge and such underwriter. Bunge may impose stop-transfer instructions with respect to the shares (or other securities) subject to the foregoing
restriction until the end of such period. 

        (o)    Securities Laws Compliance.    No Shares shall be issued or transferred under this Award Agreement unless the
Committee determines that such issue or transfer is in compliance with all applicable U.S. federal, state and/or foreign securities laws and regulations, including without limitation, Bermuda laws and
regulations. 

        (p)    Change in Control.    The terms of Section 13(b) of the Plan shall apply to any rights the Participant
may have with respect to the Performance-Based Restricted Stock Units upon a Change in Control. 

7

  

BUNGE LIMITED EQUITY INCENTIVE PLAN

AWARD AGREEMENT

—Notice of Performance-Based Restricted Stock Units Grant—

Performance Period—Years 2004, 2005 and 2006

Target EPS U.S. $[    ]  

        Effective as of the Date of Grant set forth below, the Participant named below is hereby awarded an Award of Performance-Based Restricted Stock Units (the
"Award" or "Performance-Based Restricted Stock Units") under the Bunge Limited Equity Incentive Plan
(the "Plan") covering the Target Number of Performance-Based Restricted Stock Units set forth below, subject to the terms and conditions of the Plan and
this Award Agreement (this "Award Agreement"). This Award Agreement consists of this Notice of Performance-Based Restricted Stock Units Grant (the
"Grant Notice") and the attached Terms and Conditions Applicable to Performance-Based Restricted Stock Units. Defined terms not explicitly defined in
this Award Agreement but defined in the Plan shall have the same definitions as in the Plan. 

Participant Information:  

	Name:	 	Address:
	
Summary of Performance-Based Restricted Stock Units Terms:
	
Date of Grant:	
 	

Target Number of Performance-Based Restricted Stock Units:
	
Vesting Date:	
 	

 
	 	Third anniversary of the Date of Grant.	 	 

        The
Participant and Bunge Limited, a company organized under the laws of Bermuda, and any successor thereto ("Bunge"), agree that this
Award is granted under and governed by the terms and conditions of the Plan and this Award Agreement, and that this Award is granted for no consideration other than the Participant's services. The
Participant acknowledges that he or she has reviewed the Plan and this Award Agreement in their entirety and has had an opportunity to obtain the advice of counsel and a qualified tax advisor prior to
executing this Award Agreement. The Participant hereby agrees to comply with the terms and conditions of the Plan and this Award Agreement and accepts as binding, conclusive and final all decisions or
interpretations of the Board upon any questions relating to the Plan and this Award Agreement. 

        The
Participant indicates acceptance of this Award, subject to the terms and conditions set forth in the Plan and the Award Agreement, by signing this Grant Notice and returning it to
the undersigned representative of Bunge no later than                        , 2004. If a signed copy of this Grant Notice is not
received by such date, this Award shall be void and of no force and effect. 

	BUNGE LIMITED	 	PARTICIPANT
	

By:	
 	

	
 	

By:	
 	

	Name:  Flavio Sá Carvalho

Title:  Chief Personnel Officer	 	[NAME]

Attached
hereto and apart hereof:

Terms and Conditions Applicable to Performance-Based Restricted Stock Units. 

8

 
 
 

BUNGE LIMITED
  EQUITY INCENTIVE PLAN
  
    AWARD AGREEMENT
  
    —Terms and Conditions Applicable to Performance-Based Restricted Stock Units—    
    

        1.     Grant.    Subject to the terms and conditions of the Plan and this Award Agreement, the
Company has elected to grant the Participant an Award of Performance-Based Restricted Stock Units as of the Date of Grant. Each Performance-Based Restricted Stock Unit shall entitle the Participant to
receive the value of one Share, subject to the Participant's satisfaction of the terms and conditions of the Plan and this Award Agreement. 

        2.     Vesting of Performance-Based Restricted Stock Units.  

        (a)    Vesting Date; Performance Level.    Subject to the other terms and conditions of the
Plan and this Award Agreement, the Award shall vest and become nonforfeitable based upon the cumulative diluted earnings per share ("Cumulative Earnings Per
Share") of Bunge for the three consecutive fiscal years ending prior to the Vesting Date. The portion of the Award that shall vest as of the Vesting Date shall be determined
based upon the Cumulative Earnings Per Share achieved (with partial Shares rounded down so that only whole Shares shall vest) in the manner set forth in the table below (the
"Vesting Table"). 

	Performance Level
 
	 	Cumulative

Earnings Per Share

For the Years 2004, 2005 and 2006
	 	% Vesting

	Below Threshold	 	Less than U.S. $[            ]	 	0%
	Threshold	 	U.S. $[            ]	 	50% of the Award
	Target	 	U.S. $[            ]	 	100% of the Award
	Maximum	 	U.S. $[            ]	 	200% of the Award

        The
Cumulative Earnings Per Share amount shall be determined in good faith by the Committee as soon as practicable following the end of fiscal year 2006. Such determination shall be
final and binding on the Participant and the Company. In the event that the Cumulative Earnings Per Share is between performance levels, the portion of the Award that will become vested shall be
interpolated by the Committee, and the Participant shall be advised by the Committee in writing as to the portion of the Award that vests as of the Vesting Date. Any such determination by the
Committee shall be final and binding on the Participant and the Company. 

        (b)    Portion of Award that Vests on the Vesting Date.    Except as otherwise provided in Section 3 below, a
Participant must be employed by the Company on the Vesting Date for any portion of the Award to vest. The portion of the Award that will vest on the Vesting Date shall be determined in accordance with
the Vesting Table as follows: 

        (i)    No
portion of the Award shall vest, and the Award shall be immediately forfeited, if Cumulative Earnings Per Share is less than the threshold amount set forth in the
Vesting Table. 

        (ii)   If
Cumulative Earnings Per Share equals or exceeds the threshold amount set forth in the Vesting Table but is less than the target amount set forth therein, the
Participant shall vest in a percentage of the Target Number of Performance-Based Restricted Stock Units between 50% and 100% determined proportionally based upon the relationship between actual
Cumulative Earnings Per Share and the threshold and target amounts therefore. 

        (iii)  If
Cumulative Earnings Per Share equals the target amount set forth in the Vesting Table, the Participant shall vest in the Target Number of Performance-Based
Restricted Stock Units. 

9

 

        (iv)  If
Cumulative Earnings Per Share exceeds the target amount set forth in the Vesting Table but is less than the maximum amount set forth therein, the Participant shall
vest in a percentage of the Target Number of Performance-Based Restricted Stock Units between 100% and 200% determined proportionally based upon the relationship between actual Cumulative Earnings Per
Share and the target and maximum amounts therefore. 

        (v)   If
Cumulative Earnings Per Share equals or exceeds the maximum amount set forth in the Vesting Table, the Participant shall vest in 200% of the Target Number of
Performance-Based Restricted Stock Units. 

        (vi)  Any
portion of the Award that does not vest in accordance with the provisions of this Section 2(b) shall be immediately forfeited. 

        (vii) Except
as otherwise provided in Section 3 below, in no event shall the Participant vest in more than 200% of the Target Number of Performance-Based Restricted
Stock Units. 

        (c)    Payment of Awards.    Payment in settlement of the vested portion of an Award shall be made as soon as
practicable following the Vesting Date in (1) whole Shares (rounded down to the nearest whole share) (a "Share Issuance"), (2) a
lump-sum cash payment (a "Cash Payment") or (3) any combination of (1) and (2), as determined by the Committee, in its sole
discretion; provided, however, that the Participant shall only be permitted to make a Deferral Election
(as defined below) in accordance with the provisions of Section 2(f) below with respect to the vested portion of the Award, if any, that he or she receives in the form of a Cash Payment. In the
event that a Participant receives any of the vested portion of the Award as a Cash Payment, the amount of the Cash Payment will equal (x) the number of Shares underlying the vested portion of
the Award payable to such Participant in the form of a Cash Payment multiplied by (y) the Fair Market Value of a Share on the Vesting Date. The Cash Payment, if any, shall be considered to be a
performance bonus and shall be paid as soon as practicable after the Vesting Date, unless the Participant makes a Deferral Election in accordance with the provisions of Section 2(f) below. In
the event that a Participant receives any of the vested portion of the Award as a Share Issuance, the number of Shares issued shall equal the number of Shares underlying the vested portion of the
Award receivable by such Participant in the form of a Share Issuance on the Vesting Date. The Share Issuance, if any, shall occur as soon as practicable after the Vesting Date. 

        (d)    No Rights as Shareholder.    A Participant shall have no rights as a shareholder with respect to any Award
until Shares, if any, shall have been issued to the Participant following the Vesting Date, and except as expressly provided herein or in the Plan, no adjustment shall be made for dividends or
distributions or other rights in respect of any Share for which the record date is prior to the date on which the Participant shall become the registered holder of such Shares. 

        (e)    Dividend Equivalent Payments.    Unless the Committee determines otherwise and subject to Section 2(f)
below, if the Company pays any cash or other dividend or makes any other distribution in respect of
the Shares underlying the Award, the Company shall maintain a bookkeeping record to which such amount of the dividend or distribution in respect to such Shares shall be credited, at such time and in
such manner as is determined solely by the Committee, to an account for the Participant and paid in [whole Shares] at the time the Award is settled. 

        (f)    Right to Elect to Defer Value of Awards Prior to Vesting Date.    In accordance with such procedures
established by the Committee from time to time, the Participant may elect to defer receipt of the value of all or any portion of the Cash Payment in accordance with the terms of this
Section 2(f) (a "Deferral Election") pursuant to the terms of the deferred compensation plan (the "Deferred Compensation
Plan") named on a deferral election form that the Company will provide to you at a later date (the "Deferral Election Form"). In
order to make a Deferral Election, the Participant must complete and submit the Deferral Election Form in accordance with the instructions included on such 

10

 

form
by a date specified by the Chief Personnel Officer in his sole discretion. Any Deferral Election made after such time shall be null and void. Under the terms of the Deferral Election, the
Participant may irrevocably elect to defer an amount equal to the Deferral Value (as defined below) of a whole number of Shares subject to this Award. The Deferral Value shall be credited
automatically, without any further action on the part of the Participant, to the Participant's account under the Deferred Compensation Plan on the Vesting Date that is subject to a Deferral Election.
Any Deferral Value credited to the Deferred Compensation Plan shall be subject to the terms of the Deferred Compensation Plan. For purposes of this Award Agreement, "Deferral
Value" means, as of the applicable Vesting Date, the Fair Market Value of the Shares underlying the Cash Payment, which are subject to the Deferral Election, less any
applicable withholding taxes. 

	3.
	Adjustments.  

        (a)    Adjustment to Number of Units.    An Award of Performance-Based Restricted Stock Units
that has vested in accordance with Section 2(a) above may be adjusted, in the sole discretion of the Committee, so that the Target Number of Performance-Based Restricted Stock Units, as set
forth on the Grant Notice, represents either up to 20% more Performance-Based Restricted Stock Units or up to 20% fewer Performance-Based Restricted Stock Units. The Committee shall specify the
procedures applicable to implementing the provisions of this Section 3(a). The consent of the Participant shall not be required for any action to be taken by the Committee under this
Section 3(a). 

        (b)    Adjustment to Performance Goals.    The Committee may adjust the manner in which the threshold, target and
maximum performance goals are defined as set forth above in Section 2 in the event of an extraordinary corporate event such as a material acquisition or divestiture, changes in the capital
structure of the Company or extraordinary changes to accounting rules or procedures. 

        (c)    Adjustment to Cumulative Earnings Per Share.    The parties hereto acknowledge and agree that the Cumulative
Earnings Per Share amounts reflected in the Vesting Table are based on assumptions pertinent to the number of Shares issued and outstanding as of the Date of Grant. If such number of Shares has been
increased or decreased at the time of the calculation of Cumulative Earnings Per Share, the Committee may equitably adjust the Cumulative Earnings Per Share amount applicable to each performance
level. Any such calculation shall be made by the Committee in good faith and shall be final and binding on the Company and the Participant. 

        4.     Termination of Employment.    In the event that the Participant's employment is
terminated by the Company for Cause or as a consequence of the Participant's resignation for any reason, the Award shall lapse and become void as of the date of such termination. In the event that the
Participant's employment terminates for any other reason, the Award shall continue to be subject to the applicable terms of vesting and, if such terms are met, shall vest at the Vesting Date on a pro
rata basis from the Date of Grant until the date of the Participant's termination of employment; provided,  however, that, if the termination of employment
occurs for any other reason prior to the first anniversary of the Date of Grant, the entire Award shall
be forfeited as of the date of termination. 

        5.     General Terms.  

        (a)    Transferability.    The Award is not transferable by the Participant, except by will or
by the laws of descent and distribution or pursuant to a domestic relations order, if applicable. 

        (b)    Award Not a Service Contract.    Neither this Award Agreement nor the Award granted hereunder is an employment
or service contract, and nothing in this Award Agreement shall be deemed to create in any way whatsoever any obligation on the part of the Participant to continue in the employ of the Company, or of
the Company to continue the Participant's employment. In addition, nothing in this Award Agreement shall obligate the Company or shareholders, the Board, officers or employees of Bunge or any other
entity constituting the Company to continue any relationship that the Participant might have as a director, advisor, employee or consultant for the Company. 

11

 

        (c)    Withholding Obligations.    The Company shall be entitled to withhold from any Cash Payment an amount
sufficient to satisfy any U.S. federal, state, local and/or foreign income tax, social tax or other applicable payroll tax withholding requirements. The Company shall also be entitled to require the
Participant, prior to delivery of any Shares, to remit to the Company an amount sufficient to satisfy any U.S. federal, state, local and/or foreign income tax, social tax or other applicable payroll
tax withholding requirements. The Company may, in its sole discretion, permit the Participant, after the delivery of Shares to the Participant, to satisfy U.S. federal, state, local and/or foreign
income tax, social tax or other applicable payroll taxes by directing the Company to repurchase Shares that were
issued to such Participant in accordance with all applicable laws and pursuant to any such rules as the Committee may establish from time to time. 

        (d)    Restrictive Covenants; Cooperation Obligations.    

        (i)    Confidentiality.    The Participant understands and acknowledges that in the course of his or her employment,
the Participant shall have access to and shall learn information proprietary to Bunge, its parent companies and subsidiaries (individually and as a group, the "Bunge
Group") that concerns the technological innovations, operation and methodology of the Bunge Group, including, without limitation, business plans, financial information,
protocols, proposals, manuals, clinical procedures and guidelines, scientific data, computer source codes, programs, software, know-how and specifications, copyrights, trade secrets,
market information, Developments (as hereinafter defined), data and customer information (collectively, "Proprietary Information").
"Developments" shall mean all data, discoveries, findings, reports, designs, inventions, improvements, methods, practices, techniques, developments,
programs, concepts and ideas, whether or not patentable, relating to the present or planned activities, or the products and services of the Bunge Group. The Participant hereby agrees that during the
period beginning on the Date of Grant and continuing in perpetuity thereafter, the Participant shall keep confidential and shall not disclose any such Proprietary Information to any third party,
except as required to fulfill his or her duties in connection with employment by the Bunge Group, and shall not misuse, misappropriate or exploit such Proprietary Information in any way. The
restrictions contained herein shall not apply to any information which (i) was already available to the public at the time of disclosure, or subsequently became available to the public,
otherwise than by breach of this Award Agreement or (ii) the disclosure of which was required by order of any court or administrative agency. Upon any termination of the Participant's
employment with the Bunge Group, the Participant hereby agrees to return immediately to the Bunge Group all Proprietary Information and copies thereof in the possession of the Participant. 

        (ii)    No Competing Employment.    During the period beginning on the Date of Grant and continuing until the end of
the twelfth month following the Participant's termination of employment for any reason with the Bunge Group (such period to be referred to as the "Restricted
Period"), the Participant shall not, without the prior written consent of Bunge, directly or indirectly, whether as owner, consultant, employee, partner, venturer, or agent,
through stock ownership, investment of capital, lending of money or property, rendering of services, or otherwise (except ownership of less than 5% of the number of shares outstanding of any
securities which are publicly traded), (A) compete with the Bunge Group, or (B) provide services to, whether as an employee or consultant, or own, manage, operate, control, participate
in or be connected with (as a shareholder, partner or similar owner) any corporation, firm, partnership, joint venture, sole proprietorship or other entity which competes with the Bunge Group, except
for the aforementioned ownership of less than 5% of any publicly traded securities. The Restricted Period shall be extended by the length of any period during which the Participant is in breach of any
of the terms of this Section 5(d)(ii). 

12

 

        (iii)    Restrictions on Solicitation.    During the Restricted Period, and except as required pursuant to the
Participant's duties to the Bunge Group in connection with the employment relationship, the Participant shall not, directly or indirectly: (i) solicit or contact any customer of the Bunge Group
(or any other entity that the Participant knows is a potential customer with respect to specific products of the Bunge Group and with which the Participant has had contact during the period of his or
her employment with the Bunge Group) for any commercial pursuit that to the knowledge of the Participant is in competition with the Bunge Group or that to the knowledge of the Participant is
contemplated from time to time during the period of his or her employment with the Bunge Group by any corresponding business plan; (ii) take away or interfere or attempt to interfere with any
custom, trade, business or patronage of the Bunge Group, or induce, or attempt to induce, any employees, agents or consultants of or to the Bunge Group to do anything from which the Participant is
restricted by reason of this Section 5(d); or (iii) offer or aid others to offer employment to employees of the Bunge Group, or interfere or attempt to interfere with any employees of
the Bunge Group. The Restricted Period shall be extended by the length of any period during which the Participant is in breach of any of the terms of this Section 5(d)(iii). 

        (iv)    Application of Covenants.    The activities described in this Section 5(d) shall be prohibited
regardless of whether undertaken by the Participant in an individual or representative capacity, and regardless of whether performed for the Participant's own account or for the account of any other
individual, partnership, firm, corporation or other business organization (other than Bunge). 

        (v)    Injunctive Relief.    Without limiting the remedies available to Bunge, the Participant acknowledges that a
breach of any of the covenants contained in this Section 5(d) may result in irreparable injury to Bunge for which there is no adequate remedy at law, that it shall not be possible to measure
damages for such injuries precisely and that, in the event of such a breach or threat thereof, Bunge shall be entitled to seek a temporary restraining order or a preliminary or permanent injunction
restraining the Participant from engaging in activities prohibited by this Section 5(d) or such other relief as may be required to specifically enforce any of the covenants in this
Section 5(d). 

        (e)    Plan Document Controls.    In the event of any conflict between the provisions of this Award Agreement and
those of the Plan, the provisions of the Plan shall control. 

        (f)    Applicable Law.    This Award Agreement shall be governed by and subject to the laws of the State of New York
and to all applicable laws and to the approvals by any governmental or regulatory agency as may be required. 

        (g)    Validity.    The invalidity or unenforceability of any provision of this Award Agreement shall not affect the
validity or enforceability of any other provision of this Award Agreement, which shall remain in full force and effect. The parties intend that any offending provision shall be enforced to the fullest
extent to which it is enforceable, that any unenforceable portion thereof be severed from this Award Agreement, and that this Award Agreement, as modified to sever any such unenforceable portion, be
enforced to the fullest extent permitted by law. In the event that all or any portion of this Award is forfeited pursuant to the terms of the Plan or this Award Agreement, such forfeiture shall be
automatic and shall not require any further action by the Participant or the Company. 

        (h)    Notices.    All notices and other communications provided for herein shall be in writing and shall be delivered
by hand, telecopy or facsimile transmission or sent by certified or registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the attention of the Participant at
the mailing address set forth on the Grant Notice (or to such other address as the Participant shall have specified to Bunge in writing) and, if to Bunge, to it at its principal offices which are
currently located at 50 Main Street, 6th Floor, White Plains, New York 10606, attention Chief 

13

 

Personnel
Officer. All such notices shall be conclusively deemed to be received and shall be effective, (i) if delivered by hand, upon receipt, (ii) if sent by telecopy or facsimile
transmission, upon confirmation of receipt by the sender of such transmission or (iii) if sent by registered or certified mail, on the fifth day after the day on which such notice is mailed. 

        (i)    Waiver.    The waiver by either party of compliance with any provision of this Award Agreement by the other
party shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach of such party of a provision of this Award Agreement. 

        (j)    Committee Decisions Final.    Any dispute or disagreement that arises under, or as a result of, or pursuant to,
or in connection with, the interpretation or construction of the terms of this Award Agreement or the Award granted hereunder shall be determined by the Committee. Any interpretation by the Committee
of the terms of the Award shall be final and binding on all persons affected thereby. 

        (k)    Amendments.    The Committee shall have the power to alter or amend the terms of this Award Agreement as set
forth herein from time to time, in any manner consistent with the provisions of Section 14 of the Plan, and any alteration or amendment of the terms of the Award by the Committee shall, upon
adoption, become and be binding on all persons affected thereby without requirement for consent or other action with respect thereto by any such person;  provided, however, that, except as contemplated by Section 14 of the Plan and Section 3
hereof, no such alteration or amendment may, without the consent of the Participant, adversely affect the rights of the Participant under this Award. The Committee shall give written notice to the
Participant of any such alteration or amendment as promptly as practicable after the adoption thereof. Notwithstanding any provision herein to the contrary, the Board shall have the broad authority to
amend this Award to take into account changes in applicable tax laws, securities laws, accounting rules and other applicable state and Federal laws. 

        (l)    Entire Agreement; Headings.    This Award Agreement and the other related documents expressly referred to
herein set forth the entire agreement and understanding between the parties hereto. The headings of sections and subsections herein are included solely for convenience of reference and shall not
affect the meaning of any of the provisions of this Award Agreement. 

        (m)    Counterparts.    The Grant Notice to this Award Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 

        (n)    Market Standoff Agreement.    The Participant, if requested by Bunge and an underwriter of Common Stock (or
other securities) of Bunge, agrees not to sell or otherwise transfer or dispose of any Common Stock (or other securities) of Bunge held by the Participant during the period requested by the
underwriter managing any public offering of Common Stock (or other securities) of Bunge following the effective date of a registration statement of Bunge filed under the U.S. Securities Act of 1933,
as amended, provided that all similarly situated officers and directors of Bunge are required to enter into similar agreements. Such agreement shall be
in writing in a form satisfactory to Bunge and such underwriter. Bunge may impose stop-transfer instructions with respect to the shares (or other securities) subject to the foregoing
restriction until the end of such period. 

        (o)    Securities Laws Compliance.    No Shares shall be issued or transferred under this Award Agreement unless the
Committee determines that such issue or transfer is in compliance with all applicable U.S. federal, state and/or foreign securities laws and regulations, including without limitation, Bermuda laws and
regulations. 

        (p)    Change in Control.    The terms of Section 13(b) of the Plan shall apply to any rights the Participant
may have with respect to the Performance-Based Restricted Stock Units upon a Change in Control. 

14

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BUNGE LIMITED EQUITY INCENTIVE PLAN AWARD AGREEMENT —Terms and Conditions Applicable to Performance-Based Restricted Stock Units—QuickLinks
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Exhibit 10.15  

 
 

BUNGE LIMITED
  NON-EMPLOYEE DIRECTORS
  EQUITY INCENTIVE PLAN
  (As Amended and Restated)    
    

        Bunge Limited, a company organized under the laws of Bermuda ("Bunge"), hereby establishes an equity compensation
plan to be known as the Bunge Limited Non-Employee Directors Equity Incentive Plan (the "Plan"). The Plan shall become effective as of the
Effective Date, as defined in Section 9 below. Capitalized terms that are not otherwise defined in the text of this Plan are defined in Section 2 below. 

1.    Purpose  

        The purpose of the Plan is to promote the long-term growth and financial success of Bunge and its Subsidiaries by attracting, motivating and retaining
non-employee directors of outstanding ability and assisting the Company in promoting a greater identity of interest between the Company's non-employee directors and its
shareholders. 

2.    Definitions  

        For purposes of the Plan, the following terms shall be defined as follows: 

        "Annual Meeting" means an annual meeting of the Company's shareholders. 

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

        "Change in Control" shall have the meaning set forth in the Bunge Limited Equity Incentive Plan as in effect from time to time, or any
successor thereto. 

        "Common Stock" means shares in the capital of Bunge, including common shares. 

        "Company" means Bunge Limited, a company organized under the laws of Bermuda, or any successor to substantially all its business. 

        "Deferral Election" has the meaning set forth in Section 7(g). 

        "Deferral Value" means as of the Vesting Date, the value to a Non-Employee Director of a Director Option, less any applicable
withholding taxes. The Deferral Value of a Director Option is the difference between the Fair Market Value of a Share on the Vesting Date and the exercise price of such Director Option, less any
applicable withholding taxes. 

        "Director Option" means a right to purchase Shares of Common Stock granted to a Non-Employee Director pursuant to
Section 6 below. 

        "Effective Date" means the effective date of the Plan provided for in Section 9 below. 

        "Fair Market Value" of a Share of Common Stock as of any date means: 

          (i)  if
the Common Stock is listed on an established stock exchange or exchanges (including for this purpose, the NASDAQ National Market), (a) the average of the
highest and lowest sale prices of the stock quoted for such date as reported in the Transactions Index of each such exchange, as published in The Wall Street
Journal and determined by the Board, or, if no sale price was quoted in any such Index for such date, then as of the next preceding date on which such a sale price was quoted
or (b) the average of the highest and lowest sales prices of the stock on each day, as quoted on the relevant exchange over the twenty (20) trading days immediately following the
preceding quarterly earnings announcement, with such average weighted by volume; 

         (ii)  if
the Common Stock is not then listed on an exchange or the NASDAQ National Market, the average of the closing bid and asked prices per Share for the stock in the 

 

over-the-counter
market as quoted on The NASDAQ Small Cap or OTC Electronic Bulletin Board, as appropriate, on such date; or 

        (iii)  if
the Common Stock is not then listed on an exchange or quoted in the over-the-counter market, an amount determined in good faith by the
Board; provided, however, that, when appropriate, the Board, in determining Fair Market Value of the Common Stock, may take into account such factors as
it may deem appropriate under the circumstances. 

        "Non-Employee Director" means a member of the Board who is not an employee of the Company or any of its Subsidiaries. 

        "Permanent Disability" means a physical or mental impairment rendering a Non-Employee Director substantially unable to
function as a member of the Board for any period of six consecutive months. Any dispute as to whether a Non-Employee Director is Permanently Disabled shall be resolved by a physician
mutually acceptable to the Non-Employee Director and the Company, whose decision shall be final and binding upon the Non-Employee Director and the Company. 

        "Person" means any individual, firm, corporation, partnership or other entity. 

        "Plan Limit" has the meaning set forth in Section 4(a). 

        "Retirement" shall mean retirement from the Board in accordance with the retirement policy then in effect for Board members. 

        "Shares" means shares comprising the Common Stock. 

        "Subsidiary" means (i) a corporation or other entity with respect to which Bunge, directly or indirectly, has the power, whether
through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such corporation's board of directors or analogous governing body, or
(ii) any other corporation or other entity in which Bunge, directly or indirectly, has an equity or similar interest and which the Board designates as a Subsidiary for purposes of the Plan. 

        "Vesting Date" means the date with respect to which a Director Option or a portion of a Director Option becomes vested and nonforfeitable. 

3.    Administration of the Plan  

         (a)  Administration by the Board. The Plan shall be administered by the Board, which may adopt rules
and regulations it considers necessary or appropriate to carry out the Plan's purposes. The Board's interpretation and construction of any Plan provision shall be final and conclusive. The Board may,
but need not, from time to time delegate some or all of its authority under the Plan to a committee consisting of one or more members of the Board, any such delegation to be subject to the
restrictions and limits that the Board specifies at the time of such delegation or thereafter. References in the Plan to the "Board" shall, to the extent consistent with the terms and limitations of
any such delegation, be deemed to include a reference to any such committee to which the Board's authority hereunder has been delegated. 

         (b)  Award Certificate. The terms and conditions of each grant of Director Options under the Plan
shall be embodied in an award agreement or award certificate which shall incorporate the Plan by reference and shall indicate the date on which the Director Options were granted and the number of
Director Options granted on such date. 

4.    Shares Available  

         (a)  General. Subject to adjustment as provided in Section 11 hereof,
the total number of Shares of Common Stock that may be issued pursuant to the exercise of Director Options under the Plan (the 

2

 

 "Plan Limit") shall not exceed, in the aggregate, 0.5 percent (or one-half of one percent) of the issued
Shares of Common Stock outstanding at any such time. 

         (b)  Rules Applicable to Determining Shares Available for Issuance. For purposes of determining the
number of Shares of Common Stock that remain available for issuance, the following Shares shall be added back to the Plan Limit and again be available for awards: 

          (i)  The
number of Shares tendered to pay the exercise price of a Director Option; 

         (ii)  The
number of Shares acquired by the Company under Section 7(d) below in satisfaction of some or all of the exercise price of a Director Option or in
satisfaction of any tax withholding requirement; 

        (iii)  The
number of Shares subject to Director Options that expire unexercised or that become forfeited; and 

        (iv)  As
of the date of any Deferral Election by a Non-Employee Director under Section 7(g) below, the number of Shares underlying the award of Director
Options, or any portion thereof, subject to such Deferral Election. 

        Authorized
and unissued Shares shall be delivered pursuant to the Plan. 

5.    Eligibility  

        Director Options shall be granted only to Non-Employee Directors. 

6.    Grants of Director Options  

         (a)  General. A Director Option shall entitle a Non-Employee Director to purchase a
specified number of Shares of Common Stock during a specified period at an exercise price per Share of Common Stock determined as provided below. All Director Options provided for herein shall have
the general terms and conditions set forth in Section 7 below. Director Options shall be nonqualified stock options and are not intended to qualify as "incentive stock options" under
Section 422 of the US Internal Revenue Code of 1986, as amended. 

         (b)  Annual Grants of Director Options. Annual Grants of Director Options shall be made as follows:
(i) each Non-Employee Director serving on the Board at the time an annual grant is made to Non-Employee Directors shall automatically receive Director Options to
purchase 7,200 Shares of Common Stock either (A) as of the date of the Annual Meeting, commencing with the 2001 Annual Meeting or (B) at an earlier time specified by the Board prior to
an Annual Meeting; and (ii) any Non-Employee Director who is elected or appointed to the Board after the annual grant for any year has been made under subsection
6(b)(i) above, will, in the sole discretion of the Board, receive Director Options to purchase 7,200 Shares of Common Stock as of the date of such initial election or appointment. 

        The
exercise price per Share of Common Stock subject to each Director Option provided for in this Section 6(b) shall be the Fair Market Value on the date of grant. 

         (c)  Grants of Director Options to New Directors. In addition to the annual grants described in
Section 6(b) above, a Non-Employee Director who is initially elected or appointed to the Board, whether or not such election or appointment is in connection with an Annual Meeting,
shall receive, as of the date of such initial election or appointment, Director Options to purchase 9,000 Shares of Common Stock. The exercise price per Share of Common Stock of each Director Option
provided for in this Section 6(c) shall be the Fair Market Value on the date of grant. 

3

 

         (d)  Grants to Non-Employee Directors as of the 2001 Annual Meeting. All
Non-Employee Directors serving on the Board at the time of the 2001 Annual Meeting shall receive both the initial grant described in Section 6(c) above and the annual grant
described in Section 6(b) above. 

7.    General Terms and Conditions of Director Options  

         (a)  Option Term. Each Director Option shall expire on the date of the Annual Meeting held in the
tenth calendar year following the date of grant, subject to earlier expiration as provided herein; provided,  however, that Director
Options granted to a Non-Employee Director whose initial election occurs other than in connection with an Annual
Meeting shall be treated for this purpose as though they had been granted at the first Annual Meeting following such initial election; provided further,
the period during which Director Options granted to a Non-Employee Director in accordance with Section 6(b)(i)(B) above are exercisable shall not exceed ten years from the date of
grant. 

(b)    Vesting; Accelerated Vesting; Effect of Termination of Service.  

          (i)  Vesting Generally. Director Options shall vest and become exercisable as of the date of January 1st occurring
after the date that such Director Options are granted, assuming that the Non-Employee Director has continued to serve as a member of the Board until such date. Notwithstanding the
preceding sentence, all Director Options shall be considered fully vested and exercisable upon the termination of the Non-Employee Director's service on the Board by reason of Retirement,
death, Permanent Disability or by reason of failure by the shareholders to reelect such Non-Employee Director. Any Director Options that are unvested at the time of a termination of a
Non-Employee Director's service on the Board shall lapse and become void. 

         (ii)  Exercise Following Termination of Service. Following termination of a Non-Employee Director's service on the
Board, the former Non-Employee Director (or the former Non-Employee Director's estate, personal representative or beneficiary, as the case may be) shall have the right, subject
to the other terms and conditions hereof, to exercise all Director Options that had vested as of or in connection with the termination of service: 

        (A)  at
any time within three years after the date of termination of service, if such termination was by reason of Retirement, death, Permanent Disability or by reason of
failure by the shareholders to reelect such Non-Employee Director, or 

        (B)  in
all other cases, at any time within one year after the date of termination of service; 

        subject, in all cases, to earlier expiration of the Director Option pursuant to Section 7(a) above. 

         (c)  Notice of Exercise. Subject to the other terms and conditions of the
Plan, a Non-Employee Director may exercise all or any portion of a vested Director Option by giving notice of exercise to the Company or its designated agent;  provided, however, that no fewer than one hundred (100) Shares of Common Stock may be purchased
upon any exercise of a Director Option unless the number of Shares purchased at such time is the total number of Shares in respect of which the Director Option is then exercisable, and  provided further, that in no event shall the Director Option be exercisable for a fractional Share. The date of exercise of a Director Option shall be
the later of (i) the date on which the Company or its agent receives such notice or (ii) the date on which the conditions provided in Sections 7(d) and 7(e) below are satisfied. 

         (d)  Payment. Subject to Section 7(g) below, the exercise price of a Director Option may be
paid in cash or previously owned Shares or a combination thereof or by any other method approved by the Board. 

         (e)  Limitation on Exercise. A Director Option shall not be exercisable unless the Common Stock
subject thereto has been registered under the Securities Act of 1933, as amended (the "1933 Act"), and 

4

 

qualified
under applicable state "blue sky" laws in connection with the offer and sale thereof, or the Company has determined that an exemption from registration under the 1933 Act and from
qualification under such state "blue sky" laws is available. 

          (f)  Issuance of Shares. Subject to the foregoing conditions and Section 7(g) below, as soon
as is reasonably practicable after its receipt of a proper notice of exercise and payment of the exercise price for the number of Shares with respect to which a Director Option is exercised, the
Company shall issue such Shares and deliver to the exercising Non-Employee Director, at the principal office of the Company or at such other location as may be acceptable to the Company
and the Non-Employee Director, one or more stock certificates for the appropriate number of Shares of Common Stock issued in connection with such exercise. Such Shares shall be fully paid
and nonassessable and shall be issued in the name of the Non-Employee Director. 

         (g)  Right to Elect to Defer Value of Director Options Prior to Vesting Date. The Board, in its sole
discretion, may permit any Non-Employee Director to elect to defer receipt of the value of all or any portion of a Director Option in accordance with the terms of this Section 7(g)
(a "Deferral Election"). Any Deferral Election must be made by a Non-Employee Director within the requisite time as specified in the sole
discretion of the Committee prior to the Vesting Date of the corresponding Director Option or portion thereof. Any Deferral Election made after such time shall be null and void. Under any Deferral
Election, a Non-Employee Director will be given the opportunity to irrevocably elect to defer into the Bunge Limited Deferred Compensation Plan for Non-Employee Directors, or
any successor plan adopted by the Board (the "Deferred Compensation Plan"), an amount equal to the Deferral Value of a whole number of Shares subject to
such Director Option. The Deferral Value will be credited automatically, without any further action on the part of the Non-Employee Director, to the Non-Employee Director's
account under the terms of the Deferred Compensation Plan on the Vesting Date of any Director Option, or portion thereof, that is subject to a Deferral Election. Accordingly, if an Award of Director
Options is subject to a Deferral Election, the Deferral Value of such Director Options will be credited to the Non-Employee Director's account under the Deferred Compensation Plan as of
the Vesting Date and the exercise provisions otherwise applicable to Director Options will not apply. Any Deferral Value credited to the Deferred Compensation Plan will be subject to the terms of the
applicable plan. 

8.    Transferability  

        Director Options may not be transferred, pledged, assigned or otherwise disposed of except by will or the laws of descent and distribution or pursuant to a
domestic relations order; provided, however, that the Board may, in its discretion and subject to such terms and conditions as it shall specify, permit
the transfer of a Director Option for no consideration to a Non-Employee Director's family members or to one or more trusts or partnerships established in whole or in part for the benefit
of one or more of such family members (collectively, "Permitted Transferees"). Any Director Option transferred to a Permitted Transferee shall be
further transferable only by will or the laws of descent and distribution or, for no consideration, to another Permitted Transferee of the Non-Employee Director. A Non-Employee
Director shall notify the Company in writing prior to any proposed transfer of a Director Option to a Permitted Transferee and shall furnish the Company, upon request, with information concerning such
Permitted Transferee's financial condition and investment experience. 

9.    Term  

        The "Effective Date" shall be May 25, 2001. Unless earlier terminated in accordance with Section 10
below, the Plan shall expire on the tenth anniversary of the Effective Date (the "Expiration Date"). No Director Options shall be granted under the Plan
after the Expiration Date. However, the expiration of the Plan shall not affect awards of Director Options made on or prior to the Expiration Date, which awards shall remain outstanding subject to the
terms hereof. 

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10.    Amendments  

        The Board may at any time and from time to time alter, amend, suspend or terminate the Plan in whole or in part, including, without limitation, to amend the
provisions for determining the amount of Director Options to be issued to a Non-Employee Director; provided, however, that any amendment
which under the requirements of applicable law or stock exchange rule must be approved by the shareholders of the Company shall not be effective unless and until such shareholder approval has been
obtained in compliance with such law or rule. 

        No
termination or amendment of the Plan that would adversely affect a Non-Employee Director's rights under the Plan with respect to any award of Director Options made prior
to such action shall be effective as to such Non-Employee Director unless he or she consents thereto. 

11.    Recapitalization or Reorganization  

         (a)  Authority of the Company and Shareholders. The existence of the Plan or
awards hereunder shall not affect or restrict in any way the right or power of the Company or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or
other change in the Company's capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds,
debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the
dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

         (b)  Change in Control. In addition to the alternatives described in
Section 11(c) below, in the event of a Change in Control, the Board in its sole discretion may take such measures as it deems appropriate with respect to any outstanding Director Options, which
measures may include, without limitation, the acceleration of vesting, the rollover of outstanding Director Options into awards exercisable for or subject to the acquirer's securities, the cash out of
vested Director Options or any combination of the foregoing; provided, however, that unless the Board, in its sole discretion,
determines otherwise, in the event of a Change in Control, all outstanding Director Options shall become fully vested immediately prior to the consummation of such Change in Control transaction. 

         (c)  Change in Capitalization. The number and kind of Shares authorized for
issuance under Section 4(a) above shall be equitably adjusted in the event of a stock split, subdivision, stock dividend, bonus issue, recapitalization, reorganization, merger, amalgamation,
consolidation, division, extraordinary dividend, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock at a price
substantially below Fair Market Value, or other similar corporate event affecting the Common Stock in order to preserve, but not increase, the benefits or potential benefits intended to be made
available under the Plan. In addition, upon the occurrence of any of the foregoing events, the number of outstanding Director Options and the number and kind of Shares subject to any outstanding
Director Options and the exercise price per Share shall be equitably adjusted in order to preserve the benefits or potential benefits intended to be made available to Non-Employee
Directors granted Director Options. Such adjustments shall be made by the Board, whose determination as to what adjustments shall be made, and the extent thereof, shall be final. Unless otherwise
determined by the Board, such adjusted Director Options shall be subject to the same vesting schedule and restrictions to which the underlying Director Option is subject. 

12.    No Right to Re-election  

        Nothing in the Plan shall be deemed to create any obligation on the part of the Board to nominate any of its members for re-election by the Company's
shareholders, nor confer upon any Non-Employee 

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Director
the right to remain a member of the Board for any period of time, or at any particular rate of compensation. 

13.    Governing Law  

        The Plan and all agreements entered into under the Plan shall be construed in accordance with and governed by the laws of the State of New York. 

14.    Unfunded Plan  

        The Plan is unfunded. Prior to the exercise of any Director Options, nothing contained herein shall give any Non-Employee Director any rights that are
greater than those of a general creditor of the Company. In its sole discretion, the Board may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to
deliver Common Stock with respect to awards hereunder. 

15.    Compliance with Rule 16b-3  

        Notwithstanding anything contained in the Plan to the contrary, if the consummation of any transaction under the Plan would result in the possible imposition of
liability on a Non-Employee Director pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, the Board shall have the right, in its sole discretion, but shall
not be obligated, to defer such transaction or the effectiveness of such action to the extent necessary to avoid such liability, but in no event for a period longer than six months. 

16.    Stated Periods of Time  

        In the event that any period of days, months or years set forth in this Plan ends on a date that is Saturday, Sunday or a public holiday in the United States, the
end of such period shall be the first business day following such date. 

The Plan was adopted by the Board on September 28, 2001 and was amended by the Board on March 22, 2002, May 29, 2002, March 13, 2003 and
March 11, 2004.

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QuickLinks

BUNGE LIMITED NON-EMPLOYEE DIRECTORS EQUITY INCENTIVE PLAN (As Amended and Restated)

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