Document:

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                                                                    EXHIBIT 10.4

     [FORM OF FISHER & PAYKEL HEALTHCARE (NORTH AMERICAN) SHARE OPTION PLAN]

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          FISHER & PAYKEL HEALTHCARE (NORTH AMERICAN) SHARE OPTION PLAN

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          FISHER & PAYKEL HEALTHCARE (NORTH AMERICAN) SHARE OPTION PLAN

                                    CONTENTS

1.       Name and Structure of Plan

2.       Interpretation

3.       Limitations on Issue

4.       Issue of Options

5.       Rights of Participants Holding Options

6.       Exercise of Options

7.       Rights upon Exercise

8.       Quotation

9.       Lapse of Options

10.      Disputes

11.      Correspondence

12.      Employment Rights

13.      Amendment of Plan

14.      Governing Law

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1.       NAME AND STRUCTURE OF THE PLAN

1.1      This Plan is called the "Fisher & Paykel Healthcare (North American)
         Share Option Plan".

2.       INTERPRETATION

2.1      Except where the context otherwise requires:

         "BOARD" means the board of directors of the Company.

         "BUSINESS DAY" means a day on which the Exchange is open for trading.

         "COMPANY" means Fisher & Paykel Industries Limited (to be renamed
         Fisher & Paykel Healthcare Corporation Limited).

         "EMPLOYEE" means any person whose employment is based in the United
         States of America or Canada and is employed by the Company or any
         Subsidiary and includes any director of the Company or any Subsidiary
         holding salaried office or employment with the Company or any
         Subsidiary.

         "EXCHANGE" means the New Zealand Stock Exchange or, if the Board
         considers the use of the New Zealand Stock Exchange in this definition
         to be inappropriate, such other stock exchange on which the Shares are
         quoted that is selected by the Board.

         "EXERCISE DATE" means, in respect of an Option, the date on which a
         Participant exercises the Option in accordance with clause 6.

         "EXERCISE PRICE" means the amount payable when an Option is exercised,
         calculated in accordance with the Plan.

         "GRANT DATE" means, in respect of an Option, the date on which the
         Option is granted to a Participant or deemed to be granted to a
         Participant in accordance with clause 4.

         "LAPSE DATE" means, in respect of an Option, the date on which the
         Option lapses in accordance with clause 9.

         "LEAVING DATE" means the date on which an Employee ceases to be
         employed by the Company or any Subsidiary.

         "LISTING RULES" means the listing rules of any stock exchange which are
         binding on the Company, as amended or substituted from time to time.

         "OPTION" means an option granted under the Plan over a Share.

         "PARTICIPANT" means the holder of an Option.

         "REDUNDANCY" means a situation in which an Employee's employment is
         terminated where the termination is attributable to the fact that the
         position filled by the Employee is, or will be, discontinued and no
         comparable position is available.

         "SEPARATION" means the separation of the appliances/finance business
         and healthcare business of Fisher & Paykel Industries Limited into two
         industry specific, listed

<PAGE>

         companies, namely Fisher & Paykel Appliances Holdings Limited and
         Fisher & Paykel Healthcare Corporation Limited.

         "SHARE" means a fully paid up ordinary share in the capital of the
         Company.

         "SHAREHOLDER" means the holder of a Share.

         "SUBSIDIARY" means a subsidiary of the Company within the meaning given
         to the term "subsidiary" in section 5 of the Companies Act 1993 or any
         other company that the Board deems to be an associated company.

2.2      Unless the context otherwise requires, words denoting the singular
         shall include the plural and vice versa.

2.3      Where any matter is to be determined by the Board, that matter shall be
         determined in the sole discretion of the Board whose determination
         shall be final and binding in all respects.

3.       LIMITATIONS ON GRANT

3.1      No grant shall be made to a person who is not an Employee.

3.2      Notwithstanding any provision of the Plan, no grant shall be made
         unless permitted by or pursuant to any applicable Listing Rules and all
         other applicable laws (including insider trading laws).

3.3      Any Options granted prior to completion of the Separation shall be
         conditional on completion occurring, with the effect that:

         (a)      if completion does not occur within 3 months of the grant, the
                  Option shall be treated as never having been granted;

         (b)      the Participant may not exercise any rights in relation to the
                  Option (including, without limitation, any right to exercise
                  the Option) until completion has occurred;

         (c)      if an Employee ceases to be employed by the Company or any
                  Subsidiary between the Grant Date and completion, that
                  cessation shall be deemed to have occurred on completion.

4.       GRANT OF OPTIONS

4.1      The Board may, in its absolute discretion, determine the Employees to
         whom a grant is to be made and the number of Options to be granted. On
         or before the time a grant is made, the Board may determine that the
         Options will have a deemed Grant Date earlier or later than the date on
         which the grant is actually made.

4.2      The Exercise Price of an Option granted prior to completion of the
         Separation shall be the amount determined by the Board to be the NZ$
         per Share equivalent of the initial public offering price of the
         American Depository Shares issued in connection with the Separation.
         The Exercise Price of an Option granted after completion of the
         Separation shall be the amount determined by the Board to represent the
         market price of Shares on or around the Grant Date. The Board shall
         notify Participants of the Exercise Price as soon as practicable after
         it is determined.

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4.3      An Option certificate or certificates, executed by the Company as a
         deed, shall be provided to each Participant as soon as practicable
         after the determination under clause 4.1 above.

5.       RIGHTS OF PARTICIPANTS HOLDING OPTIONS

5.1      Options granted to a Participant are not transferable to any other
         person and no Participant may in any way sell, charge or otherwise
         dispose of or create any interest in favour of any third party over or
         in relation to any Option.

5.1      Options do not entitle the Participant to receive dividends from, or
         vote in respect of, the Shares subject to the Options.

6.       EXERCISE OF OPTIONS

6.1      A Participant may exercise an Option at any time permitted by law by
         giving notice to the Company in the form prescribed by the Company and
         remitting the Exercise Price to the Company, subject to the following
         conditions:

         (a)      one third of the Options granted to the Participant on a
                  particular Grant Date may be exercised between the second
                  anniversary of the Grant Date and the Lapse Date;

         (b)      a further one third of the Options granted to the Participant
                  on a particular Grant Date may be exercised between the third
                  anniversary of the Grant Date and the Lapse Date;

         (c)      a further one third of the Options granted to the Participant
                  on a particular Grant Date may be exercised between the fourth
                  anniversary of the Grant Date and the Lapse Date,

         Provided that where:

         (i)      a Participant has ceased to be employed by the Company or any
                  Subsidiary in the circumstances outlined in clause 9.1(b); or

         (ii)     a person or group of persons acting in concert acquires 50% or
                  more of the Shares on issue,

         the conditions in this clause 6.1 which prevent the Participant from
         exercising options until the specified period has elapsed shall not
         apply.

6.2      The minimum number of Options that may be exercised by a Participant on
         any one occasion is 200 Options.

6.3      The Company shall, within five Business Days after the Exercise Date,
         issue, transfer or procure the transfer to the Participant of the
         relevant Shares.

6.4      Notwithstanding any other provisions in this clause 6, where requested
         to do so by a Participant, the Company shall use all reasonable
         endeavours to establish an arrangement under which a Participant who
         wishes to exercise Options is able to acquire and sell sufficient of
         the Shares to obtain the funds required to pay the Exercise Price
         without having to obtain those funds from his or her own resources.

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7.       RIGHTS UPON EXERCISE

7.1      Any Shares issued or transferred upon the exercise of an Option shall
         be fully paid and shall rank equally in all respects with the relevant
         Shares on issue at the Exercise Date, except for any dividend in
         respect of which the record date occurred prior to the Exercise Date.

7.2      If between the Grant Date and the Exercise Date in respect of any
         Option:

         (a)      the Company makes or announces any rights issue, or other
                  offer to Shareholders to take up Shares or other securities;

         (b)      any consolidation or subdivision of Shares, Share buyback,
                  amalgamation, or other reconstruction of or adjustment to the
                  Shares or the share structure of the Company, of any nature
                  whatsoever, is made or announced; or

         (c)      any offer is made or announced for the acquisition of Shares,

         the Board may make such adjustments or alterations to the terms of
         Options (provided that it will apply any adjustment formula set out in
         the Listing Rules in the case of a rights issue), as in the reasonable
         opinion of the Board are necessary to ensure that, so far as is
         reasonably possible, no benefit is conferred on a Participant that is
         not conferred on Shareholders (and vice versa), as a result of the
         occurrence of the event referred to in (a), (b) or (c) above. Such
         arrangements or adjustments may include (without limitation):

         (i)      adjustments to the number of Shares to be issued or
                  transferred upon exercise of the Options;

         (ii)     adjustments to the Exercise Price of the Options;

         (iii)    permitting Participants to exercise Options earlier than would
                  otherwise have been the case; or

         (iv)     arranging for Participants to participate in any offer or
                  issue of securities made by the Company.

         No such arrangement or alteration shall be made if that arrangement or
         alteration would cause a breach of the Listing Rules or in respect of
         the Separation.

7.3      If between the Grant Date and the Exercise Date Shares are issued pro
         rata to Shareholders generally (otherwise than pursuant to any dividend
         reinvestment plan of the Company then in force or the Separation) by
         way of a bonus issue, a Participant shall be entitled, upon exercise of
         his or her Options, to receive in addition to the Shares issued or
         transferred on the exercise of those Options so many additional bonus
         Shares as would have been issued to a Shareholder who, on the date for
         determining entitlements under the bonus issue, held Shares equal in
         number to the Shares issued or transferred on the exercise of those
         Options (including any additional bonus Shares arising from the
         operation of this clause in respect of an earlier bonus issue).

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8.       QUOTATION

8.1      The Company will not apply, or be required to apply, for quotation of
         an Option on the Exchange.

8.2      The Company will apply to the Exchange for, and will use all reasonable
         endeavours to obtain, quotation for the Shares issued pursuant to the
         Plan.

9.       LAPSE OF OPTIONS

9.1      Unless otherwise determined by the Board, an Option shall lapse and
         cease to be exercisable on the first to occur of the following events:

         (a)      5pm on the fifth anniversary of the Grant Date;

         (b)      in the case of an Option held by a Participant who ceases to
                  be employed by the Company or any Subsidiary because of his or
                  her death, serious illness, accident, permanent disablement or
                  Redundancy, one month after the Leaving Date;

         (c)      in the case of an Option held by a Participant who ceases to
                  be employed by the Company or any Subsidiary after a person or
                  group of persons acting in concert acquires 50% or more of the
                  Shares on issue, one month after the Leaving Date;

         (d)      in the case of an Option held by a Participant who ceases to
                  be employed by the Company or any Subsidiary other than as
                  referred to in paragraph (b) and (c), the Leaving Date.

9.2      Where the Board makes a determination in terms of the opening words of
         clause 9.1, the Board may impose conditions on the future exercise of
         the Option.

10.      DISPUTES

         Any dispute or difference arising under the Plan shall be determined by
         the Board whose decision shall be final and binding in all respects.

11.      CORRESPONDENCE

11.1     Any correspondence from a Participant to the Company shall be delivered
         or posted to the registered office of the Company, or to such other
         address as may be notified by the Company in writing.

11.2     Any correspondence from the Company to a Participant shall be delivered
         to the Participant or posted to his or her home address.

12.      EMPLOYMENT RIGHTS

         A Participant waives all rights to compensation or damages in
         consequence of the termination of his employment with the Company or
         any Subsidiary for any reason whatsoever insofar as those rights arise,
         or may arise, from his ceasing to be entitled to exercise any Option
         under the Plan as a result of such termination.

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13.      AMENDMENT OF PLAN

         The Company may amend the provisions of the Plan in such manner as it
         thinks fit provided that in respect of Options issued prior to the
         effective date of any amendment, no such amendment that would adversely
         affect the position of any Participant may be made without the written
         consent of that Participant.

14.      GOVERNING LAW

         New Zealand law shall apply to Options and the parties submit to the
         exclusive jurisdiction of the New Zealand Courts.<PAGE>
                                                                  EXHIBIT 4.1(a)

REGISTERED
No. 1

                                KRAFT FOODS INC.

                              5 5/8% NOTE DUE 2011

                                  representing

                                  $400,000,000

CUSIP No. 50075N AB 0         ISIN No. US50075NAB01     Common Code No. 13845298

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "DEPOSITARY") TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      KRAFT FOODS INC., a Virginia corporation (hereinafter called the
"Company," which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co. or registered assigns, the principal sum of $400,000,000 on November 1,
2011, and to pay interest thereon from November 2, 2001 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semiannually on May 1 and November 1 in each year, commencing May 1, 2002, at
the rate of 5 5/8% per annum until the principal hereof is paid or made
available for payment.

      The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest, which shall
be April 15 or October 15 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so
<PAGE>
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date and may be paid to the Person in whose name
this Note (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee for the Notes, notice whereof shall be given to Holders
of Notes not less than 10 days prior to such Special Record Date, or may be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in said
Indenture.

      Payment of the principal of and interest on this Note will be made at the
office or agency of the Company maintained for that purpose in the Borough of
Manhattan, The City of New York, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear on the Securities Register or by wire
transfer to an account maintained by the payee at a bank located in the United
States. All payments of principal and interest in respect of this Note will be
made by the Company in immediately available funds.

      Additional provisions of this Note are contained on the reverse hereof,
and such provisions shall have the same effect as though fully set forth in this
place.

      Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee for the Notes by manual signature, this Note shall not be
entitled to any benefit under the Indenture, or be valid or obligatory for any
purpose.

      IN WITNESS WHEREOF, KRAFT FOODS INC. has caused this instrument to be duly
executed under its corporate seal.

Dated:  November 2, 2001

                                        KRAFT FOODS INC.

                                        By:        /s/ James P. Dollive
                                            ------------------------------------
                                            Name:  James P. Dollive
                                            Title: Senior Vice President and
                                                   Chief Financial Officer
[SEAL]
                                        Attest:

                                        By:        /s/ Edward J. Moy
                                            ------------------------------------
                                            Name:  Edward J. Moy
                                            Title: Assistant Secretary
<PAGE>
                          CERTIFICATE OF AUTHENTICATION

      This is one of the Securities of the series designated therein described
in the within-mentioned Indenture.

                                        THE CHASE MANHATTAN BANK,
                                            as Trustee

                                        By: /s/ Robert S. Peschler
                                            ------------------------------------
                                                   Authorized Officer
<PAGE>
                               (Reverse of Note)

                                KRAFT FOODS INC.

      This Note is one of a duly authorized issue of debentures, notes or other
evidences of indebtedness (hereinafter called the "Securities") of the Company
of the series hereinafter specified, which series is initially issued in the
aggregate principal amount of $2,000,000,000, all such Securities issued and to
be issued under an Indenture dated as of October 17, 2001 between the Company
and The Chase Manhattan Bank, as Trustee (herein called the "Indenture"), to
which Indenture and all other indentures supplemental thereto reference is
hereby made for a statement of the rights and limitations of rights thereunder
of the Holders of the Securities and of the rights, obligations, duties and
immunities of the Trustee for each series of Securities and of the Company, and
the terms upon which the Securities are and are to be authenticated and
delivered. As provided in the Indenture, the Securities may be issued in one or
more series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest, if any, at different
rates, may be subject to different redemption provisions, if any, may be subject
to different sinking, purchase or analogous funds, if any, may be subject to
different covenants and Events of Default and may otherwise vary as in the
Indenture provided or permitted. This Note is one of a series of the Securities
designated therein as 5 5/8% Notes due 2011 (the "Notes").

      The Company may, without the consent of the Holders of the Notes, issue
additional notes having the same ranking and the same interest rate, maturity
and other terms as the Notes, except for the issue price and issue date. Any
additional notes having such similar terms, together with the Notes, will
constitute a single series of notes under the Indenture. No additional notes may
be issued if an Event of Default has occurred with respect to the Notes.

      Section 1010 of the Indenture shall be applicable to the Notes, except
that the term "Holder," when used in Section 1010 of the Indenture, shall mean
the beneficial owner of a Note or any person holding on behalf or for the
account of the beneficial owner of a Note.

      The Indenture contains provisions for defeasance at any time of the entire
principal of all the Securities of any series upon compliance by the Company
with certain conditions set forth therein.

      If an Event of Default (other than an Event of Default described in
Section 501(4) or 501(5) of the Indenture) with respect to the Notes shall occur
and be continuing, then either the Trustee or the Holders of not less than 25%
in principal amount of the Notes of this series then Outstanding may declare the
entire principal amount of the Notes of this series due and payable in the
manner and with effect provided in the Indenture. If an Event of Default
specified in Section 501(4) or 501(5) occurs with respect to the Company, all of
the unpaid principal amount and accrued interest then outstanding shall ipso
facto become and be immediately due and payable in the manner with the effect
provided in the Indenture without any declaration or other act by the Trustee or
any Holder.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the
<PAGE>
rights of the Holders of the Securities under the Indenture at any time by the
Company with the consent of the Holders of more than 50% in aggregate principal
amount of the Securities at the time Outstanding of each series issued under the
Indenture to be affected thereby. The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount of
the Securities of that series at the time Outstanding, on behalf of the Holders
of all the Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences with respect to such series. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the
transfer hereof or in exchange or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein and in the
Indenture prescribed.

      As provided in the Indenture and subject to certain limitations therein
set forth, this Note is transferable on the Security Register of the Company,
upon surrender of this Note for registration of transfer at the office or agency
of the Company to be maintained for that purpose in the Borough of Manhattan,
The City of New York, or at any other office or agency of the Company maintained
for that purpose, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

      The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any multiple of $1,000. As provided in the Indenture
and subject to certain limitations therein set forth, Notes are exchangeable for
a like aggregate principal amount of Notes of a like tenor and of a different
authorized denomination, as requested by the Holder surrendering the same.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      The Company, the Trustee for the Notes and any agent of the Company or
such Trustee may treat the Person in whose name this Note is registered as the
owner hereof for the purpose of receiving payment as herein provided and for all
other purposes, whether or not this Note be overdue, and neither the Company,
such Trustee nor any such agent shall be affected by notice to the contrary.

      Certain of the Company's obligations under the Indenture with respect to
Notes, may be terminated if the Company irrevocably deposits with the Trustee
money or Government Obligations sufficient to pay and discharge the entire
indebtedness on all Notes, as provided in the Indenture.
<PAGE>
      This Note shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York.

      Certain terms used in this Note which are defined in the Indenture have
the meanings set forth therein.
<PAGE>
                                 ASSIGNMENT FORM

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY NUMBER OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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                              (Name and address of Assignee, including
                              zip code, must be printed or typewritten)

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the within Note, and all rights thereunder, hereby irrevocably, constituting and
appointing

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----------------------------------------------------------------------- Attorney
to transfer the said Note on the books of Kraft Foods Inc. with full power of
substitution in the premises.

Dated:
       -----------------------------   ----------------------------------------
                                       NOTICE: The signature of this assignment
                                               must correspond with the name as
                                               it appears upon the face of the
                                               within Note in every particular,
                                               without alteration or enlargement
                                               or any change whatever.

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