Document:

FIRST AMENDMENT TO
         SEABOARD CORPORATION EXECUTIVE RETIREMENT PLAN
             AS AMENDED AND RESTATED JANUARY 1, 1997

        THIS   AMENDMENT,   adopted   this   28th day   of
February, 2001, by Seaboard Corporation,

     WITNESSETH:

       WHEREAS,   Seaboard  Corporation  adopted   the   Seaboard
Corporation  Executive  Retirement Plan, a  nonqualified  pension
benefit  plan  maintained for the benefit of a  select  group  of
management  or  highly  compensated  employees,  which  Plan  was
amended and restated effective January 1, 1997 (the "Plan"); and

     WHEREAS, Seaboard Corporation now desires to amend the Plan;

      NOW,  THEREFORE,  the plan is hereby  amended  to  add  the
following sentence to Section 2.11 of the Plan effective December
1, 2000:

     Earnings  shall  also include an amount  equal  to  the
     amount of the reduction in the Participant's salary and
     bonus  for the Plan Year made pursuant to the  election
     of  the  Participant  under  the  Seaboard  Corporation
     Investment  Option Plan established by the Company  and
     as  from  time  to  time amended (the  "Option  Plan");
     however,  earnings  shall not  include  any  amount  of
     taxable  income  recognized by  the  Participant  as  a
     result  of the exercise of an option granted under  the
     Option Plan.

      IN  WITNESS  WHEREOF, Seaboard Corporation has caused  this
amendment to be executed by its duly authorized officer  and  its
seal    to    be    affixed   hereto   this    28th  day    of
February, 2001.

                              SEABOARD CORPORATION

                              By: /s/ Robert Steer

                              Title: Senior Vice President & CFO
Attest: /s/ David M. Becker

Title:  VP - General CounselSEABOARD CORPORATION
                   INVESTMENT OPTION PLAN

I.   ESTABLISHMENT OF THE PLAN

The Seaboard Corporation Investment Option Plan (the "Plan")
is  hereby  established, effective December 1,  2000,  under
which   certain  officers  and  key  employees  of  Seaboard
Corporation  ("Company") and its adopting  subsidiaries  and
affiliates  may  obtain  options ("Options")  entitling  the
recipient  ("Optionee")  to  purchase  shares  of   selected
investments  ("Shares"),  as  more  particularly   described
below.

II.  ADMINISTRATION

(a)  Plan Committee.  The Plan shall be administered by  the
     same    committee   that   administers   the   Seaboard
     Corporation Pension Plan ("Committee").

(b)  Plan  Administrator.  The Plan Administrator shall mean
     the  person  or  entity designated  by  the  Committee.
     Until  the Committee designates such person or  entity,
     the  Plan  Administrator shall be the  chief  financial
     officer of the Company.

(c)  Participants.  The Committee shall from  time  to  time
     designate  the  key  employees of the  Company  or  any
     adopting  subsidiary or affiliate that are eligible  to
     participate  in the Plan.  In selecting  the  Optionees
     from   among   individuals  eligible   hereunder,   the
     Committee  may  take into account  the  nature  of  the
     services  rendered by such individuals,  their  present
     and potential contributions to their employer's success
     and   such  other  factors  as  the  Committee  in  its
     discretion  shall deem relevant.  The  Committee  shall
     also determine the number of Options to be granted  for
     the   purchase  of  Shares  and  all  other  terms  and
     conditions not inconsistent with the Plan.

(d)  Modification of Options.  The Committee may  from  time
     to  time  modify, extend, or renew outstanding  Options
     granted  under  the  Plan, whether or  not  vested  and
     whether  or  not  exercisable, as well as  revoke  such
     Options  and grant new Options in substitution thereof;
     provided,  however, that no such action  may  be  taken
     without  the consent of the Optionee if it would  alter
     or  impair  any  of  the Optionee's  rights  under  the
     Options previously granted to the Optionee, unless  (i)
     such   action  is  deemed  by  the  Committee   to   be
     appropriate  to  comply  with  any  applicable  law  or
     regulation  to  which  the  Company  or  any   adopting
     subsidiary or affiliate are subject; (ii) to accelerate
     the  exercise  date  of an Option, in  which  case  the
     Committee  may also accelerate the expiration  date  of
     such  Option  to a date not to precede the  accelerated
     exercise  date.  No revocation shall apply  to  Options
     which  have  been  exercised before  the  date  of  the
     Committee's  action.  In the event of  the  retroactive
     revocation of an Option, three times the exercise price
     shall  be  returned to the Optionee, and  the  Optionee
     shall surrender the Shares acquired.

(e)  Adopting  Subsidiaries and Affiliates.   The  Committee
     shall from time to time designate the subsidiaries  and
     affiliates  of the Company that are eligible  to  adopt
     the Plan.

(f)  Interpretation.    The  Committee  is   authorized   to
     interpret the Plan and may from time to time adopt such
     rules  and  regulations, consistent with the provisions
     of  the Plan, as it may deem necessary to carry out the
     terms of the Plan.  All questions of interpretation  of
     the  Plan  or of any Options issued under it  shall  be
     determined  by  the  Committee, and that  determination
     shall  be final and binding upon all persons having  an
     interest in the Plan.

III. OPTION AGREEMENTS

Each  Option  shall  be  evidenced by  a  written  agreement
("Option  Agreement")  between  the  Optionee  and   his/her
employer  which shall contain such terms and  conditions  as
may  be  approved  by the Committee in its sole  discretion.
The terms and conditions of the respective Option Agreements
need not be identical.

IV.  PARTICIPANT COMPENSATION REDUCTION OPTIONS

(a)  Compensation  Reduction Election.  If  the  Company  so
     elects, an Optionee may file with the Plan Administrator for
     purposes of the Plan, not more than once for each Plan Year
     and prior to the beginning of each Plan Year, an irrevocable
     election to receive Options in lieu of all or part of such
     Optionee's cash compensation  (salary and/or bonuses) that
     would  otherwise have been payable in  the  Plan  Year;
     provided, however, the amount of compensation so reduced in
     any Plan Year shall not in any event exceed the compensation
     attributable to services rendered by the Optionee for such
     Plan Year.  The minimum compensation reduction shall be
     $5,000  per  Plan  Year.  A new Optionee  may  make  an
     irrevocable election to reduce all or part  of  his/her
     compensation after the beginning of the Plan Year  with
     respect to future compensation earned in the Plan Year if
     such election is made within 30 days of becoming eligible to
     participate  under the Plan or within 30  days  of  the
     Effective Date.

(b)  Grant of Options.

          (1)  Compensation     Reduction.      Compensation
               Reduction Options shall be granted throughout
               the Plan Year as the Optionee's salary and/or
               bonus   compensation  is  reduced   for   the
               applicable pay period.

          (2)  Dividend  Equivalent.  A Dividend  Equivalent
               shall  mean  an  amount  equal  in  value  to
               dividends  or  distributions made  on  mutual
               fund  shares  subject to  options  under  the
               Plan.   Dividend Equivalents will be  treated
               as  additional Compensation Reduction Options
               as under (1) above.

(c)  Option  Formula.   An Option will be granted  for  each
     Share.   The  number of  Shares shall be determined  in
     accordance with the following formula:

     Compensation Reduction / (Fair Market Value *  Discount
     Percentage) = Number of Shares

     For  purpose of this Section, the above terms shall  be
     defined as follows:

     (1)  Compensation Reduction shall be the dollar  amount
          withheld by the Optionee's employer, as elected by
          the  Optionee  to  acquire Compensation  Reduction
          Options under the Plan.

     (2)  Fair  Market  Value shall mean the quoted  closing
          sales   price  of  a  Share  as  reported  on   an
          established recognized stock exchange; or,  if  no
          prices  are  reported on that date,  on  the  last
          preceding date on which such prices of the  Shares
          are  so  reported.  If the Shares are traded  over
          the  counter  at the time a determination  of  its
          Fair   Market  Value  is  required  to   be   made
          hereunder, their Fair Market Value shall be deemed
          to  be equal to the average between reported  high
          and  low  or  closing bid and asked price  of  the
          Shares on the most recent date on which the Shares
          were publicly traded.  In the event the Shares are
          not publicly traded at the time a determination of
          their value is required to be made hereunder,  the
          determination  of its Fair Market Value  shall  be
          made  by the Committee in such manner as it  deems
          appropriate.   For  purposes  of  this  Subsection
          IV(c),  Fair  Market Value shall be determined  at
          time of grant.

     (3)  Discount Percentage shall equal 75 percent.

(d)  Exercise  Price.   The Exercise Price  of  Compensation
     Reduction  Options under the terms of this  Section  IV
     shall  equal the product of 25 percent times  the  Fair
     Market Value of a Share at the time of grant.

(e)  Vesting  of  Options.  Compensation  Reduction  Options
     will  immediately become vested upon  the  granting  of
     such Options as set forth above.

(f)  Administration.   The  Company  shall   establish   and
     maintain   such  records  as  the  Committee  considers
     necessary to account for compensation reductions of the
     Optionee  for the purpose of reflecting the  Optionee's
     employer    obligation   of   grants   of    respective
     Compensation Reduction Options at the time specified in
     Section IV(b) above.

(g)  Exchange of Shares.  The Optionee shall be entitled  to
     change  the investment allocation of Shares  for  which
     Compensation  Reduction Options were  granted  no  more
     than  once  per  each calendar year in which  event  an
     appropriate   adjustment   shall   be   made   to   the
     Compensation Reduction Option.

V.   DISCRETIONARY OPTIONS

(a)  Grant  of  Discretionary Options.   The  Committee  may
     grant Discretionary Options to eligible employees of the
     Company or any adopting subsidiary or affiliate on such
     terms and conditions as the Committee may determine in its
     sole discretion, including, but not limited to, vesting and
     exercise period.  The grant of Discretionary Options will
     not require an Optionee to reduce compensation.

(b)  Exercise  Price of Discretionary Options.  The Exercise
     Price for Shares issued under each Discretionary Option
     shall be determined by the Committee in its sole discretion
     and may be less than the Fair Market Value of such Shares.
     However, in no event shall the exercise price be less than
     25 percent of the Fair Market Value (at time of grant) of
     such Shares.

(c)  Forfeiture Provision.  Discretionary Options will immediately
     become vested upon the granting of such Options as set forth
     above.

(d)  Release  and  Cancellation of other Arrangements.   The
     Committee  may grant Discretionary Options to  eligible
     employees  in  exchange for a release and  cancellation
     from  any  obligations owed to such employee under  the
     terms of any other plan, arrangement or agreement  with
     the  Company or Optionee's employer.  Such release must
     be entered into at least one year prior to the employee
     having a non-forfeitable right in the obligation  being
     exchanged.  The value of the underlying Shares  subject
     to  the Discretionary Option shall be determined solely
     at the discretion of the Committee.

(d)  Exchange of Shares.  The Optionee shall be entitled  to
     change  the investment allocation of Shares  for  which
     Discretionary  Options were granted no more  than  once
     per  each  calendar year in which event an  appropriate
     adjustment shall be made to the Discretionary Option.

VI.  OPTIONS AND GENERAL TERMS

(a)  Plan Year.  The Plan Year shall be the calendar year.

(b)  Exercise Period for Options.

     (1)  Except  as  otherwise provided  in  an  Optionee's
          Option    Agreement,   a   Option   shall   become
          immediately exercisable as of the later of (i) the
          first day of the Plan Year following the Plan Year
          in  which the Option is granted, or (ii)  the  day
          following   the   end  of  the  six-month   period
          commencing on the date the Option is granted,  but
          only to the extent vested.

     (2)  No Option granted in respect of service as an employee
          shall be exercisable after the first to occur of (i) the
          expiration of twenty (20) years from the date upon which
          such Option was granted; (ii) in the case of Termination
          from Employment of the Optionee for reasons other than early
          or normal retirement (as defined in the Seaboard Corporation
          Pension Plan), thirty (30) days after Termination from
          Employment or such later date as permitted by the Committee
          in its sole discretion; or (iii) in the case of Termination
          from Employment of the Optionee because of early or normal
          retirement (as defined in the Seaboard Corporation Pension
          Plan), the expiration of fifteen (15) years after such
          event.

     (3)  An Optionee may only exercise Options granted under the
          Plan two times within a calendar year.  Notwithstanding the
          above, if an Optionee has a financial hardship, as
          determined by the Committee in its sole discretion, an
          Optionee may exercise options under the Plan in excess of
          two times within a calendar year.

(c)  Notice  of  Exercise.   Options  may  be  exercised  by
     Optionee  by  delivering to the  Plan  Administrator  a
     written notice specifying the number of Shares Optionee
     then  desires  to purchase.  The option price  for  the
     Shares to be purchased shall be payable as set forth in
     this instrument within five business days after receipt
     by  the Plan Administrator of the Optionee's notice  of
     exercise.

     Full  payment of the Exercise Price for the Shares must
     be  received within five (5) business days of providing
     the  notice  to the Plan Administrator.   However,  the
     Committee  may, in its sole discretion and  subject  to
     such  rules  as  it may adopt, permit the  Optionee  to
     elect  to satisfy, in whole or in part, the payment  of
     the  Exercise Price by having Employer of Record retain
     Shares (or their cash equivalent) which would otherwise
     be  distributed (or paid) to the Optionee in connection
     with the exercise.  An Optionee must exercise a minimum
     of  the lesser of:  (i) $5,000 of the underlying  value
     of the Shares of the Option(s), or (ii) all outstanding
     Options.   An Optionee can exercise Option(s)  no  more
     than two times in any given Plan Year.

     For  purposes of the Plan, "Employer of Record" is  the
     Company  or  any adopting subsidiary or affiliate  that
     employs the Optionee on the date of exercise.   If  the
     Optionee  is no longer employed by the Company  or  any
     adopting  subsidiary  or  affiliate,  the  Employer  of
     Record is the last entity that Optionee was employed.

(d)  Tax Withholding and Offset.  The Employer of Record (as
     defined  in sub-section VI(c)) shall have the right  to
     deduct  from  any  payment due to  Optionee  applicable
     taxes in connection with any Option exercised hereunder
     for  the  payment of taxes required by law or  to  take
     such other action as may be necessary in the opinion of
     the  Employer of Record to satisfy all obligations  for
     withholding  of  such taxes.  To the extent  authorized
     under existing laws, the Employer of Record shall allow
     the  Optionee to make such remittance through  cash,  a
     personal  check  or through the use of  the  electronic
     funds transfer system.  However, the Committee may,  in
     its sole discretion and subject to such rules as it may
     adopt,  permit  the Optionee to elect  to  satisfy,  in
     whole  or  in part, the payment of any withholding  tax
     obligation  which  may  arise in  connection  with  the
     exercise of an Option by having the Employer of  Record
     retain  Shares (or their cash equivalent)  which  would
     otherwise  be distributed (or paid) to the Optionee  in
     connection  with  the  exercise.    Proceeds  from  the
     exercise of Option(s) may also be withheld at the  time
     of  exercise to satisfy other financial obligations  of
     the   Optionee  to  the  Employer  of  Record  at   the
     discretion of the Committee.

(e)  Termination  Prior to Exercise.  In the  event  of  any
     proposed (1) dissolution or liquidation of the Employer
     of  Record (as defined in Section VI (c)), (2) sale  or
     disposition of more than fifty percent of the  combined
     voting   power   of  the  Employer  of  Record's   then
     outstanding securities or of substantially all  of  the
     assets  of  the  Employer of Record to  any  person  or
     entity  other  than  an  entity  that  is  directly  or
     indirectly controlled by the Employer of Record  or  by
     the Company, or (3) transaction that would result in  a
     Change  in  Control, the Employer of Record shall  give
     each  Optionee  written notice that such  event  is  to
     occur  at least sixty days prior to the effective  date
     thereof,  that each Optionee shall have  the  right  to
     exercise  his/her Options in whole or in  part  at  any
     time  after the date of such notice and before the date
     on  which  the Options would otherwise expire,  to  the
     extent not theretofore exercised, without regard to any
     restrictions on exercise contained in this Plan or  any
     Option Agreement.  Notwithstanding any provision to the
     contrary, the Employer of Record may make a payment  in
     cash  to  the Optionee equal in value to the excess  of
     the  Fair  Market Value of the Shares over the Exercise
     Price  for  the Optionee's surrender of  the  right  to
     purchase Shares under Option or may permit such Options
     to  become  immediately exercisable  in  the  event  of
     termination from employment of Optionee or a Change  in
     Control  (as defined below) prior to the date on  which
     an  Option is otherwise exercisable.  To the extent the
     Optionee does not exercise all his/her Options prior to
     the  effective date of any event described  above,  all
     provisions  of  the  Plan and Option  Agreements  shall
     remain  in effect until such time as the Options  would
     otherwise   expire.   The  Committee,   in   its   sole
     discretion, shall be permitted to allow any  person  or
     entity  involved in an event described above to  assume
     the  Plan  and  Option Agreements  as  they  relate  to
     Optionees employed by the Employer of Record which is a
     party to the event described above.
     A  "Change in Control" shall be deemed to have occurred
     if  (1)  any corporation, person or other entity (other
     than  the Company, a majority owned subsidiary  of  the
     Company  or  any  of its subsidiaries, or  an  employee
     benefit plan (or related trust) sponsored or maintained
     by   the  Company  or  any  subsidiary  or  affiliate),
     including  a "group" as defined in section 13(d)(3)  of
     the  Securities  Exchange  Act  of  1934,  as  amended,
     becomes the beneficial owner of more than fifty-percent
     of  the  combined  voting power of the  Company's  then
     outstanding securities; (b)(i) the Company approves, in
     any  transaction  or series of related transactions,  a
     definitive  agreement  to  merge  or  consolidate   the
     Company  with  or  into another  entity  other  than  a
     majority owned subsidiary of the Company, or to sell or
     otherwise  dispose of all or substantially all  of  the
     Company's  assets, and (ii) the persons  who  were  the
     members  of  the  Board  of  Directors  prior  to  such
     approval  do not represent a majority of the  Board  of
     Directors  of  the  surviving, resulting  or  acquiring
     entity  or  the parent thereof; or (c) the shareholders
     of  the  Company approve a plan of liquidation  of  the
     company.

(f)  Plan  Expenses.  All expenses of administering the Plan
     shall be borne by the Employer of Record.

VII. NONTRANSFERABILITY

No Option shall be transferable by an Optionee except (a) by
will  or  by  the  laws  of descent  and  distribution;  (b)
pursuant  to a gift of any vested Options to such Optionee's
Immediate Family Members, whether directly or indirectly  or
by  means  of  a  trust, partnership, or otherwise;  or  (c)
pursuant  to  a  domestic relations order as  such  term  is
defined  by the Employee Retirement Income Security  Act  of
1974, as amended ("ERISA") and the Internal Revenue Code  of
1986,  as  amended (the "Code").  Any transfer or  purported
transfer in violation of this paragraph shall be void and of
no  effect.   All  Options shall be exercisable  during  the
Optionee's lifetime only by the Optionee or by the  guardian
or legal representative of the Optionee, it being understood
that  references  to the Optionee include the  guardian  and
legal representative of the Optionee and any person to  whom
an Option is transferred by will, by gift, or by the laws of
descent and distribution.  For purposes of this Section VII,
Immediate   Family  Members  shall  mean  spouse,   parents,
children (including step children) and grandchildren of  the
Optionee.

VIII.     AMENDMENT OR TERMINATION OF THE PLAN

The  Committee in its sole discretion may terminate the Plan
at any time.  The Committee shall have the right to alter or
amend  the  Plan  or  any part thereof from  time  to  time;
provided,  that no change in any Option theretofore  granted
may  be  made which would impair the rights of the  Optionee
without the consent of the Optionee.

IX.  INVESTMENTS

The  Committee shall have the sole discretion  to  determine
the selection of investments referred to herein and make all
determinations related thereto.

X.   TIME FOR GRANTING OPTIONS

Except  with  respect  to Options then outstanding,  if  not
sooner terminated under the provisions of Section VIII,  the
Plan  shall terminate upon and no further Options  shall  be
granted  after the expiration of twenty (20) years from  the
effective date of the Plan.

XI.  UNFUNDED PLAN

Insofar  as it provides for Option grants or rights thereto,
this Plan shall be unfunded for purposes of Title I of ERISA
and  Code.  Although bookkeeping accounts may be established
with  respect to Optionees who reduce compensation  and  are
entitled  to Options and related rights thereto  under  this
Plan,  any such accounts shall be used only as a bookkeeping
convenience.   The  Company or any  adopting  subsidiary  or
affiliate shall not be required to segregate any assets that
may  at  any  time be represented by amounts of compensation
reduced, Options or rights thereto, nor shall this  Plan  be
construed  as providing for such segregation, nor shall  the
Company  or  any  adopting subsidiary or affiliate  nor  the
Board  nor  the Committee be deemed a trustee  of  any  such
amounts of compensation reduced, Options or rights thereto.

XII. LIMITATION OF RIGHTS

Neither  the Plan, the granting of an Option, nor any  other
action  taken pursuant to the Plan, shall constitute  or  be
evidence  of  any  agreement  or understanding,  express  or
implied,  that  the  Company or any adopting  subsidiary  or
affiliate  will retain the services of an Optionee  for  any
period of time, or at any particular rate of compensation.

Nothing  in the Plan shall be construed to give any employee
of  the Company or any of its subsidiaries or affiliates any
right to be granted options.

An  Optionee  shall  have no rights as  a  shareholder  with
respect  to  the Shares covered by his or her Options  until
the  date  of  the  issuance to his or her  of  evidence  of
ownership of the Shares.

XIII.     LIABILITY

No  member of the Board or the Committee shall be liable for
any action taken or decision made relating to the Plan.  The
liability  of  the  Company or any  adopting  subsidiary  or
affiliate under the Plan for any Option granted hereunder is
limited  to the obligation set forth under the Plan and  the
accompanying Option Agreement, and nothing herein  contained
shall be construed to impose any liability on the Company or
any adopting subsidiary or affiliate in favor of an Optionee
with  respect  to  any  loss, cost,  or  expense  which  the
Optionee may incur in connection with or arising out of  any
transaction in connection therewith.  The obligation of  the
Company  or any adopting subsidiary or affiliate to pay  any
benefit under the Plan shall be unfunded and unsecured,  and
any  payments under the Plan shall be made to Optionees  and
Beneficiaries  as general creditors of the  Company  or  any
adopting subsidiary or affiliate from the general assets  of
the Company or any adopting subsidiary or affiliate.

XIV. NOTICE

Any  notice or other communication required or permitted  to
be  given  under this instrument shall be deemed given  when
faxed, or sent by registered or certified mail or by express
courier,  postage prepaid, addressed to the  party  to  whom
notice  is  to be given at such party's last known  address.
Any  notice  to the Employer of Record must be addressed  to
the  designated Plan Administrator.  Any time  limit  within
which the receiving party must respond or act will begin  to
run  upon the date of receipt of such notice.  The  date  on
which such notice becomes effective and binding will be  the
date of receipt of such notice.

XV.  GOVERNING LAW

This  Plan  and  all determinations made and  actions  taken
pursuant  hereto shall be governed by the laws of the  State
of Kansas and construed accordingly.

XVI. EFFECTIVE DATE

The Plan shall take effect on December 1, 2000.

IN  WITNESS WHEREOF, the Company, by its officers thereunder
duly authorized, have executed this Plan this 18 day  of
December,  2000, but effective as of the  date  stated
above.

SEABOARD CORPORATION

By: /s/ Robert Steer
Its: Vice President & CFO
Date: December 18, 2000

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