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Exhibit 10.3    
    

 
 

Consulting Agreement    
    

        This agreement (the "Agreement") is effective as of the 10th day of March, 2008 by and between Bunge Limited, a
Bermuda company ("Bunge" or the "Company") and Flávio Sá
Carvalho, LLC, a Florida limited liability company ("FSC LLC"). 

        The
parties agree as follows: 

	1)
	Engagement

Bunge
hereby engages FSC LLC and FSC LLC hereby agrees to render independent human resources advisory and consulting services to Bunge, upon the terms and conditions hereinafter set
forth. 

	2)
	Term

Unless
otherwise extended by Bunge and FSC LLC in writing, the term of this Agreement shall commence on March 10, 2008 and end on March 9, 2009, both inclusive;  provided, however, that this Agreement may be terminated prior to such termination date by mutual
written agreement of the parties. 

	3)
	Services
Contracted 

FSC LLC
is being retained by Bunge to provide Bunge, its subsidiaries and affiliates (the "Bunge Group"), consulting and advisory services
related to Bunge's human resources ("HR") function, including providing transitional assistance for the HR area (the "Consulting
Services"). Mr. Flávio Sá Carvalho, FSC LLC's general manager, shall be the only FSC LLC consultant providing the Consulting
Services to the Bunge Group under this Agreement. 

Mr. Flávio
Sá Carvalho shall use his reasonable best efforts to provide the Consulting Services, which shall include, but are not limited to, providing advice on
organizational and other HR issues to the Bunge Group, and such other services as may be mutually agreed by Bunge's Chairman and Chief Executive Officer (the
"CEO") and Mr. Flávio Sá Carvalho. Mr. Flávio Sá Carvalho may not bind the
Company with any third parties, except in connection with the organization of the 10th Senior Management Meeting to be held in Buenos Aires, Argentina. Other expenditures, if any,
must be authorized in advance by the CEO. 

	4)
	Workload,
Schedule and Coordination 

Mr. Flávio
Sá Carvalho is expected to dedicate an appropriate amount of his time to the performance of the Consulting Services in accordance with the terms of this
Agreement. However, he will have no set or fixed work schedule. He will report to and coordinate his workload directly with the CEO on an as needed basis, to address both individual and Company needs. 

Nothing
in this Agreement shall prohibit FSC LLC and Mr. Flávio Sá Carvalho from rendering services to any company not affiliated with the Bunge Group. 

	5)
	Consulting
Fees 

As
compensation for the performance of the Consulting Services, Bunge shall pay FSC LLC the amount of US$16,666.67 per month through the end of the term of this Agreement payable monthly in
arrears.
This amount shall be paid no later than fifteen calendar days after the end of each elapsed month and will be paid gross of any withholding tax. FSC LLC will be solely responsible for the
reporting and payment of any applicable taxes. 

In
order to enable Mr. Flávio Sá Carvalho to perform the Consulting Services, the Company will reimburse FSC LLC for the cost of reasonable business
expenses incurred in the performance of the Consulting Services, in accordance with Company policies. 

	6)
	Independent
Contractor 

It
is expressly agreed that FSC LLC and /or Mr. Flávio Sá Carvalho will be acting as an independent contractor in the performance of the Consulting Services
hereunder and, in such capacity, will not be eligible to participate in any employee benefit plan or program of the Bunge Group. 

	7)
	Protective
Covenants 

FSC LLC
and Mr. Flávio Sá Carvalho shall not (except to the extent required by an order of a court having competent jurisdiction or under subpoena from an
appropriate government agency) disclose to any third person, whether during or subsequent to the term of this Agreement, any confidential information or trade secrets; customer lists; product
development and related information; marketing plans and related information; sales plans and related information; operating policies and manuals; business plans; financial records; or other
financial, commercial, business or technical information related to the Bunge Group unless such information has been previously disclosed to the public by the Company or has become public knowledge
other than by a breach of this Agreement; provided, however, that this limitation shall not apply to any
such disclosure that is reasonably necessary for the performance of the Consulting Services. Mr. Flávio Sá Carvalho also agrees that during the entire term of this
Agreement (including any extensions thereto), and for twelve months after the termination thereof, FSC LLC and Mr. Flávio Sá Carvalho shall not attempt,
directly or indirectly, to induce any agent, supplier or employee of the Bunge Group to: (a) be employed or perform services elsewhere except if previously authorized to do so by the CEO in
writing, or (b) cease providing services to the Bunge Group. 

	8)
	Assignment

This
Agreement is being entered into in reliance upon and in consideration of the singular personal skills and qualifications of Mr. Flávio Sá Carvalho.
FSC LLC shall therefore not assign or otherwise transfer to any individual or company obligations or rights pursuant to the terms of this Agreement. 

	9)
	Modifications
to the Agreement 

No
amendment or modification of this Agreement will be effective unless and until executed in writing by both parties hereto. 

Any
notice required or permitted to be given hereunder shall be sufficient if in writing, and such notices must be sent by registered or certified mail to the last known addresses specified by the
parties. 

        This
Agreement constitutes the entire understanding of the parties with respect to the performance by Mr. Flávio Sá Carvalho of the Consulting
Services and shall supersede and replace all prior agreements and understandings between the parties hereto with respect to the same subject. 

        This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without reference to principles of conflict of laws. Any litigation or
other proceeding commenced by either party to this Agreement for the purpose, in whole or in part, of enforcing this Agreement or the parties' respective rights or obligations hereunder shall be
commenced in the federal or state courts of New York. 

        Effective
as of March 10, 2008 

	Bunge Limited	 	Flávio Sá Carvalho, LLC
	

By:	

/s/  ALBERTO WEISSER      
	
 	

By:	

/s/  FLÁVIO SÁ CARVALHO      

	Name:  Alberto Weisser

Title:    Chairman and Chief Executive Officer	 	Name:  Flávio Sá Carvalho

Title:    General Manager

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Exhibit 10.3

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Exhibit 10.4    
    

  

Alberto Weisser
  Chairman & Chief Executive Officer

February 1,
2008 

Mr. Vicente
Teixeira

Rua João de Souza Dias, 983 apt. 172

Campo Belo - CEP 04618-003

São Paulo – SP – Brazil 

Dear
Vicente, 

On
behalf of Bunge, I am very happy to confirm our offer for you to join Bunge Limited as the Chief Personnel Officer of the Company, based in White Plains, N.Y and reporting directly to me. Together
with your future colleagues, I am looking forward to having you in the team leading this very important
area of the Company and helping to further Bunge's growth and profitability. I know Bunge offers the environment and challenges that you are seeking and I am sure you will enjoy our group. 

This
letter summarizes the basic employment terms and conditions of our offer. These are: 

Starting Date: March 1, 2008 or earlier if possible. 

Main Responsibilities: The Chief Personnel Officer of Bunge Limited (CPO) is responsible for the coordination of all Human Resources (HR) management
related activities of the company targeting to (1) ensure that we have the necessary resources to support our business and (2) improve the return on the intellectual capital of the
company. 

The
CPO provides HR leadership for the worldwide operations of Bunge Limited. As a key member of the senior management team of Bunge, the CPO sets guidelines and policies for all HR related functions
of the Company and ensures the best performance of such areas as Compensation, Training, Talent Development, People Planning, Payroll and Records, etc. Additionally, is responsible for the
Communications area of the company and, as a member of the Executive Committee of Bunge Limited, the CPO contributes to decisions in other areas as they impact the organization as a whole seeking to
achieve maximum growth and profitability for the entire Company. 

Working
with the Chief Executive Officer of Bunge and other senior managers of the Company as appropriate, other key responsibilities of the CPO include but are not limited to (1) spearheading
people development and planning (2) assuring the best use of talent to fuel key business initiatives, (3) safeguarding corporate assets, (4) establishing and maintaining effective
business systems to support the development and management of the Group's strategy, (5) overseeing the integrity of the Company's Personnel books and records, (6) ensuring adherence to
applicable laws and regulations; (7) representing the Company in the Personnel community and with other relevant constituencies in both the public and private sectors of the economy;
(8) provide and manage HR consulting services as 

 

required
by business initiatives; and (9) developing and leveraging appropriate leadership, technical know-how and HR management skills capability within the Company to enable
effective and on-going corporate performance and growth, and ultimately, the maximization of shareholder value. 

As
we are precluded from hiring you in the United States until you are granted a work permit or visa by the U.S. Government, the terms or working conditions offered to you in this position are divided
in two distinct sections or time frames: One covering the initial period of your joining Bunge through the date of your transfer to the US and, two: for the subsequent period covering the employment
relationship with Bunge in the US. Details of the basic conditions covering each of these periods are provided below: 

PERIOD 1  

Initially,
as indicated above you will be hired by one of our local subsidiaries in Brazil and will perform your duties out of Sao Paulo until you are allowed to work in the US. During this period the
following conditions will apply: 

	1.
	Base Salary: Your initial base salary will be of R$50,000 per month or approximately R$666,000 per year. Your salary will be reviewed to
consider relevant market rates and practices during our annual salary review process in March 2009 and annually thereafter.

	2.
	Annual Incentive Program: Upon your hire you will be eligible for consideration for an award under the Company's annual executive
incentive program. Each year thereafter, while you remain employed by Bunge in Brazil, you will be eligible for consideration for additional awards under this program. As CPO of Bunge based in Brazil,
the "target" of your annual performance incentive award will be 50% of your base salary, i.e.: approximately R$333,000 per year with a maximum upward potential of 2.5 times this amount. Note that the
actual annual award will be determined based on your individual contribution during each performance year as well as company results achieved against select business metrics. Bonuses, if due, are
typically paid in the first part of the year following the announcement of the financial results for the performance year and contingent upon the participant's continued employment with the Company at
the time they are to be paid.

	3.
	Long Term Incentive Program: You will also be eligible for consideration for awards under the Company's equity incentive program. The
value of this award is established annually by the Compensation Committee of the Board based on a competitive analysis of Bunge's peer companies and other factors which impact the business. Awards are
typically granted in the form of options and/or performance-based share units during the first quarter of each year. 

Note
that target amounts as well as the metrics, pay-out formulas and conditions of both the Annual Incentive Program as well as those of the Long-Term Incentive Program may be
periodically revised or altered to reflect changing industry or business conditions. Should changes occur you will receive appropriate notice. 

Based
on the above conditions, your overall annual cash compensation target, exclusive of benefits, will be R$1,000,000. However, it has an upside potential of more than R$1,500,000 depending on
management's assessment of your individual contribution and on the results achieved by the overall Company. Potentially, should the value of the 2008 equity award that you receive be realized this
opportunity will then exceed R$2,600,000. We, of course, expect that with the benefit of your contribution and dedication this value will be generously surpassed. 

2

 

In
addition to the standard, legally mandated benefits provided under the Brazilian legislation, Bunge also offers a competitive package of employee benefits in Brazil. These will also be extended to
you during the period of employment with the Company in Brazil. For your information, listed below in summary format are some key features of our most significant benefits offered. Please note that,
depending on business conditions and competitive environment, the Company reserves the right to change these benefits at any time without a retroactive impact on you. Should you need clarification on
any specific item, please contact me and/or Marisa Thurler, HR Director for Bunge Fertilizantes in Brazil. Additional information will be sent to you automatically upon acceptance of this offer. 

[Cautionary Note: This table has been translated into English from the original Portuguese language version for purposes of disclosure
only.]

BENEFITS

	CAR:	 	 
	Car payment allowance

Car maintenance allowance	 	R$159,000.00 renewable after 3 years. Upon renewal, there will be a 40% decrease in the allowance

R$12,700.00 per semester (payable in March and September)
	

MEDICAL COVERAGE	
 	

 
	VIP Standard

Provider choice:

  - Low risk services

  - High risk services

Annual Checkup	 	National providers network (1st class hospitals in São Paulo). E.g., Sírio Libanês, Albert Einstein, Oswaldo Cruz, Santa Catarina, São Luis, 9 de Julho, Laboratório Fleury.

Monthly cost: R$85.00 per person

Co-pay: 20% for doctor visit, emergency room services, and exams that cost no more than R$29.47

60% reimbursement (doctor visit, exams, ER, hospital care)

80% reimbursement (inpatient procedures, surgery)

Sírio Libanês Hospital
	

DENTAL INSURANCE	
 	

 
	VIP Standard - provider choice	 	National providers network and up to 70% reimbursement up to R$300.00 per person per year
	

SUPPLEMENTAL RETIREMENT PLAN	
 	

 
	BungePrev

Employee contribution

Standard employer contribution

Variable employer contribution	 	Administered by the employer

Up to 6% of employee salary - limited to R$995.41 per month

1.5 times employee contribution

up to .5 times employee contribution
	

LIFE INSURANCE	
 	

 
	Death / permanent disability

Accidental death

Spouse's death	 	30 times employee salary, up to R$600,000.00

60 times employee salary, up to R$1,200,000.00

15 times employee salary, up to R$100,000.00
	

PRESCRIPTION PLAN	
 	

 
	 	 	National providers network and up to 70% reimbursement, limited to R$300.00 per person per year
	

PARKING	
 	

 
	 	 	Free parking at workplace
	

MEAL ALLOWANCE	
 	

 
	Debit card	 	R$17.00 per day (22 days per month = R$374.00 per month). Employee pays for 20% of the meal cost (up to R$74.80 per month)

3

 

PERIOD 2  

We
expect you to relocate to the New York metropolitan area to assume your position in our White Plains office within 30 days of your US work permit/visa being issued by the US government
authorities. When this happens, your employment with Bunge in Brazil will be terminated and you will enter Bunge's US payroll under the following terms and conditions: 

	1.
	Base Salary: Your initial base salary will be US$375,000 per annum payable in 24 installments per year. Your salary will be reviewed to
consider relevant market rates and practices during our annual salary review process in March 2009 and annually thereafter.

	2.
	Annual Incentive Program: As CPO of Bunge Ltd based in the US the "target" of your annual performance incentive award will be
raised to 75% of your base salary or approximately US$282,000. The maximum upward potential will continue to be 2.5 times the targeted amount. However, as before, the actual amount paid will continue
to be based on a combination of management's assessment of your contribution and the company results for the period under consideration.

	3.
	Long Term Incentive Program. You will continue to be eligible for consideration for awards under the Company's Equity Incentive Program
when you join Bunge Ltd. in the US. The value of the award will continue to be established annually by the Compensation Committee of the Board based on a competitive analysis of Bunge's peer
companies and other factors which impact the business. As mentioned, awards are typically granted in the form of options and/or performance-based share units during the first quarter of each year. 

Again,
keep in mind that the target amounts as well as the metrics, pay-out formulas and conditions of both the US Annual Incentive Program as well as those of the Company's
Long-Term Incentive Program, may be periodically revised or altered by Bunge's
management to reflect changing environmental or business conditions. Should changes occur, they will have no retroactive impact and you will receive appropriate notice. 

Bunge
also offers a very competitive package of employee benefits in the US. For your information, listed below in summary format are some key features of our most significant benefits. Again you
should be reminded that, depending on business conditions and competitive environment, the Company reserves the right to change these benefits at any time without a retroactive impact on you. Should
you need clarification on any specific item, please contact me and/or Tom Albert. Additional information will be sent to you automatically upon acceptance of this offer. 

	a.
	Group Medical Coverage:

	•
	Becomes
effective on your date of hire. 
	•
	Covers
all pre-existing conditions. 
	•
	Offers
a national PPO administered by UnitedHealthcare or by BlueCross/BlueShield. 
	•
	The
monthly cost of this program for 2008 is approximately $95 for single coverage, $190 for the employee plus one family member and $245 for family coverage with deductions
taken on a pre-tax basis. 

4

 

	b.
	Dental Insurance

	•
	Offered
by Delta Dental. Becomes effective on your date of hire. 
	•
	The
monthly cost of this program for 2008 is approximately $6.40 for single coverage, $12.75 for the employee plus one family member and $17.70 for family coverage with
deductions also taken on a pre-tax basis.

 

	c.
	Vision

	•
	Offered
by Vision Service Plan Insurance Plan (VSP). Becomes effective on your date of hire. 
	•
	The
monthly cost of this program for 2008 is approximately $7.26 for single coverage, $11.10 for the employee plus one family member and $17.86 for family coverage with
deductions also taken on a pre-tax basis.

 

	d.
	Life Insurance & AD&D:

	•
	Becomes
effective on your date of hire. 
	•
	This
plan is provided at no cost to you. 
	•
	The
benefit is two times your annual base salary.

 

	e.
	Short Term Disability (STD):

	•
	You
are eligible to enroll on your date of hire. 
	•
	This
program provides disability pay for illnesses or disabilities incurred off the job. 
	•
	You
may elect to obtain coverage paying for the premium on a pre-tax basis (in which case benefits paid will be considered taxable income) or on an
after-tax basis (in which case benefits, if paid, will not be taxable). 
	•
	The
duration of this benefit is up to 26 weeks based on the length of your service.

 

	f.
	Long Term Disability (LTD):

	•
	Becomes
effective on date of hire. 
	•
	The
plan is provided at no cost to you. 
	•
	When
eligible, benefits under this plan will begin after your 26th week of disability.

 

	g.
	Bunge Savings Plan (401 (k) Plan):

	•
	You
are eligible to participate in this plan upon employment with the Company. 
	•
	Based
on the present provisions you may contribute between 1% and 50% (in 1% Increments) of your base pay per year on a pre-tax
basis – for 2008 these contributions are capped at $15,500. 
	•
	Currently,
the Company will match $1 for every pre-tax dollar you contribute to the Plan up to 3% of your salary and .5% on contributions made on the next 2% of
your salary. Both the company and your individual contributions are immediately vested. 
	•
	You
may direct your investments in any combination of the funds offered. 
	•
	In-service
and hardship withdrawal loan provision as well as loan options are available. 

5

 

	h.
	Vacation: You are eligible for four weeks of vacation per year.

	i.
	Holidays: The following holidays are currently recognized by the Company: 

	 	 	New Years Day	 	Labor Day	 	Presidents Day
	 	 	Good Friday	 	Independence Day	 	Memorial Day
	 	 	Thanksgiving Day	 	Day after Thanksgiving	 	Christmas Day

Employees
hired before June 1st of any year are eligible for one optional holiday in that year. Employees hired on or after June 1st are not
eligible for any optional holidays until the next calendar year. All other employees are eligible for two optional days in each calendar year. 

	j.
	Pension Program: Currently, Bunge also offers a defined benefit pension program. Overall, the program
offers a benefit equal to 1% of your final average earnings (of the highest 5 consecutive years) per year of service plus .5% of the amount by which these earnings exceed career average social
security wage basis. As a U.S. based member of the Executive Committee of Bunge your "earnings" for purposes of the SERP are calculated based on your salary earned plus 100% of the annual bonus
actually earned. 

All
benefit programs are revised periodically to reflect an appropriate degree of competitiveness. Overall, we target to position our programs at the 50th percentile of our peer
group which is made up of select public companies. Should changes occur to any of our programs, you will receive appropriate notice. 

While
we consider the compensation scheme offered to you to be appropriate, we also realize the impact that your move from Dow Chemical to Bunge will have on several aspects of your life, especially
until you are fully established in your new residence in the New York metropolitan area. For this reason, the following transition considerations are included in our offer: 

	1.
	2008 Annual Bonus: In order to minimize any potentially adverse financial impact caused by your joining Bunge during the middle of the
year, the minimum 2008 performance bonus is guaranteed at the established target levels (see item 2 on page 2 for conditions).

	2.
	2008 Long Term Incentive: Upon joining Bunge in Brazil, you will receive an equity award in the form of performance-based restricted
share units and non-qualified stock options valued (based on the Black-Sholes methodology) on February 29, 2008 or on your first day of employment, whichever is later, at
US$450,000.

	3.
	Transfer Expenses: You will be eligible for Bunge's executive relocation program. Under this program, Bunge will pay for all reasonable
and customary expenses incurred on your transfer to the White Plains/NY area. These, for example, include the shipping and insurance costs for an air shipment of up to 800 lbs. net of personal
effects, and a surface shipment of personal and household effects from Sao Paulo, Brazil to NY/White Plains, USA, provided shipping occurs within 60 days of your joining Bunge in the US. In due
course you will be contacted by Executive Relocation to coordinate this process. Please note that, typically, we do not cover the insurance costs of unusual/unique antiques, artwork, jewelry and
collectibles. If you have any such items please let me know. 

6

 

	4.
	Home Disposition and Purchase: Our relocation program also covers costs associated with lease or purchase of a new residence in the
general area of White Plains, N.Y., including payment of up to 2 points on a mortgage loan. Bunge will also pay or reimburse you for temporary living accommodations in the general White Plains/NY area
until you are able to move to new permanent housing. We generally expect transfers to be completed in approximately 60 days from your hiring date at which point we typically will discontinue
providing transferees with temporary housing facilities. You should coordinate your temporary housing arrangements directly with Tom Albert, Director of HR in our White Plains Office
(914-684 3465).

	5.
	Relocation Allowance: Please note that the payment or reimbursement of certain relocation expenses may be considered taxable income to
you. In lieu of grossing up these expenses to yield an equivalent net amount to you, Bunge will pay you 3 months of your new base salary (also taxable income to you) at the time of your
transfer. Any FGTS penalties paid upon your termination by Bunge in Brazil will be deducted from this amount.

	6.
	Special Transfer Incentive: Upon your transfer to the US you will receive an equity award in the form of time-based
restricted share units valued then at US$150,000

	7.
	Joining Considerations: Recognizing that your move will cause you to forego certain benefits as well as to forfeit certain unvested
options and restricted shares earned at your present job and also as an inducement for you to join Bunge, subject to your continued employment with the Company at the time each payment is to be made,
we will:

	•
	Provide
five years of additional credited service for retirement and pension purposes which will be earned during your first seven years of service with Bunge in the US,
specifically they will accrue on years 1, 3, 4, 6 and 7.

	•
	Grant
you at the time that you are hired 14,000 time-based restricted stock units of Bunge which will vest at the rate of 25% per year on each of the first four
anniversaries of your hiring date by Bunge.

	•
	Pay
you a hiring bonus of US$250,000 gross in two separate payments as follows: US$150,000 immediately after you begin working for Bunge; and (2) US$100,000 upon your
transfer to the US. 

Our
offer also includes a severance protection if termination occurs for reasons other than by cause. In essence, if after you join Bunge your employment is terminated by the Company under
circumstances that would typically call for severance pay benefits, you will vest on all unvested time-based restricted stock units mentioned on bullet 2 of item 7 above and
in addition, you will receive (upon the release of any employment related claims and covenants in form and substance satisfactory to both you and Bunge) the higher of: 

	(a)
	the
standard severance benefits of the Company (inclusive of all legally mandated amounts) as they may exist at that time, or

	(b)
	a
payment equivalent to 12 months of your then prevailing base salary plus target bonus. If the termination is not due to performance, you will also receive a prorated portion
of your annual bonus calculated at target level. 

7

 

Our
offer is based on your representation that you are not subject to any restrictive covenants with any present and/or former employers and it is also based on the understanding that your employment
with Bunge is at will. Also based on Company policy, the offer is contingent upon (1) the successful completion of a drug test before the start date of your job, and (2) receipt of
documents showing that you are legally eligible to work in the United States. 

You
are reminded that our agreement includes your promise that: 

	(i)
	you
shall not (except to the extent required by an order of a court having competent jurisdiction or under subpoena from an appropriate government agency) disclose to any third
person, whether during or subsequent to your employment with the Company, any trade secrets; customer lists; product development and related information; marketing plans and related information; sales
plans and related information; operating policies and manuals; business plans; Personnel records; or other Personnel, commercial, business or technical information related to the Company or any
subsidiary or affiliate thereof unless such information has been previously disclosed to the public by the Company or has become public knowledge other than by a breach of this Agreement; provided,
however, that this limitation shall not apply to any such disclosure made while you are employed by the Company, or any subsidiary or affiliate thereof in the ordinary course of the performance of
your duties;

	(iii)
	For
at least eighteen months after the termination of your employment, you shall not attempt, directly or indirectly, to induce any Company agent or employee of the Company, or of
any subsidiary or any affiliate thereof to be employed or perform services elsewhere except if you are previously authorized to do so by the CEO of Bunge Limited in writing;

	(iv)
	For
at least eighteen months after the termination of your employment, you shall not attempt, directly or indirectly, to induce any employee or agent of the Company, or of any
subsidiary or affiliate thereof to cease providing services to the Company, or any subsidiary or affiliate thereof;

	(v)
	Following
the termination of your employment, you shall provide assistance to and shall cooperate with the Company or any subsidiary or affiliate thereof, upon its reasonable request,
with respect to matters within the scope of your duties and responsibilities during your employment with the Company. [The Company agrees and acknowledges that it shall, to the maximum
extent possible under the then prevailing circumstances, coordinate (or cause a subsidiary or affiliate thereof to coordinate) any such request with your other commitments and responsibilities to
minimize the degree to which such request interferes with such commitments and responsibilities]. The Company agrees that it will reimburse you for reasonable travel expenses
(i.e., travel, meals and lodging) that you may incur in providing assistance to the Company hereunder. 

This
agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without reference to principles of conflict of laws, and may not be amended or
modified other than by written agreement executed by the parties hereto or their respective successors and legal representatives. In this manner, any litigation or other proceeding commenced by either
party to this agreement for the purpose, in whole or in part, of enforcing the agreement or the parties' respective rights or obligations hereunder shall be commenced in the federal or state courts of
New York. 

8

 

You
promise that except as required by law or unless you have obtained the appropriate written consent of a Company officer, you will not disclose to any person or entity (other than your legal or
Personnel advisors or members of your immediate family, who agree to keep this information strictly confidential) the terms and conditions of this offer. 

Vicente,
together with the other members of the Bunge team whom you have met during this process I am delighted with the prospect of your joining us. If this letter expresses your understanding of our
agreement, your signature below will indicate your acceptance of the terms herein. I would appreciate it if you would return a signed copy to me by February 15, 2008. If you have any questions
do not hesitate to call Flavio or me. 

I
am looking forward to having you here in White Plains. 

	/s/ ALBERTO WEISSER
 Alberto Weisser

Chairman and Chief Executive Officer	 	 
	 	 	In agreement:
	 	 	

/s/ VICENTE TEIXEIRA
 Vicente Teixeira

	 	 	
 Date:

9

QuickLinks

Exhibit 10.4

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