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Exhibit 10.15  

 
 

CHANGE OF CONTROL AGREEMENT    
  

	 
	 	 
	 	 

	
	 	 
	
	 	 
	
	 	 
	

Dear	
 	

 	
 	

:
	 	 	
	 	 

        This
Change of Control Agreement ("Agreement") is entered into effective this            day
of                        , 2002 between you and Dole Food Company, Inc. You are a key
executive at Dole and an integral part of its management. We recognize that the possibility of a change of control of Dole may result in the departure or distraction of management to the detriment of
Dole and its stockholders. We wish to assure you of fair severance should your employment terminate in specified circumstances following a change of control of Dole and to assure you of certain other
benefits upon a change of control. The capitalized terms used in this Agreement either are defined in the Appendices at the end of this
Agreement or otherwise are defined in the body of this Agreement. In consideration of your continued employment with Dole and other good and valuable consideration, you and Dole agree as follows: 

        1.    Benefits Following Change of Control and Termination of Employment:    

        (a)  If,
during the period beginning on the Change of Control Date and ending on the second anniversary of the date on which the Change of Control becomes effective (a
"Protected Period"), your employment is terminated, you (or your beneficiaries, if you are deceased at the time of payment) will receive the amounts and
benefits stated in Exhibit A attached at the end of this letter agreement, unless your employment is (i) Terminated by us for Cause or (ii) Terminated by you other than for Good
Reason, in which event, section 1(b) will control. A termination to which this section 1(a) and Exhibit A applies is called a "Qualified
Termination." For all purposes of this Agreement, if a Fundamental Transaction or an Asset Sale becomes effective or is consummated that constitutes a Change of Control, you
shall be deemed for all purposes of this Agreement to be employed by the Corporation on the Change of Control Date if you were employed by the Corporation on the later of (x) the date of the
first public disclosure that an agreement with respect to such Fundamental Transaction or Asset Sale has been entered into or (y) the date that is 270 calendar days prior to the date on which
such Fundamental Transaction or Asset Sale becomes effective or is consummated, and the Change of Control Date shall be deemed to be such later date, if, after such later date and prior to the date on
which such Fundamental Transaction or Asset Sale becomes effective or is consummated, your employment with Dole is either (1) Terminated by you on account of an event or events that would
constitute Good Reason if such event or events occurred after a Change of Control Date, or (2) Terminated by us other than on account of an event or events that would constitute Cause if such
event or events occurred after a Change of Control Date. 

        (b)  If,
during a Protected Period, your employment is (i) Terminated by us for Cause or (ii) Terminated by you other than for Good Reason, this Agreement will
terminate and our only obligation to you under this Agreement will be the timely payment of Accrued Obligations. If your employment is terminated because of death, we will pay the Accrued Obligations
to your estate or beneficiary, as applicable, in a lump sum in cash or equivalent within 30 days of the date on which we are first informed of your death. 

        (c)  Any
amount payable under this Agreement that is not paid when due will accrue interest at the prime rate as from time to time in effect at Wells Fargo Bank, N.A., or its
successors or assigns, until paid in full. 

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        2.    Termination:    For all purposes of this Agreement, if your employment is terminated during a Protected Period
(a "Termination"), the Termination will fall into one of four possible categories: (a) Termination by us for Cause; (b) Termination by us other than for Cause; (c) Termination by
you for Good Reason; and (d) Termination by you other than for Good Reason. Any Termination by us for Cause other than
by your death, or Termination by you for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with section 15. This Agreement is intended by
you and us only to define the different ways in which your employment can terminate during a Protected Period and the exclusive consequences of that termination in terms of payments by us. Nothing in
this Agreement shall (1) be construed as creating an express or implied contract of employment, changing your status as an employee at will, giving you any right to be retained in the employ of
Dole, or giving you the right to any particular level of compensation or benefits nor (2) interfere in any way with the right of Dole to terminate your employment at any time with or without
Cause, subject in either case to any express payment obligations of Dole under Section 1 and Exhibit A in the case of a Termination. 

        3.    No Mitigation of Damages; Withholding.    

        (a)  Your
rights under this Agreement will be considered severance pay in consideration of your past service and your continued service from the date of this Agreement. You
will not have any duty to mitigate your damages or reduce our payments to you under this Agreement by seeking future employment. The amounts payable to you under this Agreement will not be reduced or
subject to repayment to us as a result of any compensation you may receive from future employment. 

        (b)  All
payments required to be made by us to you under this Agreement will be subject to the withholding of such amounts, if any, relating to tax and other payroll
deductions as we may reasonably determine we should withhold pursuant to law or regulation. 

        (c)  Except
as set forth in Exhibit A, our obligation to make the payments provided for in this Agreement and otherwise to perform our obligations under this Agreement
will not be subject to any set-off, counterclaim, recoupment, defense or other claim, right or action that we may have against you. 

        4.    Release.    Notwithstanding anything to the contrary in this
Agreement, our obligation to make any payment provided for in this Agreement upon or after a termination of service is expressly made subject to and conditioned upon (a) your prior execution of
a release substantially in the form of Exhibit C, attached at the end of this Agreement, within 90 days after the date of Termination and (b) your non-revocation of
such release in accordance with its terms. Pending the delivery of the release and expiration of any and all applicable statutory waiting periods, no such payment will be due
hereunder.

        5.    Indemnification:    In any circumstance where, under our certificate of incorporation orby-laws, we
have the power to indemnify or advance expenses to you in respect of any judgments, fines, settlements, losses, costs or expenses (including attorneys' fees) of any nature relating to or arising out
of your activities as an agent, employee, officer or director of Dole or in any other capacity on behalf of or at the request of Dole, we agree that, if you have undergone a Qualified Termination, we
will promptly, on written request, indemnify and advance expenses to you to the fullest extent permitted by applicable law, including but not limited to making such findings and determinations and
taking any and all such
actions as we may, under applicable law, be permitted to have the discretion to take so as to effectuate such indemnification or advancement. Such agreement by Dole will not be deemed to impair any
other obligation of Dole respecting indemnification of you otherwise arising out of this or any other agreement or promise of Dole or under our certificate of incorporation or by-laws. 

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        6.    Binding Agreement.    This Agreement will be binding upon and inure to the benefit of you and Dole and will be
enforceable by your personal or legal representatives or successors. If you die during a Protected Period while any amounts would still be payable to you under this Agreement at the time of your
death, then such amounts will be paid to your estate, or such rights will remain exercisable by your estate, respectively, in accordance with the terms of this Agreement. This Agreement will not
otherwise be assignable by you. 

        7.    Successors.    This Agreement will inure to and be binding upon Dole's successors, including, without
limitation, any successor to all or substantially all of Dole's business and/or assets. Dole will require any such successor to all or substantially all of the business and/or assets of Dole by sale,
transfer, merger (where Dole is not the surviving corporation), consolidation, recapitalization, reorganization, lease, distribution, spin-off or otherwise, to expressly assume in writing
this Agreement, unless it is assumed by operation of law. This Agreement will not otherwise be assignable by Dole. 

        8.    Arbitration.    Any controversy or claim arising out of or relating to this Agreement, or the breach thereof,
will be submitted to final and binding arbitration, to be held in Los Angeles County, California, before a single arbitrator, in accordance with California Civil Procedure Code
§§ 1280 et seq. The arbitrator will be selected by mutual agreement of you and us or, if you and we cannot agree, then by striking from a list of arbitrators supplied by the
American Arbitration Association. The arbitrator will issue a written opinion revealing, however briefly, the essential findings and conclusions upon which the arbitrator's award is based. Judgment
upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction. We will pay the arbitrator's fees and arbitration expenses and any other costs associated with the
arbitration hearing. You and we will each bear our respective deposition, witness, expert and attorneys' fees and other expenses as and to the same extent as if the matter were being heard in court.
If, however, any party prevails on a statutory claim that affords the prevailing party attorneys' fees and costs, or if there is a written agreement providing for fees and costs, then the arbitrator
will award reasonable fees to the prevailing party in accordance with the statute or the written agreement, as appropriate. Any dispute as to the reasonableness of any fee or cost will be resolved by
the arbitrator. Nothing in this section 8 will affect your or our ability to seek from a court injunctive or equitable relief. 

        9.    Confidentiality.    Except as may be necessary to enter or execute judgment upon an arbitration award or to the
extent required by applicable law, all claims, defenses and proceedings (including, without limitation, the existence of a controversy, the fact that there is an arbitration proceeding and the content
of the pleadings, papers, orders, hearings, trials or awards in the arbitration) will be treated in a confidential manner by the arbitrator, the parties and their counsel, each of their agents and
employees and all others acting on behalf of or in concert with them. Any controversy relating to the
arbitration, including, without limitation, any action to prevent or compel arbitration or to confirm, correct, vacate or otherwise enforce an arbitration award, will be filed under seal with the
court, to the extent permitted by law. 

        10.    Restraint on Alienation.    None of your benefits, payments, proceeds or claims under this Agreement will be
subject to any claim of any creditor and, in particular, the same will not be subject to attachment or garnishment or other legal process by any creditor, nor will you have any right to alienate,
anticipate, commute, pledge, encumber or assign any of the benefits or payments of proceeds that you may expect to receive, contingently or otherwise, under this Agreement. Notwithstanding the
preceding sentence, benefits that are in pay status may be subject to a garnishment or wage assignment or authorized or mandatory deductions made pursuant to a court order, a tax levy or applicable
law or your elections. 

        11.    Termination Prior to Change of Control Date.    Notwithstanding
section 14, but subject to the last sentence of section 1(a), if, prior to the first Change of Control Date, your employment with Dole  

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 terminates, then all of your rights under this Agreement terminate, and this Agreement will be deemed to have been terminated on the date of your termination.

        12.    Strict Compliance; Severability; Integration.    Your or our failure to insist upon strict compliance with any
provision of this Agreement or the failure to assert any right you or Dole may have hereunder, including, without limitation, your right to terminate for Good Reason or our right to terminate for
Cause, will not be deemed to be a waiver of such provision or right with respect to any subsequent lack of compliance, or of any other provision of or right under this Agreement. The invalidity or
unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement. This Agreement contains the entire agreement between you
and Dole with respect to the subject matter hereof and supersedes, with respect to the subject matter hereof, all prior or contemporaneous agreements, understandings and negotiations, whether oral or
written, between you and Dole, including without limitation any employment agreement, change of control agreement, offer letter or other agreement, if any; and any such employment agreement, change of
control agreement, offer letter or other agreement, if any, shall be null and void to the extent it provides for any payment or benefit to you contingent upon the occurrence (alone or with other
events) of a Change of Control or an event that is otherwise deemed to be comprehended by the term "change of control." You and Dole acknowledge and agree that no representations, inducements,
promises or agreements, orally or otherwise, have been made by you or Dole regarding the subject matter hereof that are not contained in this Agreement, and that no other agreement, statement or
promise not contained herein shall be valid or binding with respect to the subject matter hereof. 

        13.    Choice of Law:    This Agreement is made in, and will be governed by, the laws of the State of California,
without regard to the choice of laws or conflict of laws principles or rules of the State of California or of any other jurisdiction. 

        14.    Modification or Termination of this Agreement:    After the first Change of Control Date, this Agreement may
only be modified or terminated by a writing signed by both you and us. Before the first Change of Control Date, we may unilaterally modify or terminate this Agreement, but such unilateral modification
or termination will not be effective until the second anniversary of the date on which we first give you express written notice of the unilateral modification or termination (the
"Modification Effective Date"); provided, however, that the unilateral modification or termination shall never become effective if (1) a Change
of Control Date occurs before the Modification Effective Date and (2) your employment is terminated during the Protected Period in respect of such Change of Control Date. Nothing in this
section 14 shall in any way eliminate, diminish or restrict the effect of section 11. This Agreement shall continue in full force and effect until it is terminated in accordance with the
terms of this Agreement. 

        15.    Notices.    All notices and other communications under this Agreement must be in writing and must be given by
hand delivery to the other party, by reputable overnight courier or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to you:

If to Dole:
  Dole Food Company, Inc.

One Dole Drive

Westlake Village, California 91362-7300

Attention: President 

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or
to such other address as either party will have furnished to the other in writing in accordance herewith. Notice and communications will be effective when actually received by the addressee. 

        Please
indicate your acceptance of and agreement to the terms of this Change of Control Agreement by signing and dating below, where indicated, and returning a signed copy to us. 

	Sincerely,	 	 
	

DOLE FOOD COMPANY, INC.	
 	

 
	

By:	
 	

 	
 	

 
	 	 	
	 	 
	

Title:	
 	

 	
 	

 
	 	 	
	 	 
	

Agreed and Accepted:	
 	

 
	

	
 	

 
	Date:	 	 	 	 
	 	 	
	 	 

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APPENDIX 1
  Definitions  

        "Accrued Obligations" shall mean the sum of (1) your annual base salary through the date of Termination to
the extent not theretofore paid and (2) any compensation previously deferred by you (together with any accrued interest or earnings thereon) pursuant to outstanding elections and/or any accrued
vacation pay or paid time off, in each case to the extent not theretofore paid; provided, that if your employment is Terminated by us for Cause, other than your death, the date of Termination, for
purposes of this definition of Accrued Obligations, shall be deemed to be the date on which Notice of Termination was given. 

        "Affiliate" shall have the meaning ascribed in Rule 12b-2 promulgated under the Exchange Act. 

        "Associate" shall have the meaning ascribed in Rule 12b-2 promulgated under the Exchange Act. 

        "Change of Control" shall have the meaning set forth in Appendix 2. 

        "Change of Control Date" shall mean the first date after the date of this Agreement on which a Change of Control occurs, except as set
forth in the last sentence of Section 1(a). 

        "David H. Murdock" shall mean David H. Murdock, a California resident, who, on the date of this Agreement, is the Chairman and Chief
Executive Officer of Dole. 

        "Disability" shall mean your absence from, or inability to perform duties for, Dole on a full-time basis for 90 consecutive
business days or 120 business days in any period of 180 business days as a result of mental or physical illness or injury that is total and permanent, as determined by a physician selected by us or
our insurers and acceptable to you or your legal representative (such agreement as to acceptability not to be withheld unreasonably) and that is not susceptible to reasonable accommodation. 

        "Notice of Termination" shall mean a written notice which (1) indicates the specific termination provision in this Agreement relied
upon, and (2) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so
indicated. 

        "Termination by us for Cause," "Terminated by us for Cause" and
"Cause" shall mean Dole's termination of your employment with Dole (during a Protected Period) pursuant (except under clause (e), below, in which
case Dole need not send a Notice of Termination) to a Notice of Termination given within 120 days following our becoming aware of the occurrence of any one or more of the following to the
extent (in the case of clause (b) or (c) if remediable) not remedied in a reasonable period of time after receipt by you of written notice from us specifying such occurrence (any
termination of your employment by Dole that is not a Termination by us for Cause will be deemed to be a "Termination by us other than for Cause"): 

        (a)  You
are convicted of, or plead guilty or nolo contendere to, a felony; 

        (b)  You
commit an act of gross misconduct in connection with the performance of your duties; 

        (c)  You
demonstrate habitual negligence in the performance of your duties; 

        (d)  You
commit an act of fraud, misappropriation of funds or embezzlement in connection with your employment by Dole; 

        (e)  Your
death; or 

        (f)    Your
Disability. 

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        Notwithstanding
the foregoing, you shall not be deemed to have been Terminated by us for Cause under clauses (b)—(d) or (f) until the later to occur of (i) the
30th day after Notice of Termination is given and (ii) the delivery to you of a certified copy of a resolution duly adopted by the affirmative vote of not less than a majority of the total
number of our directors at a meeting duly called and held (after reasonable notice to you), and at which you, together with your counsel, were given an opportunity to be heard, finding that one or
more of the events described in clauses (b)—(d) or (f) above occurred, and specifying the particulars thereof in detail; provided, however, we may suspend you and withhold payment
of your base salary, other compensation and benefits from the date that Notice of Termination is given until the earliest to occur of (i) Termination by us for Cause effected in accordance with
the foregoing procedures (in which case you shall not be entitled to your base salary, other compensation or benefits for such period), (ii) a determination by a majority of our directors that
none of the events described in clauses (b)—(d) or (f) above occurred (in which case you shall be reinstated and paid any of your previously unpaid base salary, other compensation
and benefits for such period), or (iii) the 90th day after Notice of Termination is given (in which case you shall be reinstated and paid any of your previously unpaid base salary, other
compensation and benefits for such period). 

        "Termination by you for Good Reason" "Terminated by you for Good Reason" and
"Good Reason" means your resignation of employment with Dole (during the Protected Period) within 120 days following the occurrence of one or
more of the following to the extent not remedied in a reasonable period of time after receipt by Dole of written notice from you specifying such occurrence, without your express written consent (any
termination of your employment by you that is not a Termination by you with Good Reason will be deemed to be a "Termination by you other than for Good
Reason"): 

        (a)  Whether
direct or indirect, a significant diminution of your authority, duties, responsibilities or status inconsistent with and below those held, exercised and assigned
in the ordinary course during the 90 day period immediately preceding the Change of Control Date, excluding any such significant diminution that (i) begins prior, and ends on or prior,
to the date on which a Fundamental Transaction or Asset Sale becomes effective or is consummated that constitutes a Change of Control, and (ii) results from the affirmative and negative
pre-closing operating covenants applicable to Dole contained in the definitive transaction agreements providing for such Fundamental Transaction or Asset Sale. 

        (b)  The
assignment to you of duties that are inconsistent (in any significant respect) with, or that impair (in any significant respect) your ability to perform, the duties
customarily assigned to an executive holding the position you held immediately prior to the Change of Control Date in a corporation of the size and nature of Dole, or, if you were employed prior to
termination by a Subsidiary or business unit
of the Corporation, in a subsidiary or business unit of the size and nature of the Subsidiary or business unit of the Corporation in which you were employed; 

        (c)  Relocation
of your primary office more than 35 miles from your current office on the Change of Control Date; 

        (d)  Any
material breach by us of this Agreement or any other agreement with you; 

        (e)  The
failure of a successor to Dole (in any transaction that constitutes a Change of Control), to assume in writing our obligations to you under this Agreement or any
other agreement with you, if the same is not assumed by such successor by operation of law; 

        (f)    Any
reduction in your base salary below your base salary in effect on the Change of Control Date (or if your base salary was reduced within 180 days before the
Change of Control Date, the base salary in effect immediately prior to such reduction); or 

        (g)  Any
non de minimis reduction in your aggregate benefits and other compensation ("Benefits"),  provided that a reduction in the aggregate of not more than 5% in
aggregate Benefits in connection with across-the-board
reductions or modifications affecting similarly situated persons of comparable rank in Dole or a combined organization shall not constitute Good Reason. 

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APPENDIX 2
  Additional Definitions  

        "Change of Control" shall be deemed to occur if and as of the first day that any one or more of the following
conditions are satisfied, whether accomplished directly or indirectly, or in one or a series of related transactions: 

        (1)  any
"Person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")), other than (a) David H. Murdock or (b) following the death of David H. Murdock, the trustee or trustees of a trust
created by David H. Murdock, becomes the "Beneficial Owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of
securities of the Corporation representing 20% or more of the combined voting power of the Corporation's then outstanding securities; 

        (2)  individuals
who, as of the date hereof, constitute the Board of Directors of the Corporation (the "Incumbent Board")
cease for any reason to constitute at least a majority of the Board; provided, however, that any individual who becomes a director subsequent to the date hereof whose election, or nomination for
election by the Corporation's stockholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, unless the individual's initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened tender
offer, solicitation of proxies or consents by or on behalf of a Person other than the Board; 

        (3)  a
reorganization, merger, consolidation, recapitalization, tender offer, exchange offer or other extraordinary transaction involving Dole (a
"Fundamental Transaction") becomes effective or is consummated, unless: (a) more than 50% of the outstanding voting securities of the surviving
or resulting entity (including, without limitation, an entity ("parent") which as a result of such transaction owns the Corporation or all or
substantially all of the Corporation's assets either directly or through one or more subsidiaries) ("Resulting Entity") are, or are to be, Beneficially
Owned, directly or indirectly, by all or substantially all of the Persons who were the Beneficial Owners of the outstanding voting securities of the Corporation immediately prior to such Fundamental
Transaction (excluding, for such purposes, any Person who is or, within two years prior to the consummation date of such Fundamental Transaction, was, an Affiliate or Associate (other than an
Affiliate of Dole Food Company, Inc. immediately prior to such consummation date) (as each of Affiliate and Associate are defined in Rule 12b-2 promulgated under the Exchange
Act) of a party to the Fundamental Transaction) in substantially the same proportions as their Beneficial Ownership, immediately prior to such Fundamental Transaction, of the outstanding voting
securities of the Corporation and (b) more than half of the members of the board of directors or similar body of the Resulting Entity (or its parent) were members of the Incumbent Board at the
time of the execution of the initial agreement providing for such Fundamental Transaction. 

        (4)  A
sale, transfer or any other disposition (including, without limitation, by way of spin-off, distribution, complete liquidation or dissolution) of all or
substantially all of the Corporation's business and/or assets (an "Asset Sale") is consummated, unless, immediately following such consummation, all of
the requirements of clauses (3)(a) and (3)(b) of this definition of Change of Control are satisfied, both with respect to the Corporation and with respect to the entity to which such business and/or
assets have been sold, transferred or otherwise disposed of or its parent (a "Transferee Entity"). 

        The
consummation or effectiveness of a Fundamental Transaction or an Asset Sale shall be deemed not to constitute a Change of Control if more than 50% of the outstanding voting
securities of 

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the Resulting Entity or the Transferee Entity, as appropriate, are, or are to be, Beneficially Owned by David H. Murdock. 

        "Corporation" shall mean Dole Food Company, Inc., a Delaware corporation, and its successors. For purposes of this definition of
Corporation, after the consummation of a Fundamental Transaction or an Asset Sale, the term "successor" shall include, without limitation, the Resulting Entity or Transferee Entity, respectively. 

        "Dole" shall mean the Corporation and/or its Subsidiaries. 

        "Subsidiary" shall mean any corporation or other entity a majority or more of the outstanding voting stock or voting power of which is
beneficially owned directly or indirectly by the Corporation. 

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Exhibit A
  Amount of Severance Pay and Benefits Following Qualified Termination  

        If
a Qualified Termination occurs, Dole will pay you (except as provided below) the following, no later than 90 calendar days after the date of Termination (or 90 days after the
Change of Control becomes effective or is consummated, if you have a Qualified Termination pursuant to the last sentence of Section 1(a) of the Agreement): 

        (a)  An
amount in cash equal to two times your annual base salary as of the date of Termination (or if your annual base salary
was reduced within 180 days before the Change of Control Date, the annual base salary in effect immediately prior to such reduction); 

        (b)  An
amount in cash equal to two times your target bonus as of the date of Termination (or if your target bonus was reduced
within 180 days before the Change of Control Date, the target bonus in effect immediately prior to such reduction); 

        (c)  An
amount in cash equal to two times $10,000, in lieu of any other health and welfare benefits (including medical, life,
disability, accident and other insurance or other health and welfare plans, programs, policies or practices or understandings) and other taxable perquisites and fringe benefits to which you or your
family may have been entitled. 

        (d)  An
amount in cash equal to the pro rata portion of the greater of (i) your target benefits under our Long Term Incentive Plan (the
"LTIP") and (ii) your actual benefits under the LTIP; 

        (e)  An
amount in cash equal to the aggregate amount of the Accrued Obligations; 

        (f)    An
amount in cash equal to the pro rata portion of your target bonus for the fiscal year in which the date of Termination occurs; and 

        (g)  An
amount in cash equal to any reimbursement for outstanding reimbursable expenses. 

        "Pro rata portion" in clauses (d) and (f), above, means pro rata with respect to the portion of the relevant time period that has
elapsed prior to the date of Termination. 

        If
a Qualified Termination occurs pursuant to the last sentence of Section 1(a) of the Agreement, then, notwithstanding anything to the contrary provided in any plans or
agreements of Dole pursuant to which you were granted options to purchase shares of Dole's common stock, any period of time set forth in such plans or agreements in which you must exercise your
options shall not begin to run until the earlier to occur of (x) the consummation or effectiveness of the Fundamental Transaction or the Asset Sale and (y) 270 days after the date
of Termination. 

        Notwithstanding
anything to the contrary provided in any plans or agreements of Dole pursuant to which you were granted options to purchase shares of Dole's common stock, all of your
unvested options granted pursuant to such plans or agreements (whenever granted) shall be deemed to vest immediately prior to the first time that one or both of the following conditions are satisfied:
(i) a Change of Control occurs; or (ii) the shares of common stock of the Corporation are not listed on either the New York Stock Exchange or the National Market System of the Nasdaq
Stock Market (or any successor to such entities), and neither the Board of Directors of Dole nor any committee thereof nor any other Person shall have any discretion, right or power whatsoever to
block, delay or impose any condition upon such vesting. For the avoidance of doubt and not by way of limitation of the foregoing, if a Qualified Termination occurs pursuant to the last sentence of
Section 1(a) of this Agreement, all of your unvested options shall vest hereunder immediately prior to the effectiveness or consummation of the Fundamental Transaction or the Asset Sale but not
at any earlier time. 

        We
will furnish you for six years following your Qualified Termination with Directors and Officers Insurance, or other liability insurance as is reasonable and customary, insuring you
against all insurable 

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events arising from or relating to alleged acts or omissions pertaining in any way to your activities as an agent, employee, officer or director of Dole or in any other capacity on behalf of or at
the request of Dole, such insurance to have policy limits aggregating not less than $40 million and otherwise to be in substantially the same form and to contain substantially the same terms,
conditions and exceptions as the liability insurance policies provided for Directors and Officers of Dole in force from time to time, provided that such terms, conditions and exceptions will not be,
in the aggregate, materially less favorable to you than those in effect on the date of this Agreement and provided that such insurance can be obtained on commercially reasonable terms. 

        Your severance pay and benefits listed above and/or those provided to you under other agreements, plans or arrangements with Dole, are subject to adjustment as
provided in Exhibit B. The adjustments are related to special taxes that may be imposed on you and/or us if the severance amounts and benefits you receive constitute
so-called "excess parachute payments" under the tax laws. These tax laws and the IRS rules and regulations that implement the laws are highly complex, so we will not attempt to summarize
them for you. 

        In
the event that you have an employment contract or any other agreement with Dole or participate in any other plan or program that entitles you to severance payments upon the
termination of your employment with Dole, the amount of any such severance payments will be deducted from the payments to be made to you under this Agreement. All benefits under this Agreement also
will be reduced by the amount paid to you under any United States, foreign or state statute, law, rule or regulation that requires a formal notice period, pay in lieu of notice (including but not
limited to WARN Act payments), termination, indemnity, severance payments or similar payments or entitlements related to service, other than unemployment or social security benefits provided in the
United States. 

11

 
Exhibit B
  Adjustment to Severance Pay and Benefits  

        1.    Adjustments.    If any payments or benefits under this Agreement, after taking into account all other payments
or benefits (including, without limitation, the acceleration of vesting of stock options) to which you are entitled from Dole, or any affiliate thereof (a
"Payment"), are more likely than not to result in a loss of a deduction to Dole by reason of Section 280G of the United States Internal Revenue
Code or any successor provision to that section, such Payment will be reduced to the extent required to avoid such loss of deduction. 

        2.    Determinations.    All determinations required to be made under this Exhibit B, including without
limitation the determination of whether any benefit or Payment would result in a loss of a deduction by reason of Section 280G, the calculation of the value of any such benefit or Payment and
whether any benefit or Payment constitutes reasonable compensation, will be made, at our option, by Dole's independent auditors or a nationally recognized executive compensation consulting firm (the
"Accounting Firm"). The Accounting Firm will provide detailed supporting calculations both to Dole and you within 15 business days of the receipt of
notice from you that there has been a Payment, or such earlier time as is requested by Dole. If the Accounting Firm is serving as accountant or auditor for the Person effecting the Change of Control,
Dole will appoint another nationally recognized accounting firm to make these required determinations (which accounting firm will then be referred to as the Accounting Firm). All fees and expenses of
the Accounting Firm will be borne solely by Dole. Any such determinations by such accounting firm will be binding on you and Dole. 

12

 
Exhibit C
  Form of General Release Agreement  

        THIS GENERAL RELEASE AGREEMENT (this "Agreement"), by and
between                        (the
"Executive") and Dole Food Company, Inc., and its subsidiary and affiliate corporations (collectively, the
"Company"), with reference to the following facts: 

        1.    Date of Termination.    Executive's employment with the Company will be terminated
effective                        ,
            ("date of Termination"). 

        2.    Payment Contingent upon Release.    Executive understands that Company's obligation to make the payments
provided for in the Change of Control Agreement dated as of                        ,
            (the "Change of Control Agreement") between Executive and
the Company, is conditioned upon Executive's execution of this release within 90 days after the date of Termination and non-revocation of this release in accordance with the terms
hereof. 

        3.    Payment Amount.    Executive further understands that by signing this Agreement, Company shall pay Executive a
lump sum payment of                        , less payroll and other deductions required by law and authorized by the terms of the
Change of Control Agreement. 

        4.    Return of Company Property.    Executive shall immediately return to the Company all property of the Company,
including computer and other electronic equipment, computer passwords, telephones, pagers, etc., in his possession or control. 

        5.    Satisfaction and Release of All Obligations Owed.    Except for those obligations created by this Agreement, and
except as provided below, Executive understands and agrees that, by signing this Agreement, Executive acknowledges full and complete satisfaction of and is releasing and discharging and promising not
to sue the Company, its divisions, subsidiaries, affiliates, past and present and each of them as well as its and their directors, officers, stockholders, representatives, assignees, successors,
agents and Executives, past and present, and each of them (individually and collectively, "Releasees"), from and with respect to any and all claims,
wages, stock, vacation pay, paid time off, bonuses, employee benefits, separation pay, or any other compensation, employment perquisites or benefits, demands, rights, liens, agreements, suits,
obligations, debts, costs, expenses, attorneys' fees, damages, judgments, orders and liabilities of any kind, known or unknown, suspected or unsuspected, and whether or not concealed or hidden,
arising out of or in any way connected with Executive's employment with, or the termination of Executive's employment with, the Company, including but in no way limited to any act or omission
committed or omitted prior to the date of execution of this Agreement. This includes but is in no way limited to any claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act of 1967, as amended ("ADEA"), the Executive Retirement Income Security Act of 1974 (except for vested benefits, if any), the Americans
with Disabilities Act, California Fair Employment and Housing Act, or any other foreign law, federal, state or local law, regulation, constitution or ordinance. Nothing in this release shall affect
Executive's ability to pursue COBRA rights, and Company acknowledges the Executive will pursue his election to convert coverages as permitted under COBRA. Further, nothing in this Release shall affect
Executive's rights under any qualified retirement plans, supplemental retirement plans, deferred compensation plans or stock option plans of the Company, and Executives rights under such plans shall
be governed by the terms of such plans. 

        6.    Release of Liability Related to Termination.    Except for those obligations created by this Agreement, and
except as provided below, the Company hereby acknowledges full and complete satisfaction of and releases and discharges and covenants not to sue Executive from and with respect to any and all claims,
demands, rights, liens, agreements, suits, obligations, debts, costs, expenses, attorneys' fees, damages, judgments, orders and liabilities of any kind, known or unknown, suspected or unsuspected, and
whether or not concealed or hidden, arising out of or in any way connected with 

13

 

Executive's employment with, or the termination of Executive's employment with, the Company, including but in no way limited to any act or omission committed or omitted prior to the date of execution
of this Agreement, provided however, that this general release of Executive shall not extend to any claims against Executive which arise out of facts which are finally adjudged by a court of competent
jurisdiction to be a willful breach of fiduciary duty or a crime under any federal, state, or local statute, law, ordinance or regulation. At this time, no such claim exists to the Company's
knowledge. 

        7.    Covenants.    The parties covenant and affirm that neither of them has caused or permitted to be filed any
claim, charge, suit, complaint, action, cause of action, or proceeding of any kind in any forum against the Releases or the Executive. The parties further covenant and affirm that they have not made
any assignment and will make no assignment of any claims, demands or causes of action released herein and will not file, refile, initiate, or cause to be filed, refilled or initiated any claim,
charge, suit, complaint, action or cause of action based upon, arising out of, or relating to any claim, demand, or cause of action released herein, nor shall the parties participate, assist or
cooperate in any claim,
charge, suit, complaint, action or proceeding regarding the Releasees or the Executive, whether before a court, administrative agency, arbitrator or other tribunal, unless required to do so by law. 

        8.    Waiver of Section 1542.    Except as provided in this Agreement, it is both parties' intention in signing
this Agreement that it should be effective as a bar to each and every claim, demand and cause of action stated above. In furtherance of this intention, each party hereby expressly waives any and all
rights and benefits conferred upon it by the provisions of Section 1542 of the California Civil Code or any similar law in any other jurisdiction. Section 1542 provides: "A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS
SETTLEMENT WITH THE DEBTOR." 

        9.    Waiver of ADEA Rights.    Executive understands and agrees that, by signing this Agreement, Executive is waiving
any and all rights or claims that Executive may have arising under the ADEA, which have arisen on or before the date of execution of this Agreement. Executive further understands and agrees that
(i) in return for this Agreement, Executive will receive compensation beyond that which Executive was already entitled to receive before entering into this Agreement, (ii) Executive is
hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement, (iii) Executive has been provided a full and ample opportunity to study this Agreement,
including a period of at least twenty-one (21) days, within which to consider it, (iv) to the extent that Executive takes less than twenty-one (21) days
within which to consider this Agreement prior to execution, Executive acknowledges that he has had sufficient time to consider this Agreement with his counsel and that he expressly, voluntarily and
knowingly waives any additional time; and (v) Executive was informed that Executive has seven (7) days following the date of signing of this Agreement in which to revoke this Agreement
by delivering a written, signed revocation to Vice-President—Human Resources, Dole Food Company, Inc., One Dole Drive, Westlake Village, CA 91362, before the expiration
of seven (7) days. 

        10.    Confidential Information; No Solicitation.    Executive acknowledges that during Executive's employment with
the Company, Executive has had access to confidential and proprietary business information that is the property of the Company, the disclosure or utilization of which would cause substantive and
irreparable harm, loss of goodwill and injury to the Company. Executive acknowledges that Executive has returned to the Company all such confidential and proprietary business information in
Executive's possession, custody or control, as well as all files, memoranda, records, documents, computer records, copies of the foregoing, and other such information related to the Company in
Executive's possession, custody or control. Executive further agrees not to disclose or utilize any such confidential or proprietary business information in the future. 

14

 

        11.    Waiver of Claims for Damages.    Each party agrees that by this Agreement it waives any claim for damages
incurred at any time after the date of this Agreement because of alleged continuing effects of any alleged wrongful or discriminatory acts or omissions involving any Releasee, or the Executive, as
applicable, which occurred on or before the execution of this Agreement and any right to sue for injunctive relief against the alleged acts or omissions occurring prior to the date of this Agreement. 

        12.    Severability.    The parties understand and agree that if any provision of this Agreement shall, for any
reason, be adjudged by any court of competent jurisdiction to be invalid or unenforceable, such judgment shall not affect, impair, or invalidate the remainder of this Agreement, but shall be confined
in this operation to the provision of this Agreement directly involved in the controversy in which such judgment shall have been rendered. 

        13.    Arbitration of Disputes.    

        (a)  Any
controversy or claim arising out of or relating to this Agreement, its enforcement, arbitrability or interpretation, or because of an alleged breach, default, or
misrepresentation in connection with any of its provisions, or arising out of or relating in any way to the Executive's employment or termination of the same, including, without limiting the
generality of the foregoing, any alleged violation of statute, common law or public policy, shall be submitted to final and binding arbitration, to be held in Los Angeles County, California, before a
single arbitrator, in accordance with California Civil Procedure Code §§ 1280 et seq. The arbitrator shall be selected by mutual agreement of the parties or, if the parties
cannot agree, then by striking from a list of arbitrators supplied by the American Arbitration Association. The arbitrator shall issue a written opinion revealing, however briefly, the essential
findings and conclusions upon which the arbitrator's award is based. The Company will pay the arbitrator's fees and arbitration expenses and any other costs associated with the arbitration hearing
(recognizing that each side bears its own deposition, witness, expert and attorneys' fees and other expenses as and to the same extent as if the matter were being heard in court). If, however, any
party prevails on a statutory claim which affords the prevailing party attorneys' fees and costs, or if there is a written agreement providing for fees and costs, then the arbitrator may award
reasonable fees to the prevailing party. Any dispute as to the reasonableness of any fee or cost shall be resolved by the arbitrator. Nothing in this paragraph shall affect the Executive's or the
Company's ability to seek from a court injunctive or equitable relief. 

        (b)  Except
as may be necessary to enter judgment upon the award or to the extent required by applicable law, all claims, defenses and proceedings (including, without
limiting the generality of the foregoing, the existence of a controversy and the fact that there is an arbitration proceeding) shall be treated in a confidential manner by the arbitrator, the parties
and their counsel, each of their agents, and employees and all others acting on behalf of or in concert with them. Without limiting the generality of the foregoing, no one shall divulge to any third
party or Person not directly involved in the arbitration the content of the pleadings, papers, orders, hearings, trials, or awards in the arbitration, except as may be necessary to enter judgment upon
an award as required by applicable law. Any controversy relating to the arbitration, including, without limiting the generality of the foregoing, to prevent or compel arbitration or to confirm,
correct, vacate or otherwise enforce an arbitration award, shall be filed under seal with the court, to the extent permitted by law. 

        14.    Entire Understanding.    The parties understand that this Agreement represents the entire agreement and
understanding between the parties and supersedes any prior or contemporaneous agreement, understanding or negotiations respecting such subject. No change to or modification of this Agreement shall be
valid or binding unless it is in writing and signed by Executive and a duly authorized officer of the Company. 

15

 

        15.    Governing Law.    This Agreement shall be governed and construed under the applicable laws of the State of
California. 

        Executive
affirms that Executive has read and understands this Agreement and hereby agrees to voluntarily sign it. Executive declares under penalty of perjury that the foregoing is true
and correct. 

        EXECUTED
this            day of                        ,
            , at                        .
 

	 
	 	 

	
	 	

	[Name]	 	Vice President, Dole Food Co., Inc.

16

QuickLinks

CHANGE OF CONTROL AGREEMENT<PAGE>
                                                                     EXHIBIT 4.4

                                   AETNA INC.
                            2002 STOCK INCENTIVE PLAN

SECTION 1.  PURPOSE.

      The purposes of this Plan are to promote the interests of the Company and
its shareholders, and further align the interests of shareholders and
Participants by:

            (i)   motivating Participants through Awards tied to total return to
                  shareholders (i.e., stock price appreciation and dividends);

            (ii)  attracting and retaining outstanding individuals as
                  Participants;

            (iii) enabling Participants to acquire additional equity interests
                  in the Company; and

            (iv)  providing compensation opportunities dependent upon the
                  Company's performance relative to its competitors and changes
                  in its own performance over time.

SECTION 2.  DEFINITIONS.

      "AFFILIATE" shall mean any corporation or other entity (other than the
Company or one of its Subsidiaries) in which the Company directly or indirectly
owns at least twenty percent (20%) of the combined voting power of all classes
of stock of such entity or at least twenty percent (20%) of the ownership
interests in such entity.

      "AWARD" shall mean any grant or award under the Plan, as evidenced in a
written document delivered to a Participant as provided in Section 12(b).

      "BOARD" shall mean the Board of Directors of the Company.

      "CAUSE" shall mean (i) the willful failure by the Participant to perform
substantially the Participants duties as an employee of the Company (other than
due to physical or mental illness) after reasonable notice to the Participant,
(ii) the Participants engaging in serious misconduct that is injurious to the
Company, any Subsidiary or any Affiliate, (iii) the Participants having been
convicted of, or entered a plea of nolo contendere to, a crime that constitutes
a felony, (iv) the breach by the Participant of any written covenant or
agreement not to compete with the Company, any Subsidiary or any Affiliate or
(v) the breach by the Participant of his or her duty of loyalty to the Company
which shall include, without limitation, (A) the disclosure by the Participant
of any confidential information pertaining to the Company, any Subsidiary or any
Affiliate, (B) the harmful interference by the Participant in the business or
operations of the Company, any Subsidiary or any Affiliate, (C) any attempt by
the Participant directly or indirectly to induce any employee, insurance agent,
insurance broker or broker-dealer of the Company, any Subsidiary or any
Affiliate to be employed or perform services elsewhere, (D) any attempt by the
Participant directly or indirectly to solicit the trade of any customer or
supplier, or prospective customer or supplier, of the Company or (E) any breach
or violation of the Companys Code of Conduct.

      "CODE" shall mean the Internal Revenue Code of 1986, as amended, and the
regulations thereunder.

      "COMMITTEE" shall mean a committee of the Board as may be designated by
the Board to administer the Plan.

      "COMMON STOCK" shall mean the common stock, $.01 par value, of the
Company.

      "COMPANY" shall mean Aetna Inc., a Pennsylvania corporation.

      "ELIGIBLE EMPLOYEE" shall mean each employee of the Company, its
Subsidiaries or its Affiliates, but shall not include directors who are not
employees of such entities and Executive Officers of the Company. Any individual
the Company designates as, or otherwise determines to be, an independent
contractor shall not be considered an Eligible Employee, and such designation or
determination shall govern regardless of whether such individual is ultimately
determined to be an employee pursuant to the Code or any other applicable law.
<PAGE>
      "EMPLOYMENT" shall mean, for purposes of determining whether a termination
of employment has occurred under the Plan, continuous and regular salaried
employment with the Company, a Subsidiary or an Affiliate, which shall include
(unless the Committee shall otherwise determine) any period of vacation, any
approved leave of absence or any salary continuation or severance pay period
and, at the discretion of the Committee, may include service with any former
Subsidiary or Affiliate of the Company. For this purpose, regular salaried
employment means scheduled employment of at least 20 hours per week.

      "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as amended
from time to time.

      "EXECUTIVE OFFICER" shall mean those persons who are officers of the
Company within the meaning of Rule 16a-l(f) of the Exchange Act.

      "FAIR MARKET VALUE" shall mean on any date, with respect to a share of
Common Stock, the closing price of a share of Common Stock as reported by the
Consolidated Tape of New York Stock Exchange Listed Shares on such date, or, if
no shares were traded on such Exchange on such date, on the next date on which
the Common Stock is traded.

      "FUNDAMENTAL CORPORATE EVENT" shall mean any stock dividend, extraordinary
cash dividend, recapitalization, reorganization, merger, consolidation,
split-up, spin-off, combination, exchange of shares, offering to purchase Common
Stock at a price substantially below fair market value, or other similar event.

      "INCENTIVE STOCK" shall mean an Award of Common Stock granted under
Section 7 which may become vested and nonforfeitable upon the passage of time
and/or the attainment, in whole or in part, of performance objectives determined
by the Committee.

      "INCENTIVE STOCK OPTION" shall mean an option which is intended to meet
the requirements of Section 422 of the Code.

      "INCENTIVE UNIT" shall mean an Award of a contractual right granted under
Section 7 to receive Common Stock (or, at the discretion of the Committee, cash
based on the Fair Market Value of the Common Stock) which may become vested and
nonforfeitable upon either the passage of time and/or the attainment, in whole
or in part, of performance objectives determined by the Committee.

      "NONSTATUTORY STOCK OPTION" shall mean an Option which is not intended to
be an Incentive Stock Option.

      "OPTION" shall mean the right granted under Section 5 to purchase the
number of shares of Common Stock specified by the Committee, at a price and for
the term fixed by the Committee in accordance with the Plan and subject to any
other limitations and restrictions as this Plan and the Committee shall impose,
and shall include both Incentive Stock Options and Nonstatutory Stock Options.

      "OTHER STOCK-BASED AWARD" shall mean any right granted under Section 8.

      "PARTICIPANT" shall mean an Eligible Employee who is selected by the
Committee to receive an Award under the Plan and Substitute Award as
contemplated under Section 4(c).

      "PLAN" shall mean the Aetna Inc. 2002 Stock Incentive Plan, described
herein, and as may be amended from time to time.

      "RESTRICTED PERIOD" shall mean the period during which a grant of
Incentive Stock or Incentive Units is subject to forfeiture.

      "STOCK APPRECIATION RIGHT" shall mean a right granted under Section 6.

      "SUBSIDIARY" shall mean any entity of which the Company possesses directly
or indirectly fifty percent (50%) or more of the total combined voting power of
all classes of stock of such entity.

      "SUBSTITUTE AWARDS" shall mean Awards granted in assumption of, or in
substitution for, outstanding awards previously granted by a company acquired by
the Company or with which the Company combines.

SECTION 3.  ADMINISTRATION.

      The Plan shall be administered by the Committee. The Committee shall have
the responsibility of construing and interpreting the Plan and of establishing
and amending such rules and regulations as it deems necessary or desirable for
the proper administration of the Plan. Any decision or action taken or to be
taken by the Committee, arising out of or in connection with the construction,
administration, interpretation and effect of the Plan and of its rules and
regulations, shall, to the maximum extent permitted by applicable law, be within
its absolute discretion (except as otherwise specifically provided herein) and
shall be conclusive and binding upon all Participants and any person claiming
under or through any Participant.
<PAGE>
      Subject to the terms of the Plan and applicable law, and in addition to
other express powers and authorizations conferred on the Committee by the Plan,
the Committee shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards, if any, to be granted
to an Eligible Employee: (iii) determine the number of shares of Common Stock to
be covered by, or with respect to which payments, rights, or other matters are
to be calculated in connection with, Awards: (iv) determine the terms and
conditions of any Award: (v) determine whether, to what extent, and under what
circumstances Awards may be settled or exercised in cash, Common Stock, other
securities, other Awards or other property, or canceled, forfeited, or suspended
and the method or methods by which Awards may be settled, exercised, canceled,
forfeited, or suspended; (vi) determine whether, to what extent, and under what
circumstances, cash, Common Stock, other securities, other Awards, other
property, and other amounts payable with respect to an Award shall be deferred
either automatically or at the election of the holder thereof or of the
Committee: (vii) interpret and administer the Plan and any instrument or
agreement relating to, or Award made under, the Plan; (viii) establish, amend,
suspend, or waive such rules and regulations and appoint such agents as it shall
deem appropriate for the proper administration of the Plan: and (ix) make any
other determination and take any other action that the Committee deems necessary
or desirable for the administration of the Plan (including authorizing another
Committee of the Company to designate Participants or make Awards under the Plan
within limits prescribed by the Committee).

SECTION 4.  SHARES AVAILABLE FOR AWARDS.

      (a) Shares Available for Issuance. The maximum number of shares of Common
Stock in respect of which Awards may be made under the Plan shall be a total of
7,500,000 shares of Common Stock. Shares of Common Stock may be made available
from the authorized but unissued shares of the Company or from shares held in
the Companys treasury and not reserved for some other purpose. In the event that
any Award is paid solely in cash, no shares shall be deducted from the number of
shares available for issuance by reason of such Award. Shares of Common Stock
subject to Awards that are forfeited, terminated, canceled or settled without
the delivery of Common Stock under the Plan will again be available for Awards
under the Plan, as will (A) shares of Common Stock tendered (either actually or
by attestation) to the Company in satisfaction or partial satisfaction of the
exercise price of any Award under either the Plan and (B) shares of Common Stock
repurchased on the open market with remittances from the exercise of options
granted under the Plan.

      (b) Adjustment for Corporate Transactions. In the event that the Committee
shall determine that any Fundamental Corporate Event affects the Common Stock
such that an adjustment is required to preserve, or to prevent enlargement of,
the benefits or potential benefits made available under this Plan, then the
Committee may, in such manner as the Committee may deem equitable, adjust any or
all of (i) the number and kind of shares which thereafter may be awarded or
optioned and sold or made the subject of Awards under the Plan, (ii) the number
and kinds of shares subject to outstanding Awards and (iii) the grant, exercise
or conversion price with respect to any of the foregoing. Additionally, the
Committee may make provisions for a cash payment to a Participant or a person
who has an outstanding Award. However, the number of shares subject to any Award
shall always be a whole number.

      (c)  Substitute Awards. Any shares of Common Stock underlying Substitute
Awards shall not be counted against the Shares available for Awards under the
Plan.

SECTION 5.  STOCK OPTIONS.

      (a) Grant. Subject to the provisions of the Plan, the Committee shall have
the authority to grant Options to an Eligible Employee and to determine (i) the
number of shares to be covered by each Option, (ii) subject to Section 5(b), the
exercise price of the Option and (iii) the conditions and limitations applicable
to the exercise of the Option. Notwithstanding the foregoing, in no event shall
the Committee grant any Participant Options (i) for more than 800,000 shares of
Common Stock in respect of any year in which the Plan is in effect, as such
number may be adjusted pursuant to Section 4(b). In the case of Incentive Stock
Options, the terms and conditions of such grants shall be subject to and comply
with Section 422 of the Code and the regulations thereunder.

      (b) Exercise Price. Except in the case of, Substitute Awards or Options
granted in lieu of payment for compensation earned by an Eligible Employee of
the Company, the exercise price of an Option shall not be less than 100% of the
Fair Market Value on the date of grant.

      (c) Exercise. Each Option shall be exercised at such times and subject to
such-terms and conditions as the Committee may specify at the time of the
applicable Award or thereafter. No shares shall be delivered pursuant to any
exercise of an Option unless arrangements satisfactory to the Committee have
been made to assure full payment of the exercise price therefor. Without
limiting the generality of the foregoing, payment of the exercise price may be
made in cash or its equivalent or, if and to the extent permitted by the
Committee, by exchanging shares of Common Stock owned by the optionee (which are
not the subject of any pledge or other security interest or which, in the case
of Incentive Stock, are fully vested) either actually or by attestation, or by a
combination of the foregoing, provided that the combined value of all cash and
cash equivalents and the Fair Market Value of any such Common Stock so tendered
to the Company, valued as of the date of such tender, is at least equal to such
exercise price.

      (d) Incentive Stock Option Annual Limit. The aggregate Fair Market Value
(determined as of the date the Incentive Stock Option is granted) of the Common
Stock with respect to which Incentive Stock Options are exercisable for the
first time by an Eligible Employee during any calendar year (counting Incentive
Stock Options under this Plan and under any other stock option plan of the
Company or a subsidiary)
<PAGE>
shall not exceed $100,000. If an Option intended to be an Incentive Stock Option
is granted to an Eligible Employee and the Option may not be treated in whole or
in part as an Incentive Stock Option pursuant to the $100,000 limitation, the
Option shall be treated as an Incentive Stock Option to the extent it may be so
treated under the limitation and as a Nonstatutory Stock Option as to the
remainder. For purposes of determining whether an Incentive Stock Option would
cause the limitation to be exceeded, Incentive Stock Options shall be taken into
account in the order granted. The annual limit set forth above shall not apply
to Nonstatutory Stock Options.

SECTION 6.  STOCK APPRECIATION RIGHTS.

      (a) Grant of Stock Appreciation Rights. The Committee shall have the
authority to grant Stock Appreciation Rights in tandem with an Option, in
addition to an Option, or freestanding and unrelated to an Option.
Notwithstanding the foregoing, in no event shall the Committee grant any
Participant Stock Appreciation Rights (i) for more than 500,000 shares of Common
Stock in respect of any year in which the Plan is in effect, as such number may
be adjusted pursuant to Section 4(b) and (ii) with a term exceeding 10 years (or
the term of the underlying Incentive Stock Option in the case of a Stock
Appreciation Right granted in tandem with an Incentive Stock Option). Stock
Appreciation Rights granted in tandem with an option may be granted either at
the same time as the Option or at a later time.

      (b) Exercise Price. The exercise price of an SAR shall not be less than
100% of the Fair Market Value of a share of Common Stock on the date the SAR was
granted; provided that if an SAR is granted retroactively in tandem with or in
substitution for an Option, the exercise price may be the exercise price of the
Option to which it is related.

      (c) Exercise of Stock Appreciation Rights. A Stock Appreciation Right
shall entitle the Participant to receive from the Company an amount equal to the
excess of the Fair Market Value of a share of Common Stock on the date of
exercise of the Stock Appreciation Right over the base price thereof. The
Committee shall determine the time or times at which or the event or events
(including, without limitation, a change of control) upon which a Stock
Appreciation Right may be exercised in whole or in part, the method of exercise
and whether such Stock Appreciation Right shall be settled in cash, shares of
Common Stock or a combination of cash and shares of Common Stock; provided,
however, that unless otherwise specified by the Committee at or after grant, a
Stock Appreciation Right granted in tandem with an Option shall be exercisable
at the same time or times as the related option is exercisable.

SECTION 7.  INCENTIVE AWARDS.

      (a) Incentive Stock and Incentive Units. Subject to the provisions of the
Plan, the Committee shall have the authority to grant time vesting and/or
performance vesting Incentive Stock or Incentive Units to any Eligible Employee
and to determine (i) the number of shares of Incentive Stock and the number of
Incentive Units to be granted to each Participant and (ii) the other terms and
conditions of such Awards; provided that, to the extent necessary to comply with
applicable law, Incentive Stock shall only be awarded to an Eligible Employee
who has been employed for such minimum period of time as shall be determined by
the Committee. The Restricted Period related to Incentive Stock or Incentive
Units shall lapse upon the passage of time and/or the determination by the
Committee that the performance objectives established by the Committee have been
attained, in whole or in part.

       (b) Certificates. Any certificates issued in respect of Incentive Stock
shall be registered in the name of the Participant and deposited by such
Participant, together with a stock power endorsed in blank, with the Company. At
the expiration of the Restricted Period with respect to any award of Incentive
Stock, unless otherwise forfeited, the Company shall deliver such certificates
to the Participant or to the Participants legal representative. Payment for
Incentive Stock Units shall be made by the Company in shares of Common Stock,
cash or in any combination thereof, as determined by the Committee.

SECTION 8.  OTHER STOCK-BASED AWARDS.

      The Committee shall have authority to grant to eligible Employees an
"Other Stock-Based Award", which shall consist of any right which is (i) not an
Award described in Sections 5 through 7 above and (ii) an Award of Common Stock
or an Award denominated or payable in, valued in whole or in part by reference
to, or otherwise based on or related to, Common Stock (including, without
limitation, securities convertible into Common Stock), as deemed by the
Committee to be consistent with the purposes of the Plan. Subject to the terms
of the Plan and any applicable award agreement, the Committee shall determine
the terms and conditions of any such Other Stock-Based Award.

SECTION 9.  DIVIDENDS AND DIVIDEND EQUIVALENTS.

      The Committee may provide that any Award shall include dividends or
dividend equivalents, payable in cash, Common Stock, securities or other
property on a current or deferred basis, including payment contingencies.
<PAGE>
SECTION 10.  STOCK IN LIEU OF CASH.

      The Committee may grant Awards in lieu of all or a portion of compensation
or an Award otherwise payable in cash to an Executive officer pursuant to any
bonus or incentive compensation plan of the Company.

      If shares are issued in lieu of cash, the number of shares of Common Stock
to be issued shall be the greatest number of whole shares which has an aggregate
Fair Market Value on the date the cash would otherwise have been payable
pursuant to the terms of such other plan equal to or less than the amount of
such cash.

SECTION 11.  DEFERRAL.

      The Committee shall have the discretion to determine whether, to what
extent, and under what circumstances cash, shares of Common Stock, other
securities, other Awards, other property, and other amounts payable with respect
to an Award shall be deferred either automatically or at the election of the
holder thereof or of the Committee.

SECTION 12.  GENERAL PROVISIONS.

      (a) Withholding. The Company shall have the right to deduct from all
amounts paid to a Participant in cash (whether under this Plan or otherwise) any
taxes required by law to be withheld in respect of Awards under this Plan. In
the case of any Award satisfied in the form of Common Stock, no shares shall be
issued unless and until arrangements satisfactory to the Company shall have been
made to satisfy any withholding tax obligations applicable with respect to such
Award. Without limiting the generality of the foregoing and subject to such
terms and conditions as the Committee may impose, the Company shall have the
right to retain, or the Committee may, subject to such terms and conditions as
it may establish from time to time, permit Participants to elect to use shares
of Common Stock (including Common Stock issuable in respect of an Award) to
satisfy, in whole or in part, the amount required to be withheld.

      (b) Award Agreement. Each Award hereunder shall be evidenced in writing.
The written agreement shall be delivered to the Participant and shall
incorporate the terms of the Plan by reference and specify the terms and
conditions thereof and any rules applicable thereto.

      (c) Nontransferability. Unless the Committee shall permit (on such terms
and conditions as it shall establish) an Award to be transferred to a member of
the Participants immediate family or to a trust or similar vehicle for the
benefit of such immediate family members (collectively, the "PERMITTED
TRANSFEREES"), no Award shall be assignable or transferable except by will or
the laws of descent and distribution, and except to the extent required by law,
no right or interest of any Participant shall be subject to any lien, obligation
or liability of the Participant. All rights with respect to Awards granted to a
Participant under the Plan shall be exercisable during the Participants lifetime
only by such Participant or, if applicable, the Permitted Transferees or the
Participants legal representative.

      (d) No Right to Employment. No person shall have any claim or right to be
granted an Award, and the grant of an Award shall not be construed as giving a
Participant the right to be retained in the employ of the Company, any
Subsidiary or any Affiliate. Further, the Company and each Subsidiary and
Affiliate expressly reserves the right at any time to dismiss a Participant free
from any liability, or any claim under the Plan, except as provided herein or in
any agreement entered into with respect to an Award.

      (e) No Rights to Awards, No Shareholder Rights. No Participant or Eligible
Employee shall have any claim to be granted any Award under the Plan, and there
is no obligation of uniformity of treatment of Participants and Eligible
Employees. Subject to the provisions of the Plan and the applicable Award, no
person shall have any rights as a shareholder with respect to any shares of
Common Stock to be issued under the Plan prior to the issuance thereof.

      (f) Construction of the Plan. The validity, construction, interpretation,
administration and effect of the Plan and of its rules and regulations, and
rights relating to the Plan, shall be determined solely in accordance with the
laws of the State of Connecticut.

      (g) Effective Date. January 25, 2002.

      (h) Amendment or Termination of Plan. The Board or the Committee may
terminate or suspend the Plan at any time, but the termination or suspension
will not adversely affect any vested Awards then outstanding under the Plan. No
Award may be granted under the Plan after January 25, 2012 or such earlier date
as the Plan is terminated by action of the Board or the Committee, The Plan may
be amended or terminated at any time by the Board, except that no amendment may
be made without shareholder approval if the Committee determines that such
approval is necessary to comply with any tax or regulatory requirement,
including any approval requirement which is a prerequisite for exemptive relief
from Section 16 of the Exchange Act, for which or with which the Committee
determines that it is desirable to qualify or comply. The Committee may amend
the term of any Award or Option granted, retroactively or prospectively, but no
amendment may adversely affect any vested Award or Option without the holders
consent.
<PAGE>
      (i) Compliance with Legal and Exchange Requirements. The Plan, the
granting and exercising of Awards thereunder, and the other obligations of the
Company under the Plan, shall be subject to all applicable federal and state
laws, rules, and regulations, and to such approvals by any regulatory or
governmental agency as may be required. The Company, in its discretion, may
postpone the granting and exercising of Awards, the issuance or delivery of
Common Stock under any Award or any other action permitted under the Plan to
permit the Company, with reasonable diligence, to complete such stock exchange
listing or registration or qualification of such Common Stock or other required
action under any federal or state law, rule, or regulation and may require any
Participant to make such representations and furnish such information as it may
consider appropriate in connection with the issuance or delivery of Common Stock
in compliance with applicable laws, rules, and regulations. The Company shall
not be obligated by virtue of any provision of the Plan to recognize the
exercise of any Award or to otherwise sell or issue Common Stock in violation of
any such laws, rules, or regulations; and any postponement of the exercise or
settlement of any Award under this provision shall not extend the term of such
Awards, and neither the Company nor its directors or officers shall have any
obligations or liability to the Participant with respect to any Award (or stock
issuable thereunder) that shall lapse because of such postponement.

      (j) Severability of Provisions. If any provision of this Plan shall be
held invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provisions hereof, and this Plan shall be construed and
enforced as if such provision had not been included.

      (k) Incapacity. Any benefit payable to or for the benefit of a minor, an
incompetent person or other person incapable of receipting therefor shall be
deemed paid when paid to such persons guardian or to the party providing or
reasonably appearing to provide for the care of such person, and such payment
shall fully discharge any liability or obligation of the Committee, the Board,
the Company and all other parties with respect thereto.

      (l) Headings and Captions. The headings and captions herein are provided
for reference and convenience only, shall not be considered part of this Plan,
and shall not be employed in the construction of this Plan.

Approved
Aetna Board of Directors
January 25, 2002

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