Document:

BUNGE LIMITED
                              EQUITY INCENTIVE PLAN

                                 AWARD AGREEMENT

                    - Notice of Restricted Stock Unit Grant -

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

Participant Information:

<TABLE>
<CAPTION>
<S>                                                  <C>
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Name:                                                Address:

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Summary of Restricted Stock Units Terms:

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Date of Grant:                                       Restricted Stock Units Granted:

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

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

BUNGE LIMITED                              PARTICIPANT

By:                                        By:
   ---------------------------------          ----------------------------------
Name:
Title:

<PAGE>

                                  BUNGE LIMITED
                              EQUITY INCENTIVE PLAN

                                 AWARD AGREEMENT

       - Terms and Conditions Applicable to Restricted Stock Unit Grants -

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

         2. Vesting of Restricted Stock Units.
            ---------------------------------

         (a) Vesting Date. Subject to the other terms and conditions of the Plan
and this Award Agreement, this Award shall vest as to one-fourth (1/4) of the
aggregate number of Shares subject thereto on each of the first, second, third
and fourth anniversaries of the Date of Grant (each, a "Vesting Date"), provided
that the Participant remains in the continuous employment of the Company through
the applicable Vesting Date.

         (b) Payment of Awards. Subject to Section 2(e) below, issuance of
Shares in settlement of the vested portion of an Award shall be made as soon as
practicable following the Vesting Date in whole Shares (rounded down to the
nearest whole Share). The number of Shares issued to a participant shall equal
the number of Shares underlying the vested portion of the Award receivable by
such Participant following the Vesting Date.

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

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

         (e) Election to Defer Value of Awards Prior to Vesting Date. In
accordance with such procedures established by the Committee from time to time,
in its sole discretion, the Participant may elect to defer receipt of all or a
portion of the Restricted Stock Unit in accordance with the terms of this
Section 2(e) (a "Deferral Election") pursuant to the terms of the deferred
compensation plan (the "Deferred Compensation Plan"), set forth on a deferral
election form that the Company may provide to the Participant at a later date
(the "Deferral Election Form"). In order to make a Deferral Election, the
Participant must complete and submit the Deferral Election Form in accordance
with the instructions included on such form by a date specified by the Chief
Personnel Officer in his sole discretion. Under the terms of the Deferral
Election, the Participant may irrevocably elect to defer all or a portion of his
Restricted Stock Units. Such Restricted Stock Units shall be credited
automatically, without any further

<PAGE>

action on the Participant's part, to the Participant's account under the
Deferred Compensation Plan on the Vesting Date and shall be subject to the terms
of the Deferred Compensation Plan.

         3. Termination of Employment.
            -------------------------

         (a) Termination of Employment for Cause; Resignation of Employment for
any Reason. In the event that a Participant's employment is terminated by Bunge
for Cause or the Participant resigns his employment for any reason prior to the
Vesting Date, any unvested portion of the Award shall be cancelled and shall be
void as of the date of such termination.

         (b) Termination of Employment without Cause. In the event that the
Participant's employment is terminated by Bunge without Cause prior to the
Vesting Date, a pro rata portion of the Award shall become immediately vested on
the date of such termination in an amount equal to the following:

         (Y/X) x R, rounded down to the nearest whole Shares, where:

         X= number of days from the date of grant until the date the Award would
     have vested;

         Y= number of days from the date of grant until the date of the
     Participant's termination of employment; and

         R= number of Shares subject to the Award (including any Shares added as
     a consequence of dividend payments).

         The unvested portion of the Award shall be cancelled and shall be void
as of the date of such termination.

         (c) Termination of Employment Due to Death, Disability or Retirement.
In the event that a Participant's employment terminates prior to the Vesting
Date due to the Participant's death, Disability or Retirement, the Award shall
become immediately vested as of the date of such termination.

         4. General Terms.
            -------------

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

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

         (c) Withholding Obligations. The Company shall be entitled to require
the Participant, prior to delivery of any Shares, to remit to the Company an
amount sufficient to satisfy any U.S. federal, state, local and/or foreign
income tax, social or other applicable payroll tax withholding requirements. The
Company may, in its sole discretion, permit the Participant, after the delivery
of Shares to the Participant, to satisfy any U.S. federal, state, local and/or
foreign income tax, social tax or other applicable payroll taxes by directing
the Company to repurchase Shares that were issued to such

                                       2
<PAGE>

Participant in accordance with all applicable laws and pursuant to any such
rules as the Committee may establish from time to time.

         (d) Restrictive Covenants; Cooperation Obligations.
             ----------------------------------------------

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

             (ii) No Competing Employment. During the period beginning on the
     Date of Grant and continuing until the end of the twelfth month following
     the Participant's termination of employment for any reason with the Bunge
     Group (such period to be referred to as the "Restricted Period"), the
     Participant shall not, without the prior written consent of Bunge, directly
     or indirectly, whether as owner, consultant, employee, partner, venturer,
     or agent, through stock ownership, investment of capital, lending of money
     or property, rendering of services, or otherwise (except ownership of less
     than 5% of the number of shares outstanding of any securities which are
     publicly traded), (A) compete with the Bunge Group, or (B) provide services
     to, whether as an employee or consultant, or own, manage, operate, control,
     participate in or be connected with (as a shareholder, partner, or any
     similar owner) any corporation, firm, partnership, joint venture, sole
     proprietorship or other entity which competes with the Bunge Group, except
     for the aforementioned ownership of less than 5% of any publicly traded
     securities. The Restricted Period shall be extended by the length of any
     period during which the Participant is in breach of any of the terms of
     this Section 4(d)(ii).

             (iii) Restrictions on Solicitation. During the Restricted Period,
     and except as required pursuant to the Participant's duties to the Bunge
     Group in connection with the employment relationship, the Participant shall
     not, directly or indirectly: (i) solicit or contact any customer of the
     Bunge Group (or any other entity that the Participant knows is a potential
     customer with respect to specific products of the Bunge Group and with
     which the Participant has had contact during the period of his or her
     employment with the Bunge Group) for any commercial pursuit that to the
     knowledge of the Participant is in competition with the Bunge

                                       3
<PAGE>

     Group or that to the knowledge of the Participant is contemplated from time
     to time during the period of his or her employment with the Bunge Group by
     any corresponding business plan; (ii) take away or interfere or attempt to
     interfere with any custom, trade, business or patronage of the Bunge Group,
     or induce, or attempt to induce, any employees, agents or consultants of or
     to the Bunge Group to do anything from which the Participant is restricted
     by reason of this Section 4(d); or (iii) offer or aid others to offer
     employment to employees of the Bunge Group, or interfere or attempt to
     interfere with any employees of the Bunge Group. The Restricted Period
     shall be extended by the length of any period during which the Participant
     is in breach of any of the terms of this Section 4(d)(iii).

             (iv) Application of Covenants. The activities described in this
     Section 4(d) shall be prohibited regardless of whether undertaken by the
     Participant in an individual or representative capacity, and regardless of
     whether performed for the Participant's own account or for the account of
     any other individual, partnership, firm, corporation or other business
     organization (other than Bunge).

             (v) Injunctive Relief. Without limiting the remedies available to
     Bunge, the Participant acknowledges that a breach of any of the covenants
     contained in this Section 4(d) may result in irreparable injury to Bunge
     for which there is no adequate remedy at law, that it shall not be possible
     to measure damages for such injuries precisely and that, in the event of
     such a breach or threat thereof, Bunge shall be entitled to seek a
     temporary restraining order or a preliminary or permanent injunction
     restraining the Participant from engaging in activities prohibited by this
     Section 4(d) or such other relief as may be required to specifically
     enforce any of the covenants in this Section 4(d).

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

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

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

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

                                       4
<PAGE>

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

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

         (k) Amendments. The Committee shall have the power to alter or amend
the terms of this Award Agreement as set forth herein from time to time, in any
manner consistent with the provisions of Section 14 of the Plan, and any
alteration or amendment of the terms of the Award by the Committee shall, upon
adoption, become and be binding on all persons affected thereby without
requirement for consent or other action with respect thereto by any such person;
provided, however, that, except as contemplated by Section 14 of the Plan, no
such alteration or amendment may, without the consent of the Participant,
adversely affect the rights of the Participant under this Award. The Committee
shall give written notice to the Participant of any such alteration or amendment
as promptly as practicable after the adoption thereof. Notwithstanding any
provision herein to the contrary, the Board shall have the broad authority to
amend this Award to take into account changes in applicable tax laws, securities
laws, accounting rules and other applicable state and Federal laws, including
without limitation, any amendments made pursuant to Section 409A of the Internal
Revenue Code of 1986, as amended, and any regulations, rulings and other
regulatory guidance issued thereunder.

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

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

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

         (o) Share Ownership Guidelines. The Participant, if subject to Bunge's
share ownership guidelines, agrees to comply with the conditions and
restrictions imposed by such guidelines with respect to any Shares received in
connection with the settlement of an Award.

         (p) Securities Laws Compliance. No Shares shall be issued or
transferred under this Award Agreement unless the Committee determines that such
issue or transfer is in compliance with all

                                       5
<PAGE>

applicable U.S. federal, state and/or foreign securities laws and regulations,
including without limitation, Bermuda laws and regulations.

         (q) Change in Control. Upon a Change in Control, the Participant's
Restricted Stock Units shall be subject to Section 13(b) of the Plan.

                                       6Fernando Kfouri
                              Employment Agreement
                             Effective July 1, 2005

         EMPLOYMENT AGREEMENT (this "Agreement"), dated as of July 1, 2005,
between BUNGE LIMITED, a Bermuda company (the "Company"), and JOAO FERNANDO
KFOURI (the "Executive").

         WHEREAS, the Executive currently serves as Managing Director of the
Food Products Division of the Company and the parties hereto desire to continue
their relationship on the terms set forth in this Agreement; and

         WHEREAS, the Executive is party to an agreement with the Company, dated
May 10, 2001 (amended as of August 9, 2004) (the "Prior Agreement"), and the
parties desire to supersede the Prior Agreement and replace it with this
Agreement.

         NOW, THEREFORE, in consideration of the covenants and agreements set
forth below, the parties hereto agree as follows:

         1. EFFECTIVENESS OF AGREEMENT
            --------------------------

         1.1 General. This Agreement is effective as of the date hereof (the
"Effective Date").

         2. EMPLOYMENT AND DUTIES
            ---------------------

         2.1 General. The Company hereby agrees to continue to employ the
Executive, and the Executive agrees to serve, as Managing Director of the Food
Products Division of the Company upon the terms and conditions herein contained,
including without limitation, the Executive's extensive international business
travel as part as of his global responsibilities. The Executive shall perform
such other duties and services for the Company commensurate with the Executive's
position, as may be designated from time to time by the Board of Directors of
the Company (the "Board"). The Executive agrees to serve the Company faithfully
and to the best of his ability under the direction of the Board.

         2.2 Services.
             --------

         2.2.1 Services. Except during vacation periods and periods of absence
due to sickness, personal injury or other disability, the Executive shall devote
all of his business time and attention during the Employment Term (as defined
below) to the services required of him hereunder. During the Employment Term,
the Executive shall use his best efforts to promote the interests of the Company
and, as determined by the Company, its Subsidiaries (as defined below) (such
Subsidiaries, together with the Company, the "Bunge Group"). Notwithstanding the
foregoing, subject to Article 6, the devotion of reasonable periods of time by
Executive to serving as a member of Dream Brand Import, LLC shall not be deemed
to be a breach of this Agreement, provided that such activities do not interfere
with the services required to be rendered on behalf of the

                                                                               1
<PAGE>

Bunge Group. For purposes of this Agreement, "Subsidiary" shall mean (a) a
corporation or other entity with respect to which the Company, directly or
indirectly, has the power, whether through the ownership of voting securities,
by contract or otherwise, to elect at least a majority of the members of such
corporation's board of directors or analogous governing body or (b) any other
corporation or other entity in which the Company, directly or indirectly, has an
equity or similar interest.

         2.3 Term of Employment. The Executive's employment under this Agreement
shall commence as of the Effective Date and shall continue in effect until the
termination of the Executive's employment pursuant to Section 5 of this
Agreement (such period of employment shall hereinafter be referred to as the
"Employment Term").

         3. COMPENSATION
            ------------

         3.1 Base Salary. During the Employment Term, the Executive shall be
entitled to receive a base salary ("Base Salary") at a rate of U.S. $540,000 per
annum, payable in arrears in substantially equal installments in accordance with
the Company's payroll practices, as in effect from time to time. Any adjustments
in Base Salary shall be made by the Compensation Committee of the Board (the
"Compensation Committee") in its sole discretion.

         3.2 Annual Incentive Bonus. During the Employment Term, the Executive
shall be entitled to participate in the Company's Annual Incentive Plan (the
"AIP"), under which the Executive shall be eligible to receive an annual target
bonus amount of sixty six percent (66%) of his Base Salary, subject to the
satisfaction of applicable performance criteria in accordance with the terms of
the AIP.

         3.3 Long-Term Equity Incentive. During the Employment Term, the
Executive shall be entitled to participate in the Bunge Limited Equity Incentive
Plan, as amended from time to time (such plan, together with any successor or
replacement plan(s), shall hereinafter be referred to as the "Bunge Equity
Plan"). The terms and conditions of the Executive's equity awards pursuant to
the Bunge Equity Plan shall be determined in accordance with the terms of the
Bunge Equity Plan and the relevant award agreements.

         3.4 Housing. During the Employment Term, the Company shall provide the
Executive with a furnished apartment in Manhattan, New York at a reasonable cost
to the employer in an amount not to exceed U.S. $6,000 per month in lieu of
participating in the Company's employee benefit plans. If the Executive elects
an apartment with a cost in excess of such amount, the excess shall be deducted
from his Base Salary.

         3.5 Reimbursement of Business Expenses. The Company shall reimburse the
Executive for reasonable travel and other business expenses incurred by him
during the Employment Term in the fulfillment of his duties hereunder, upon

                                                                               2
<PAGE>

presentation by the Executive of an itemized account of such expenditures, in
accordance with Company business expense and reimbursement practices.

         4. EMPLOYEE BENEFITS
            -----------------

         4.1 General. Except as otherwise provided in this Agreement, during the
Employment Term, the Executive shall not be included and shall not be eligible
to participate in any employee benefit plans, programs or arrangements
(including, without limitation, any plans, programs or arrangements providing
retirement benefits, profit sharing, disability benefits, or health and life
insurance) established by the Company for its employees.

         4.2 Vacation. During the Employment Term, the Executive shall be
eligible for 20 calendar days of paid vacation each calendar year. If the
Executive's employment terminates for any reason, the Executive shall only be
paid for unused vacation that accrued during the calendar year in which his Date
of Termination (as defined below) occurs.

         4.3 Director and Officer Indemnification Coverage. The Company shall
furnish the Executive with coverage by the Company's customary director and
officer indemnification arrangements, subject to applicable law.

         5. TERMINATION OF EMPLOYMENT
            -------------------------

         5.1 Termination of Employment for Any Reason; Resignation for Any
Reason.

         5.1.1 General. If, prior to the expiration of the Employment Term, the
Executive's employment with the Company is terminated by the Company for any
reason or the Executive resigns from his employment hereunder for any reason,
the Executive shall be entitled only to payment of his accrued but unpaid Base
Salary as is then in effect through and including the Date of Termination.
Subject to Sections 4.2 and 4.3, the Executive shall have no further right to
receive any other compensation or benefits after such termination of or
resignation from employment, except as determined in accordance with the terms
of the Company's equity plans and related award agreements and benefit plans and
programs.

         5.1.2 Date of Termination. For purposes of this Agreement, "Date of
Termination" shall mean (a) with respect to the termination of the Executive's
employment for Cause, the date specified in a written notice of termination from
the Company to the Executive; (b) with respect to the termination of the
Executive's employment for any reason other than for Cause, the date specified
in a written notice of termination from the Company to the Executive; provided,
however, that such date shall be at least sixty (60) days after the date the
Company provides such written notice of termination to the Executive; (c) with
respect to the Executive's resignation for any reason, 60 days after receipt by
the Company of a written notice of resignation from the

                                                                               3
<PAGE>

Executive; and (d) with respect to the termination of the Executive's employment
due to death, the date of the Executive's death.

         5.2 Cause. Termination for "Cause" shall mean termination of the
Executive's employment because of:

          (a) any act or omission that constitutes a material breach by the
     Executive of this Agreement;

          (b) the willful and continued failure or refusal of the Executive to
     substantially perform the duties required of him as an employee of the
     Company;

          (c) any willful and material violation by the Executive of any law or
     regulation applicable to any business of the Bunge Group, or the
     Executive's conviction of, or a plea of nolo contendere to, a felony, or
     any willful perpetration by the Executive of a common law fraud; or

          (d) any other willful misconduct by the Executive that is materially
     injurious to the financial condition, business or reputation of, or is
     otherwise materially injurious to, any member of the Bunge Group.

         6. PROTECTIVE COVENANTS
            --------------------

         6.1 Confidentiality. The Executive agrees with the Company that he
shall not at any time during or subsequent to the Employment Term, except in the
performance of his obligations to the Company hereunder or with the prior
written consent of the Company, directly or indirectly, disclose or appropriate
for his own use, or for the use of a third party, any secret or confidential
information of or related to the Bunge Group. The Executive confirms that all
confidential information is and shall remain the exclusive property of the Bunge
Group. All business records, papers and documents kept or made by the Executive
relating to the business of the Bunge Group shall be and remain the property of
the Bunge Group.

         6.2 Nonsolicitation. The Executive agrees that, during the Employment
Term and during the twelve month period immediately following his termination of
employment, he shall not, directly or indirectly (except in the course of his
employment with the Company), (i) solicit or contact any customer of the Bunge
Group (or any other entity that the Executive knows is a potential customer with
respect to specific products of the Bunge Group) for any commercial pursuit that
to the knowledge of the Executive is in competition with the Bunge Group or that
is contemplated from time to time during the Employment Term by any
corresponding business plan; (ii) take away or interfere or attempt to interfere
with any custom, trade, business or patronage of the Bunge Group, or induce, or
attempt to induce, any employees, agents or independent contractors of or to the
Bunge Group to do anything from which the Executive is restricted by reason of
this Section 6.2; or (iii) offer or aid others to offer employment to employees
of the

                                                                               4
<PAGE>

Bunge Group, or interfere or attempt to interfere with any employees of
the Bunge Group.

         6.3 Cooperation of the Executive. During and after the Executive's
employment with the Company, the Executive shall reasonably cooperate with the
Company in the defense or prosecution of any claims or actions now in existence
or which may be brought in the future against or on behalf of the Company and in
connection with any investigation or review of any federal, state or local
regulatory authority as any such investigation or review relates to events or
occurrences that transpired while the Executive was employed by the Company or
any former or current member of the Bunge Group. The Company shall reimburse the
Executive for all reasonable costs and expenses incurred in connection with his
performance under this Section 6.3, including, without limitation, all
reasonable attorneys' fees and costs.

         6.4 Certain Remedies. Without intending to limit the remedies available
to the Bunge Group, the Executive agrees that a breach of any of the covenants
contained in this Section 6 may result in material and irreparable injury to the
Bunge Group for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of such a breach or threat thereof, any member of the Bunge Group shall be
entitled to seek a temporary restraining order or a preliminary or permanent
injunction, or both, without bond or other security, restraining the Executive
from engaging in activities prohibited by this Section 6 or such other relief as
may be required specifically to enforce any of the covenants in this Section 6.
Such injunctive relief in any court shall be available to the Bunge Group in
lieu of, or prior to or pending determination in, any arbitration proceeding.

         7. MISCELLANEOUS
            -------------

         7.1 Communications. All notices and other communications given or made
pursuant hereto shall be in writing and shall be deemed to have been duly given
or made (a) if delivered by hand, upon receipt, (b) if sent by telecopy or
facsimile transmission, upon confirmation of receipt by the sender of such
transmission or (c) if mailed by registered or certified mail (postage prepaid,
return receipt requested), on the fifth business day after mailed to the
appropriate party at the following address (or at such other address for a party
as shall be specified by like notice, except that notices of changes of address
shall be effective upon receipt):

          (a) if to the Company:

              Bunge Limited
              Attn:  Chief Personnel Officer
              50 Main Street, 6th Floor
              White Plains, New York  10606
              Fax:(914)684-3458

                                                                               5
<PAGE>

          (b) if to the Executive:

              Joao Fernando Kfouri
              1111 Crandon Boulevard
              Key Biscayne, Florida  33149
              Fax: (305) 365-1890

         7.2 Waiver of Breach. The waiver by the Executive or the Company of a
breach of any provision of this Agreement by the other party hereto shall not
operate or be construed as a waiver of any subsequent breach by either party.

         7.3 Severability. The parties hereto recognize that the laws and public
policies of various jurisdictions may differ as to the validity and
enforceability of covenants similar to those set forth herein. It is the
intention of the parties that the provisions hereof be enforced to the fullest
extent permissible under the laws and policies of each jurisdiction in which
enforcement may be sought, and that the unenforceability (or the modification to
conform to such laws or policies) of any provisions hereof shall not render
unenforceable, or impair, the remainder of the provisions hereof. Accordingly,
if at the time of enforcement of any provision hereof, a court of competent
jurisdiction holds that the restrictions stated herein are unreasonable under
circumstances then existing, the parties hereto agree that the maximum period,
scope or geographic area reasonable under such circumstances shall be
substituted for the stated period, scope or geographical area and that such
court shall be allowed to revise the restrictions contained herein to cover the
maximum period, scope and geographical area permitted by law.

         7.4 Assignment; Successors. No right, benefit or interest hereunder
shall be assigned, encumbered, charged, pledged, hypothecated or be subject to
any setoff or recoupment by the Executive. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of the Company, and
the Company shall cause its obligations remaining under this Agreement to be
assumed by any entity that succeeds to all or substantially all of the Company's
business or assets; provided, however, that no such assumption shall relieve the
Company of its obligations under this Agreement to the extent such obligations
are not satisfied by the entity assuming the Company's obligations hereunder,
unless the Company obtains the written consent of the Executive at the time of
such assumption.

         7.5 Entire Agreement. This Agreement represents the entire agreement of
the parties and shall supersede any and all previous contracts, arrangements or
understandings between the Company and the Executive with respect to the subject
matter set forth herein, including, without limitation, the Prior Agreement.
This Agreement may be amended at any time by mutual written agreement of the
parties hereto.

                                                                               6
<PAGE>

         7.6 Withholding. The payment of any amount pursuant to this Agreement
shall be subject to applicable withholding and payroll taxes and such other
deductions as may be required by applicable law.

         7.7 Governing Law. This Agreement shall be subject to, and construed in
accordance with, the laws of the State of New York.

         7.8 Headings. The headings in this Agreement are for convenience only
and shall not be used to interpret or construe any of its provisions.

         7.9 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

(Signature Page Follows)

                                                                               7
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed and the Executive has hereunto set his hand, as of the day and year
first written above.

                                  BUNGE LIMITED

                                  By:
                                     -------------------------------
                                     Name:
                                     Title:

                                  EXECUTIVE

                                  ----------------------------------
                                  Joao Fernando Kfouri

                                                                               8

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