Document:

Exhibit 10.28

 

AMENDED
AND RESTATED

BUNGE
EXCESS CONTRIBUTION PLAN

 

Effective January 1, 2009

 

I.                                       Purpose of Plan

 

(a)                                  The purpose of this Plan is to provide
benefits for certain employees of Bunge North America, Inc. (“Company”)
and other Employers (as defined in the Bunge Retirement Savings Plan,
hereinafter the “Savings Plan”) participating in the Savings Plan  (each a “Participating Employer” and
collectively the “Participating Employers”), with respect to whom the amount of
matching contributions under the Savings Plan are or will be limited in any
year by application of Section 415 of the Internal Revenue Code of 1986,
as amended (the “Code”) or Section 401(a)(17) of the Code.

 

(b)                                 No portion of the benefits accrued under this
Plan prior to January 1, 2005, shall be “grandfathered” for purposes of Section 409A
of the Code.  Notwithstanding the
preceding sentence, with respect to a participant who terminated employment in February 2006,
his or her benefits accrued prior to January 1, 2005, shall be “grandfathered”
for purposes of Section 409A of the Code.

 

II.                                   Participation in the Plan

 

(a)                                  A participant in the Savings Plan shall
participate in this Plan for each Plan Year (as defined in the Savings Plan) in
respect of which the amount of the matching contributions which would otherwise
be allocated to such participant’s account under the Savings Plan, as from time
to time in effect, are reduced by operation of the limitations imposed by Section 415
of the Code.

 

(b)                                 A participant in the Savings Plan who is also
a member of a select group of management or highly compensated employees whose
Compensation (as defined in the Saving Plan) 

 

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exceeds the compensation limit imposed by Section 401(a)(17) of
the Code shall participate in this Plan for each Plan Year (as defined in the
Savings Plan) in respect of which the amount of the matching contributions are
further reduced by operation of the limitation on compensation imposed by Section 401(a)(17)
of the Code.

 

(c)                                  A participant who has made the maximum
elective deferrals under Section 402(g) of the Code or the terms of
the Savings Plan shall also participate in the Plan for each Plan Year in
respect of which the amount of matching contributions are further reduced by
operation of the limitation on elective deferrals imposed by Section 402(g) of
the Code.

 

III.                               Excess Contributions

 

(a)                                  Each participant in this Plan shall have
credited to the participant’s account maintained under this Plan an amount
equal to the amount by which the matching contributions which would otherwise
be allocated to the participant under the Savings Plan for the Plan Year are
reduced by operation of the limitations imposed by Section 415 of the
Code.

 

(b)                                 Each participant shall have credited to his
or her account under this Plan an additional amount equal to the amount by
which the matching contributions which would otherwise be allocated to the
participant under the Savings Plan for the Plan Year are, after the application
of Article III(a), reduced by operation of the limitation on compensation
imposed by Section 401(a)(17) of the Code.

 

(c)                                  A participant who has made the maximum
elective deferrals under Section 402(g) of the Code or the terms of
the Savings Plan shall have credited to the participant’s account under this
Plan an additional amount equal to the amount by which the matching
contributions which would otherwise be allocated to the participant under the
Savings Plan for the Plan Year are, after the application of Article III(a) and
(b), reduced by operation of (i) the limitation on elective deferrals
imposed by Section 402(g) of the Code, (ii) the
nondiscrimination requirements applicable to 

 

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matching contributions under Section 401(m) of the Code,
and/or (iii) the nondiscrimination requirements applicable to elective
deferrals under Section 401(k) of the Code.

 

(d)                                 Such amounts shall be allocated and credited
to a participant’s account under this Plan no later than the April 15th immediately following the Plan
year in which the amounts would have otherwise been allocated and credited to
the participant’s account under the Savings Plan, but in no event later than
the date a distribution is required to a participant under the Plan due to
termination of employment.  Each
participant’s account under this Plan shall be credited with earnings and
losses in the same manner as if it were invested in accordance with the
investment fund option or options applicable to the matching contributions
allocated to the participant’s account under the Savings Plan.

 

(e)                                  The value of a participant’s account under
this Plan shall be immediately vested and nonforfeitable and shall be payable
in a single lump sum on  the date which
is six months after the date on which the participant’s termination of
employment occurs and shall be adjusted for earnings and losses, as
applicable, in accordance with the provisions of Article III(d); provided,
however, that in the event of a participant’s death prior to the end of the
six-month period, payment shall be made
to his or her beneficiary in a lump sum on the first day of the month following
the month in which the participant dies. 
The Participating Employer that
employs a participant on his or her date of termination shall pay the benefits
to such participant.

 

(f)                                    The determination of whether a participant
has had a termination of employment shall be determined under the default
provisions of Treas. Reg. Section 1.409A-1(h)(1)(ii), except as provided
in the last sentence of this section. 
Therefore, a termination of employment occurs when the Company and the
participant reasonably anticipate that no further services will be performed by
him or her or that his or her level of services will permanently decrease to no
more than 20 percent of the level of services performed over the immediately
preceding 36-month period.  A participant

 

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shall be presumed not to have terminated employment if his or her level
of bona fide services continue at a level of 50% or more than the average level
of services provided by the participant in the immediately preceding 36-month
period.  A participant shall be presumed
to have terminated employment if his or her level of bona fide services
decrease to a level of 20% or less than the average level of bona fide services
provided by the participant in the immediately preceding 36-month period.  Finally, no presumption shall apply to a
decrease in the level of bona fide services performed to a level that is more
than 20% and less than 50% of the average level of bona fide services performed
during the immediately preceding 36-month period.  Instead, a review of the facts and
circumstances, as provided in the applicable regulations, shall determine
whether a termination of employment has occurred.  Notwithstanding the preceding provisions of
this section, no termination of employment shall occur while the individual is
on military leave, sick leave, or other bona fide leave-of-absence which does
not exceed six months or such longer period during which he or she retains a
right to reemployment with a Participating Employer pursuant to law or by
contract.  A leave of absence will be a
bona fide leave-of-absence only if there is a reasonable expectation that the
participant will return to perform services for a Participating Employer.  A participant shall not be deemed to have
terminated employment if he or she transfers to an entity with which a
Participating Employer would be aggregated under Section 414 of the Code, using
an ownership percentage of 20% instead of 80% thereunder.

 

(g)                                 Each participant, by written instrument
delivered to the Committee, shall have the right to designate, and from time to
time change, a beneficiary to receive the value of his or her account under the
Plan in the event of the participant’s death prior to payment thereof under Article III(e).  If a participant fails to designate a
beneficiary under this Plan, such participant’s beneficiary shall be determined
in accordance with the provisions of the Savings Plan.  Upon the death of a participant prior to his
or her termination of employment, payment shall be made to his 

 

4

 

or her beneficiary in a lump sum on the first
day of the month following the month in which the participant dies.

 

(h)                                 All payments due and payable under this Plan
on a fixed date shall be deemed to be made upon such fixed date if such payment
is made on such date or a later date within the same calendar year or, if
later, by the fifteenth day of the third calendar month following the specified
date (provided the participant or beneficiary is not entitled, directly or
indirectly, to designate the taxable year of the payment).

 

IV.                               Miscellaneous

 

(a)                                  The Board of Directors of the Company
reserves the right, in its sole discretion, to amend this Plan, provided that
no amendment shall diminish the rights of any participant under this Plan with
respect to any credits to the participant’s account prior to the date such
amendment is adopted by the Board.  
Notwithstanding any provisions to the contrary, the Board of Directors
of the Company may amend the Plan at any time to the extent necessary to comply
with Code Section 409A and the regulations thereunder.

 

(b)                                 This Plan may be terminated at any time by
the Board of Directors of the Company. Distributions upon termination of this
Plan shall be made consistent with Section 409A of the Code.

 

(c)                                  To the maximum extent permitted by law, no
right to payment or any other interest of a participant under this Plan shall
be assignable or subject to attachment, execution, or levy of any kind.

 

(d)                                 Nothing in this Plan shall be construed as
giving any employee the right to continued employment with a Participating
Employer.

 

(e)                                  Notwithstanding any other provisions of this
Plan, if the Committee determines in its sole discretion that the employment of
a participant with a Participating Employer has been terminated because of the
participant’s commission of any act of fraud or any act of dishonesty, or 

 

5

 

any criminal act, or that a participant committed any such act to the
detriment of a Participating Employer whether the participant’s employment was
terminated on that account or not, then any amounts credited to the participant’s
account shall be forfeited and, if already paid, shall be subject to
recoupment.

 

(f)                                    Benefits payable under this Plan by a
Participating Employer shall not be funded and shall be made only out of the
general funds of such Participating Employer. 
A participant’s or beneficiary’s right to receive benefits under this
Plan from a Participating Employer shall be no greater than the right of any
unsecured general creditor of such Participating Employer.

 

(g)                                 The Participating Employer shall be entitled
to deduct from any amounts being credited under this Plan to a participant’s
account under this Plan or from any other compensation payable by the
Participating Employer to such participant, all applicable federal, state or
local taxes required to be withheld with respect to the amounts being
credited.  Any taxes imposed on any
distribution from this Plan shall be the sole responsibility of the participant
or other person entitled to receive same, and the Participating Employer shall
be entitled to deduct from any such distribution any federal, state or local
taxes required to be withheld with respect to such distribution.

 

(h)                                 This Plan shall be administered by the
Committee, as defined in the Savings Plan, which shall have all authority,
powers and discretion with respect to this Plan as such Committee shall, from
time to time, have with respect to the Savings Plan.  Such decisions shall be conclusive and
binding on all parties and shall not be subject to further review.

 

(i)                                     All records and accounts for this Plan shall
be maintained by the Committee and shall be conclusive and binding upon the
Participating Employer and participants and their beneficiaries under this Plan
and shall not be subject to further review.

 

(j)                                     Except to the extent preempted or superseded
by ERISA, the provisions

 

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of this Plan shall be construed, administered and enforced according to
the internal and substantive laws (and not according to the conflict of laws
provisions) of the State of Missouri.

 

(k)                                  Any claim for benefits shall be handled
pursuant to the claims procedure under the Savings Plan.

 

(l)                                     All provisions of this Plan shall be
interpreted in a manner so as to be consistent with Section 409A of the
Code and the regulations issued thereunder.

 

7Exhibit 10.29

 

BUNGE U.S. SERP

 

Effective January 1, 2009

 

I.                                       Purpose
of Plan

 

(a)                                  The
purpose of the Bunge U.S. SERP (“Plan”) is to provide pension benefits for
certain employees of Bunge Limited (“Company”) and its subsidiaries (each a “Participating
Employer”) whose pension benefits under the Bunge U.S. Pension Plan (“Pension
Plan”) are or will be limited pursuant to the Code and the provisions of the
Pension Plan based on the definition of compensation used for benefit accrual
purposes therein.

 

(b)                                 No
portion of the benefits accrued under this Plan prior to January 1, 2005
shall be “grandfathered” for purposes of Section 409A of the Code.

 

II.                                   Participation
in the Plan

 

An employee of the Company or one of its subsidiaries who is designated
by the Board of Directors of the Company as a participant in this Plan (a “Participant”)
shall be eligible to participate in this Plan. 
Individuals eligible to participate in the Plan and the effective date
of their participation shall be set forth in Exhibit A hereto, which shall
be updated from time to time as appropriate based on the action of the Board of
Directors of the Company.  In no event
shall an employee of the Company or one of its subsidiaries who is not entitled
to benefits under the Pension Plan be eligible for a benefit under this Plan.

 

III.                               Excess
Benefit Payable

 

Each participant in the Pension Plan who is a Participant under this
Plan (and such Participant’s spouse, if any, in the event of such Participant’s
death prior to the commencement of benefits under the Plan) shall be paid a
supplemental pension benefit equal to the excess, if any, of (a) over (b),
where (a) and (b) are calculated as follows:

 

 

(a)                                  the
benefit which would have been paid to such Participant (or such Participant’s
surviving spouse) under the Pension Plan, determined (1) as if the
definition of compensation under the Pension Plan included 100% of bonuses, (2) in
the case of Flavio Sa Carvalho and Jacqualyn Fouse,  as
if each had earned an additional five Years of Service (as defined in the
Pension Plan), (3) as if the Pension Plan was administered without regard
to the limitations imposed by Section 415 of the Code and/or Section 401(a)(17)
of the Code, and (4) as if the definition of compensation under the
Pension Plan included otherwise includable amounts deferred pursuant to a
salary deferral election by a Participant under a nonqualified deferred
compensation plan maintained by a Participating Employer for the year in which
such amounts would have been paid but for the election to defer; over

 

(b)                                 the
amount of the benefits payable to such Participant under the Pension Plan and
the Bunge Excess Benefit Plan or their successor plans.

 

The Company or its subsidiary, as appropriate, shall pay such
supplemental pension benefit to a Participant, or to such Participant’s
surviving spouse, coincident with and in the same distribution form and manner
as the payment of his or her benefit under the Bunge Excess Benefit Plan.  Such distribution shall be calculated using
the same actuarial factors and assumptions as are used to determine payments
under the Bunge Excess Benefit Plan.

 

IV.                               Miscellaneous

 

(a)                                  This
Plan may be terminated or amended at any time by the Compensation Committee of
the Board of Directors of the Company; provided that, no such amendment or
termination may cause a reduction in any Participant’s benefit accruals
previously earned under the Plan. 
Distributions upon termination or partial termination of this Plan shall
be consistent with 

 

2

 

Section 409A
of the Code.  Notwithstanding any
provisions to the contrary, the Compensation Committee of the Board of
Directors of the Company may amend the Plan at any time to the extent necessary
to comply with Code Section 409A and the regulations thereunder.

 

(b)                                 To
the maximum extent permitted by law, no right to payment or any other interest
of a Participant under this Plan shall be assignable or subject to attachment,
execution, or levy of any kind.

 

(c)                                  Nothing
in this Plan shall be construed as giving any employee the right to continued
employment with a Participating Employer.

 

(d)                                 Benefits
payable under this Plan by a Participating Employer shall not be funded and
shall be made only out of the general funds of such Participating
Employer.  A Participant’s or surviving
spouse’s right to receive benefits under this Plan from a Participating
Employer shall be no greater than the right of any unsecured general creditor
of such Participating Employer.

 

(e)                                  This
Plan shall be administered by the Pension Plan Committee, as defined in the
Pension Plan, which shall have all authority, powers and discretion with
respect to this Plan as such Committee shall, from time to time, have with
respect to the Pension Plan.  Such
decisions shall be conclusive and binding on all parties and shall not be
subject to further review.  The Board of
Directors of the Company may, at any time, replace the Pension Plan Committee
with other persons or with another committee or entity as the administrator for
the Plan.

 

(f)                                    Except
to the extent pre-empted or superseded by ERISA, the provisions of this Plan
shall be construed, administered and enforced according to the internal and
substantive laws (and not according to the conflict of laws provisions) of the
State of Missouri.

 

(g)                                 Notwithstanding
any other provisions of this Plan, if the Compensation Committee of the Board
of Directors of the Company determines in its sole discretion that the
employment of a Participant with a Participating Employer has been terminated
because of the Participant’s 

 

3

 

commission of any
act of fraud or any act of dishonesty, or any criminal act, or that a
Participant committed any such act to the detriment of a Participating Employer
whether the Participant’s employment was terminated on that account or not,
then any benefits credited to the Participant shall be forfeited and, if
already paid, shall be subject to recoupment.

 

(h)                                 The
Participating Employer shall be entitled to deduct from any benefits credited
under this Plan to a Participant or from any other compensation payable by the
Participating Employer to such Participant, all applicable federal, state or
local taxes required to be withheld with respect to the amounts being credited.  Any taxes imposed on any distribution from
this Plan shall be the sole responsibility of the Participant or other person
entitled to receive same, and the Participating Employer shall be entitled to
deduct from any such distribution any federal, state or local taxes required to
be withheld with respect to such distribution.

 

(i)                                     All
records and accounts for this Plan shall be maintained by the Pension Plan
Committee and shall be conclusive and binding upon the Participating Employer
and Participants and their beneficiaries under this Plan and shall not be
subject to further review.

 

(j)                                     Any
claim for benefits shall be handled pursuant to the claims procedure under the
Pension Plan.

 

(k)                                  All
provisions of this Plan shall be interpreted in a manner so as to be consistent
with Section 409A of the Code and the regulations issued thereunder.

 

4

 

EXHIBIT A

 

BUNGE U.S. SERP

 

	
  Participant

  	
   

  	
  Effective Date

  
	
   

  	
   

  	
   

  
	
  Flavio Sá
  Carvalho

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  William Wells

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  Archibald
  Gwathmey

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  Andrew J. Burke

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  Carl L. Hausmann

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  Jacqualyn Fouse

  	
   

  	
  7/23/07

  
	
   

  	
   

  	
   

  
	
  Christopher
  White

  	
   

  	
  8/1/07

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