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                                                                  EXHIBIT 10.9

                       2002 ANNUAL INCENTIVE PLAN SUMMARY
          As Approved by the People Committee of the Board of Directors
                    of Monsanto Company on December 18, 2001
   GENERAL:
   -------

   o   The 2002 Annual Incentive Plan will cover the performance period
       January 1 through December 31, 2002

       >>   If performance goals are met as determined by the
            Board People Committee, any payout is made in March 2003

   o   Eligibility includes regular employees who do not participate in a
       local sales or manufacturing annual incentive plan

   o   Funding of the Plan is determined by the Company's attainment of
       certain financial goals and the Committee's determination that such
       attainment satisfies certain subjective performance criteria as
       determined by the Committee. In addition, regardless of the
       attainment of any one or more of the Plan's financial goals, the
       Committee, in its sole discretion, shall determine whether the
       incentive pool should be funded and the amount of such funding,
       if any

   o   An incentive opportunity level will be established for each
       participant, expressed as a percentage of base pay

       >>   Incentive Opportunity levels range from 7.5% of pay for entry
            level roles to 70% of pay for the CEO

   o   Various performance levels are approved by the Board People
       Committee with a payout level associated with each level of
       performance:

<TABLE>
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<CAPTION>
                                            POTENTIAL PAYOUT
                                 AS A PERCENT OF INCENTIVE OPPORTUNITY
                                 -------------------------------------
       PERFORMANCE LEVEL               OFFICERS      NON-OFFICERS
     --------------------------------------------------------------------
       <S>                             <C>              <C>
       Threshold                         50%             50%

       Good                              75%             100%

       Plan                              100%            150%

       Outstanding                       200%            200%

     --------------------------------------------------------------------
</TABLE>

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   FINANCIAL GOALS:
   ---------------

   o   The Board People Committee approves Threshold, Good, Plan and
       Outstanding levels of performance for 2002 relating to:

       >>   Sales Growth (25% weighting)
       >>   Earnings per Share (50% weighting)
       >>   Cash Flow (25% weighting)

   o   Sales Growth, Earnings Per Share and Cash Flow are determined in
       accordance with the "Definition of Performance Metrics" attached

   o   In order for there to be any funding of the incentive pool and thus
       for any payout to occur, the Company must meet the Threshold level of
       performance with respect to Earnings Per Share

       >>   Therefore, no payout may occur with respect to Sales Growth or
            Cash Flow performance if the Threshold level of performance for
            Earnings Per Share is not met

   o   Following the end of the performance year, the Board People Committee
       evaluates Company performance for the year relative to the financial
       goals

       >>   The Committee may consider subjective criteria in determining
            whether or not any financial goal has been attained

   FUNDING OF INCENTIVE POOL AND PAYOUT OF AWARDS:
   -----------------------------------------------

   o   At the beginning of the performance year, a targeted incentive award
       pool, equal to the sum of base salaries of all Plan participants
       multiplied by their annual incentive opportunities, is calculated

   o   After the end of the performance year, the Board People Committee
       determines the actual funding of the incentive pool for the Plan
       based upon the Company's performance for the year, measured against
       the Plan's financial goals and other subjective performance factors

       >>   The Committee may, in its judgment, consider subjective
            factors, in determining to what extent, if any, the incentive
            pool will be funded

   o   The amount of money available for awards (i.e. the funding of the
       incentive pool) is determined by multiplying the value of the
       targeted incentive award pool by the percentage of overall Company
       performance achieved, as determined by the Committee

                                       2

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       >>   If the Committee determines that a Threshold level of
            performance is not met with respect to Earnings Per Share
            (considering the financial goal metrics for Earnings Per Share
            and other subjective performance factors) the incentive pool
            will not be funded and no payout will occur

       >>   If performance exceeds the Outstanding level of performance, the
            actual pool (i.e. available funding) may exceed Outstanding

   o   Individual awards are determined based on team and individual
       performance

       >>   People Managers: 50% of award based on development of people,
            team and personal development; 50% based on business results

       >>   Non-managers: 75% of award based on business results; 25% on
            personal development

   o   The payment and amount of any award are subject to the sole discretion
       of the People Committee or its delegate

   EVENTS AFFECTING PAYOUT OF INDIVIDUAL ANNUAL INCENTIVES:
   --------------------------------------------------------

   o   If an employee commences employment during the performance year,
       he/she is eligible for an award reflecting actual months of
       participation to the nearest whole month

   o   If a participant's incentive opportunity changes during the
       performance year, he/she is eligible for an award reflecting the
       incentive opportunity at year-end

   o   If a participant's pay changes during the year, any incentive award
       received is based on base pay at year-end

   o   If a participant transfers within the Company, his/her award will
       come from the unit in which he/she is working at year-end, but
       performance for the whole year will be considered

   o   A participant who:

       >>   voluntarily resigns may be considered for an award only if the
            resignation occurs after the end of the year

       >>   involuntarily separates without cause, is eligible for an award
            reflecting participation to the nearest whole month if he/she
            has already worked more than three months in the year

                                       3

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       >>   retires, dies, or becomes permanently disabled, is eligible for
            an award reflecting actual participation to the nearest whole
            month. (Retirement is defined as termination at or after age 50.)

       >>   terminates for cause, forfeits all rights to any award

            o  Any award will be paid in March following the participant's
               separation

                                       4<PAGE>

                                                               EXHIBIT 10.20

                           [Monsanto Company Logo]

Hendrik A. Verfaillie                               Monsanto Company
President and Chief Executive Officer               800 North Lindbergh Blvd
                                                    St. Louis Missouri 63167
                                                    Phone (314)694-3906
                                                    Fax (314)694-2120
                                                    hendrik.a.verfaillie
                                                    @monsanto.com
                                                    http://www.monsanto.com

                                April 7, 2001

Mr. Charles W. Burson
800 N. Lindbergh Boulevard
St. Louis, MO  63167

Dear Mr. Burson:

This letter agreement sets forth in detail the supplemental retirement
benefit (the "SERP") promised to you in the employment offer letter from
Hendrik A. Verfaillie to you dated March 12, 2001 (the "Offer Letter") and
as approved by the People Committee of the Board of Directors of Monsanto
Company on March 28, 2001.

1.   General Terms. The purpose of the SERP is to supplement your benefits
     -------------
     as a participant in the Monsanto Company Pension Plan (the "Pension
     Plan") and the Monsanto Company ERISA Parity Pension Plan (the "Parity
     Pension Plan") and, if applicable, the Monsanto Company Supplemental
     Retirement Plan (the "SRP"). (The Pension Plan, the Parity Pension Plan
     and the SRP are referred to collectively as the "Basic Plans").

     The SERP is an unfunded obligation of Monsanto Company (the "Company"),
     maintained in the form of a notional bookkeeping account (your "SERP
     Account"), as explained below. The SERP may not be assigned by you, and
     any attempted assignment, pledge or other transfer will be void. Any
     disputes concerning the SERP or this Letter Agreement are subject to
     arbitration as provided in the Offer Letter.

     The terms and conditions of the SERP are, except as specifically
     provided below, identical to those of your benefit under the Parity
     Pension Plan, as if the SERP were provided under the Parity Pension
     Plan. Capitalized terms used in this letter agreement that are not
     defined herein have the meaning given to them in the Parity Pension
     Plan or, if they are not defined in the Parity Pension Plan, in the
     Pension Plan. To the extent necessary, the terms and conditions of the
     Basic Plans are incorporated into this Letter Agreement by reference
     and made a part hereof.

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Mr. Charles W. Burson
Page Two
April 7, 2001

2.   SERP Benefit Formula. Your SERP Account will be credited with
     --------------------
     Contribution Credits and Interest Credits, as and when your accounts
     under the Basic Plans are credited with Contribution Credits and
     Interest Credits, respectively. The amount of each Contribution Credit
     to your SERP Account will equal 2.5 times the sum of the Contribution
     Credits made at that time to your accounts under the Basic Plans. The
     Interest Credits to your SERP Account will be computed based upon the
     balance of your SERP Account, in the same manner as provided in the
     Pension Plan for Interest Credits to your account under the Pension
     Plan. Section 4 below also provides for an additional credit to your
     SERP Account in the case of certain terminations of your employment, to
     provide benefits that you forfeit under the Basic Plans.

3.   Vesting and Payment of SERP. Except as specifically provided in Section
     ---------------------------
     4 below, your SERP Account will vest and will be payable to you or your
     beneficiaries at the same times, to the same extent and in the same
     form as if it were provided under the Parity Pension Plan. Your
     elections regarding the time and form of payment of benefits and naming
     your beneficiaries will be made in accordance with the Parity Pension
     Plan and will apply equally to the SERP and any benefits to which you
     may become entitled under the Parity Pension Plan.

4.   Early Termination of Employment. If your employment terminates in an
     -------------------------------
     Involuntary Termination (as defined below) before you have attained
     five years of Service, your SERP Account will be credited with the
     amount forfeited from your account balances under the Basic Plans that
     would have been vested, had you attained five years of Service, and
     your SERP Account will vest in full. An "Involuntary Termination of
     Employment" means:

         o    If the termination of your employment does not occur during
              the Protected Period under your Change-of-Control Employment
              Security Agreement, a termination by the Company, other than
              for Just Cause or Misconduct.

         o    If the termination of your employment occurs during the
              Protected Period under your Change-of-Control Employment
              Security Agreement, a termination described in Section 4(a) of
              your Change-of-Control Employment Security Agreement.

     In addition, if at any time after December 31, 2004, you terminate your
     employment with the Company voluntarily for the purpose of entering
     public-sector employment in a national administration, such termination
     will be treated as if it were an Involuntary Termination for purposes
     of your SERP, unless such treatment is contrary to applicable law, as
     determined by the Company in good faith based upon the advice of
     counsel.

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Mr. Charles W. Burson
Page Three
April 7, 2001

5.   Conclusion. If you agree that the above correctly sets forth our
     ----------
     complete understanding of the SERP, superseding all other
     understandings and agreements, oral or written, relating to the SERP
     (including without limitation those set forth in the Offer Letter),
     please sign and date one copy of this Letter Agreement and return it to
     me, retaining the other copy for your file.

                                       Sincerely,

                                       MONSANTO COMPANY

                                       Hendrick A. Verfaillie
                                       President and Chief Executive Officer

                                       /s/ Hendrik A. Verfaillie

Accepted and Agreed:                            Date: 5/11, 2001

       /s/ Charles W. Burson
------------------------------------
Charles W. Burson

cc:      John Murabito
         Wilma Schopp
         Tammy Serati

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