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EXHIBIT 10.20.3

THIRD AMENDMENT TO THE

MONSANTO COMPANY 2005 LONG-TERM INCENTIVE PLAN

     The Monsanto Company 2005 Long-Term Incentive Plan, as amended and restated as of October 23,
2006, and again amended effective June 14, 2007 (as so amended, the “Plan”), is hereby further
amended as set forth below, effective as of September 1, 2007:

1. Section 2.9 of the Plan is hereby amended to read in its entirety as follows:

“Change of Control” means the happening of any of the events described in subsections (a)
through (d) below:

(a) acquisition by any Person of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of 20 percent or more of either (i) the
then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (ii) the combined voting power of the then-outstanding voting securities of
the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, that for purposes of this subsection (a), the
following acquisitions shall not constitute a Change of Control: (A) any acquisition
directly from the Company; (B) any acquisition by the Company or a Subsidiary of the
Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or a Subsidiary of the Company; or (D) any acquisition
pursuant to a transaction that complies with clauses (i), (ii) and (iii) of subsection (c) of this definition;

(b) individuals who, as of the date of the initial public offering of the common
stock of the Company (the “IPO”), constitute the Board (the “Incumbent Board”), cease
for any reason to constitute at least a majority of the Board; provided, that any
individual becoming a director subsequent to the IPO whose election, or nomination for
election by the Company’s stockholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or
threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board;

(c) consummation of a reorganization, merger, statutory share exchange,
consolidation or similar transaction involving the Company or any of its subsidiaries,
a sale or other disposition of all or substantially all of the assets of the Company or
the acquisition of assets or stock of another entity (a “Business Combination”), in
each case, unless, following such Business Combination, (i) all or substantially all of
the individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than
60% of, respectively, the then-outstanding shares of common stock (or, for a
non-corporate entity, equivalent securities) and the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of
directors (or, for a non-corporate entity, equivalent governing body), as the case may
be, of the entity resulting from such Business Combination (including without
limitation an entity that as a result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership, immediately
prior to such Business Combination of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding
the Company, a Subsidiary of the Company, any entity resulting from a Business
Combination or any employee benefit plan (or related trust) thereof) beneficially owns,
directly or indirectly, 20 percent or more of the then-outstanding shares of common
stock of the entity resulting from such Business Combination or 20 percent or more of
the combined voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors of such entity, except to the extent that such
ownership

 

 

existed prior to the Business Combination and (iii) at least a majority of the
members of the board of directors (or, for a non-corporate entity, equivalent
governing body), of the entity resulting from such Business Combination were members
of the Incumbent Board at the time of the execution of the initial agreement, or of
the action of the Board, providing for such Business Combination; or

(d) approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company.

2. This third amendment shall be effective with respect to all awards that are outstanding on the
date hereof and all awards that are granted after the date hereof.

3. The plan is otherwise ratified and confirmed without amendment.

2exv10w27

 

EXHIBIT 10.27

Monsanto Company Recoupment Policy

(As Amended and Restated October 23, 2007)

In the event the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company with any financial reporting requirement under the securities laws, as
a result of misconduct (as determined by the members of the Board of Directors who are considered
“independent” for purposes of the listing standards of the New York Stock Exchange) each of the
Company’s “Specified Executive Officers” shall reimburse the Company for any incentive award made
to such executive officer on the basis of having met or exceeded specific targets for performance
periods occurring in whole or in part during the 12-month period following the first public
issuance or filing with the Securities and Exchange Commission (whichever first occurs) of the
financial document embodying such financial reporting requirement for periods beginning after
August 31, 2006. For purposes of this policy, (i) the term “incentive awards” means awards under
the Company’s Annual Incentive Plans and Long-Term Incentive Plans, the amount of which is
determined in whole or in part upon specific performance targets relating to the financial results
of the Company; and (ii) the term “Specified Executive Officers” means the Company’s President and
Chief Executive Officer; Executive Vice President, Chief Financial Officer and Seminis CEO;
Executive Vice President and Chief Technology Officer; Executive Vice President, Strategy and
Operations; Executive Vice President, Global Commercial; Executive Vice President, Manufacturing;
Senior Vice President, Secretary and General Counsel; and Vice President and Controller. From and
after September 1, 2006, the award statement or terms and conditions of any incentive award by the
Company to a Specified Executive Officer shall include a provision incorporating the requirements
of this policy.exv10w28

 

EXHIBIT 10.28

Annual Cash Compensation of Named Executive Officers

The executive officers named in the compensation table in Monsanto’s proxy statement dated December
6, 2006 (the “Named Executive Officers”) have their base salaries determined yearly by the People
and Compensation Committee (the “Committee”) of the Board of Directors. It is anticipated that
such determinations will occur annually, effective as of the first day of the pay period in which
the subsequent January 1 occurs. The Named Executive Officers are all “at will” employees, and do
not have written or oral employment agreements other than change of control agreements, the form of
which is filed, as required, as an exhibit to reports filed by the Company under the Securities
Exchange Act of 1934. The Company, upon the approval of the Committee, retains the right to
unilaterally decrease or increase the Named Executive Officers’ base salaries at any time.

The Named Executive Officers are eligible to participate in the Company’s annual incentive
compensation plans for all regular employees, including executive officers, which provide for cash
awards. Summaries of such annual incentive compensation plans are filed as exhibits, as required,
to reports filed by the Company under the Exchange Act.

On October 22, 2007, the Committee approved for the Company’s Named Executive Officers the
following base salaries to become effective as of December 31, 2007 and the following annual
incentive awards for the 2007 fiscal year, which will be paid on November 9, 2007:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Base Salary	 	 	Base Salary	 	 	FY 2007 Annual	 
	Named Executive Officer	 	(as of 01/01/07)	 	 	(as of 12/31/07)	 	 	Incentive Award	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Hugh Grant

Chairman of the Board, President

and Chief Executive Officer
	 	$	1,144,000	 	 	$	1,355,000	 	 	$	2,975,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Charles W. Burson

Special Assistant and Counsel to the

Chief Executive Officer*
	 	 	N/A	*	 	 	N/A	*	 	$	175,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Carl M. Casale

Executive V.P., Strategy & Operations**
	 	$	510,000	 	 	$	530,000	 	 	$	740,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Terrell K. Crews

Executive V.P. and

Chief Financial Officer and

Seminis Chief Executive Officer**
	 	$	540,000	 	 	$	565,000	 	 	$	760,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Robert T. Fraley, Ph.D.

Executive V.P. and Chief

Technology Officer
	 	$	550,000	 	 	$	575,000	 	 	$	770,000	 

 

			
	*	 	Mr. Burson served as Executive V.P., Secretary and General Counsel during the 2006 fiscal year.
In fiscal year 2007, Mr. Burson served as Special Assistant and Counsel to the Chief Executive
Officer through his retirement on Dec. 31, 2006. He was awarded a prorated annual incentive
award for fiscal year 2007, in accordance with the company’s annual incentive plan.
	 
	**	 	Prior to Oct. 23, 2007, Mr. Casale held the office of Executive V.P., North America Commercial
and Mr. Crews held the office of Executive V.P. and Chief Financial Officer. Effective Oct. 23,
2007, the Board of Directors elected Messrs. Casale and Crews to the offices listed above.

The Company intends to provide additional information regarding other compensation awarded to the
Named Executive Officers in respect of and during the 2007 fiscal year in the proxy statement for
its 2008 annual meeting of shareowners, which is expected to be filed with the Securities and
Exchange Commission in December 2007.

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