Document:

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                                                                    EXHIBIT 10.9

                       THIRD AMENDMENT TO CREDIT AGREEMENT

     This THIRD AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), made and
entered into as of March 3, 2000, is by and between BUCA, INC., a Minnesota
corporation (the "Borrower"), the banks which are signatories hereto
(individually, a "Bank" and, collectively, the "Banks"), BANK OF AMERICA, N.A.,
a national banking association ("B of A"), as one of the Banks and as co-agent
for the Banks (in such capacity, a "Co-Agent"), FLEET NATIONAL BANK, a national
banking association formerly known as BankBoston, N.A., as one of the Banks and
as co-agent for the Banks (in such capacity, a "Co-Agent") and U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as one of the Banks, and
as agent for the Banks (in such capacity, the "Agent").

                                    RECITALS
                                    --------

     1. U.S. Bank National Association, as Agent and as a Bank, and Bank of
America, N.A., as Co-Agent and as a Bank, and the Borrower entered into a Credit
Agreement dated as of September 27, 1999, as amended by that First Amendment to
Credit Agreement dated as of October 21, 1999, among U.S. Bank National
Association, as Agent and as a Bank, Bank of America, N.A., as Co-Agent and as a
Bank, and BankBoston, N.A., as Co-Agent and as a Bank, and as amended by that
Second Amendment to Credit Agreement dated as of December 24, 1999, among U.S.
Bank National Association, as Agent and as a Bank, Bank of America, N.A., as
Co-Agent and as a Bank, and BankBoston, N.A., as Co-Agent and as a Bank (the
"Credit Agreement"); and

     2. The Borrower has requested that the Banks amend the Credit Agreement in
certain respects.

     3. The parties desire to amend the Credit Agreement, subject to the terms
and conditions set forth in this Amendment.

                                    AGREEMENT
                                    ---------

     NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby covenant
and agree to be bound as follows:

     Section 1. Capitalized Terms. Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to them in the Credit
Agreement, unless the context shall otherwise require.

     Section 2. Amendment. The Credit Agreement is hereby amended as follows:
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          2.1 Definitions

               2.1(a) The definition of "Fixed Charge Coverage Ratio" contained
          in Section 1.1 of the Credit Agreement is hereby amended to read in
          its entirety as follows:

               "Fixed Charge Coverage Ratio": For any date of determination, the
          ratio of

                    (a) the sum of (i) Annualized EBITDA, plus (ii) the product
               of (A) Operating Lease Payments for the immediately preceding
               six-fiscal month period, times (B) two,

                    to

                    (b) the sum (without duplication) of (i) the product of (A)
               Interest Expense for the immediately preceding six-fiscal month
               period, times (B) two, plus (ii) all required principal payments
               with respect to Total Liabilities (including but not limited to
               all such payments with respect to Capitalized Lease Obligations
               of the Borrower and the Subsidiaries) for the immediately
               preceding twelve-fiscal month period, plus (iii) the product of
               (A) Operating Lease Payments for the immediately preceding
               six-fiscal month period, times (B) two, plus (iv) the product of
               (A) $50,000, and (B) the number of restaurants operating as of
               the date of determination, plus (v) the product of (A) income
               taxes of the Borrower and the Subsidiaries accrued for the
               immediately preceding six-fiscal month period, times (B) two,

          in each case determined on a consolidated basis in accordance with
          GAAP.

               2.1(b) The definition of "Revolving (B) Commitment Amount"
          contained in Section 1.1 of the Credit Agreement is hereby amended by
          deleting the reference to "March 26, 2000" therein and replacing it
          with "February 21, 2000", and by deleting the reference to "June 30,
          2000" therein and replacing it with "March 15, 2000."

          2.2 Revolving (B) Commitment. Section 2.1(a) of the Credit Agreement
     is hereby amended by deleting the reference to "June 30, 2000" in clause
     (ii) thereof and replacing it with "March 15, 2000".

                                       -2-
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          2.3 Fixed Charge Coverage Ratio. Section 6.19 of the Credit Agreement
     is hereby amended to read in its entirety as follows:

          Section 6.19 Fixed Charge Coverage Ratio. The Borrower will not permit
     the Fixed Coverage Ratio as of the last day of any quarter which ends
     during any period of measurement described below, to be less than the ratio
     set forth for such period:

                                                       Minimum Fixed
                  Measurement Period               Charge Coverage Ratio
                  ------------------               ---------------------
                  October 1, 1999 through
                      December 31, 1999                1.90 to 1.00

                  January 1, 2000 through
                      March 31, 2000                   1.75 to 1.00

                  Thereafter                           1.60 to 1.00

          2.4 Cash Flow Leverage Ratio. Section 6.20 of the Credit Agreement is
     hereby amended to read in its entirety as follows:

          Section 6.20 Cash Flow Leverage Ratio. The Borrower will not permit
     the Cash Flow Leverage Ratio, as of the last day of any fiscal quarter
     which ends during any period of measurement described below, to be greater
     than the ratio set forth below for such period:

                                                   Maximum Cash Flow
                  Measurement Period                Leverage Ratio
                  ------------------               ------------------
                  October 1, 1999 through
                        March 31, 2000                 3.50 to 1.00

                  April 1, 2000 through
                        June 30, 2000                  3.00 to 1.00

                  Thereafter                           2.75 to 1.00

                                       -3-
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     Section 3. Default and Waiver.

          3.1 Capital Expenditures. Under Section 6.10 of the Credit Agreement,
     the Borrower agreed that it would not, nor would it permit any Subsidiary
     to, make Capital Expenditures, on a consolidated basis, in fiscal year
     1999, in an amount exceeding $31,000,000. The Borrower has advised the
     Agent that its Capital Expenditures for fiscal year 1999 totaled
     approximately $39,200,000. As a result, an Event of Default has occurred
     under Section 7.1(c) of the Credit Agreement. The Borrower has requested
     that the Banks waive such Event of Default.

          3.2 Minimum Fixed Charge Coverage. Under Section 6.19 of the Credit
     Agreement, the Borrower agreed that it would not permit its Fixed Charge
     Covenant Ratio at December 31, 1999 to be less than 1.90:1.00. The Borrower
     has advised the Agent that as at December 31, 1999, the actual Fixed Charge
     Coverage Ratio was 1.31:1.00. As a result, an Event of Default has occurred
     under Section 7.1(c) of the Credit Agreement. The Borrower has requested
     that the Banks waive such Event of Default.

          3.3 Waiver. Upon the date on which the amendments contained in this
     Amendment become effective, the Banks hereby waive the Borrower's Defaults
     and Events of Default described in Section 3.1 and 3.2 hereof. The Borrower
     agrees that the waivers set forth in this Section 3.3 shall be limited to
     the precise meaning of the words as written herein and shall not be deemed
     (a) to be a consent to any waiver or modification of any other term or
     condition of the Credit Agreement or (b) to prejudice any right or remedy
     that the Agent or any Bank may now have or may in the future have under or
     in connection with the Credit Agreement with respect to other Defaults or
     Events of Default. The Borrower acknowledges and agrees that the waivers
     set forth in this Section 3.3 are provided by the Banks as a financial
     accommodation to the Borrower. Except as expressly set forth herein, the
     waivers described in this Section 3.3 shall not alter, affect, release or
     prejudice in any way any of the Borrower's obligations under the Credit
     Agreement. The waivers set forth herein shall not constitute a waiver by
     the Agent or any Bank of any other Default or Event of Default, if any,
     under the Credit Agreement, and shall not be, and shall not be deemed to
     be, a course of action with respect thereto upon which the Borrower may
     rely in the future and the Borrower hereby expressly waives any claim to
     such effect.

     Section 4. Effectiveness of Amendments. The amendments contained in this
Amendment shall become effective upon delivery by the Borrower of, and
compliance by the Borrower with, the following:

                                      -4-
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          4.1 This Amendment, duly executed by the Borrower.

          4.2 A certificate of the Secretary or Assistant Secretary of the
     Borrower (a) certifying as to a copy of the resolutions of the Board of
     Directors of the Borrower authorizing the execution, delivery and
     performance of this Amendment, (b) certifying that there has been no
     amendment to the Articles of Incorporation or Bylaws of the Borrower since
     true and accurate copies of the same were delivered to the Agent with a
     certificate of the Secretary of the Borrower dated September 27, 1999, and
     (c) certifying as to the name, title, and specimen signature of the officer
     or officers of the Borrower authorized to execute this Amendment, and any
     other instrument or agreement executed by the Borrower in connection with
     this Amendment.

          4.3 A certificate of the Chief Financial Officer of the Borrower which
     demonstrates to the Agent's satisfaction that the annualized EBITDA of the
     Borrower was equal to or greater than $5,500,000 as of February 21, 2000.

          4.4 A certificate of the Chief Financial Officer of the Borrower which
     evidences the Borrower's Borrowing Base as of February 21, 2000.

          4.5 Payment of all reasonable unpaid legal fees and other
     out-of-pocket expenses incurred by the Agent through the date of this
     Amendment in connection with this Amendment of which the Borrower has been
     notified as of the date of this Amendment.

          4.6 Payment to Agent of a $15,000 amendment fee.

     Section 5. Representations, Warranties, Authority, No Adverse Claim.

          5.1 Reassertion of Representations and Warranties, No Default. The
     Borrower hereby represents that on and as of the date hereof and after
     giving effect to this Amendment (a) all of the representations and
     warranties contained in the Credit Agreement are true and correct in all
     respects as of the date hereof as though made on and as of such date,
     except for changes permitted by the terms of the Credit Agreement, and (b)
     there will exist no Default or Event of Default under the Credit Agreement
     as amended by this Amendment on such date which has not been waived by the
     Agent.

          5.2 Authority, No Conflict, No Consent Required. The Borrower
     represents and warrants that the Borrower has the corporate power and
     authority to enter into this Amendment and has duly authorized the
     execution and delivery of this

                                      -5-
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     Amendment and any other agreements and documents executed and delivered by
     the Borrower in connection herewith by proper corporate action, and, except
     as set forth in Schedule 4.3 to the Credit Agreement, none of this
     Amendment nor the agreements contained herein contravenes or constitutes a
     default under any agreement, instrument or indenture to which the Borrower
     is a party or a signatory or a provision of the Borrower's Articles of
     Incorporation or Bylaws or any requirement of law presently in effect and
     applicable to the Borrower, or results in the imposition of any Lien on any
     of its property under any agreement binding on or applicable to the
     Borrower or any of its property except, if any, in favor of the Agent and
     except where the contravention or default or the imposition of such Lien
     could not adversely affect the validity or enforceability of this Amendment
     or constitute a Material Adverse Occurrence. The Borrower represents and
     warrants that, except as set forth in Schedule 4.3 to the Credit Agreement,
     no consent, approval or authorization of or registration or declaration
     with any Person, including but not limited to any governmental authority,
     is required on the part of the Borrower in connection with the execution
     and delivery by the Borrower of this Amendment or any other agreements and
     documents executed and delivered by the Borrower in connection herewith or
     the performance of obligations of the Borrower herein described, except for
     those which the Borrower has obtained or provided and as to which the
     Borrower has delivered certified copies of documents evidencing each such
     action to the Agent and except where the failure to obtain such consent,
     approval or authorization or to make such registration or declaration could
     not adversely effect the validity or enforceability of this Amendment or
     constitute a Material Adverse Occurrence.

          5.3 No Adverse Claim. The Borrower warrants, acknowledges and agrees
     that to the Borrower's knowledge no events have been taken place and no
     circumstances exist at the date hereof which would give the Borrower a
     basis to assert a defense, offset or counterclaim to any claim of the Banks
     with respect to the Borrower's obligations under the Credit Agreement as
     amended by this Amendment.

     Section 6. Affirmation of Credit Agreement, Further References, Affirmation
of Security Interest. The Banks and the Borrower each acknowledge and affirm
that the Credit Agreement, as hereby amended, is hereby ratified and confirmed
in all respects and all terms, conditions and provisions of the Credit
Agreement, except as amended by this Amendment, shall remain unmodified and in
full force and effect. All references in any document or instrument to the
Credit Agreement are hereby amended and shall refer to the Credit Agreement as
amended by this Amendment. The Borrower confirms to the Banks that the
Borrower's obligations under the Credit Agreement, as amended by this Amendment,
are and continue to be secured by the security interest

                                      -6-
<PAGE>

granted by the Borrower in favor of the Agent under that certain Security
Agreement (Borrower), that certain Pledge Agreement, and that certain Collateral
Assignment of Trademarks, all dated as of September 27, 1999, and made by the
Borrower in favor of the Agent, and all of the terms, conditions, provisions,
agreements, requirements, promises, obligations, duties, covenants and
representations of the Borrower under such documents and any and all other
documents and agreements entered into with respect to the obligations under the
Credit Agreement are incorporated herein by reference and are hereby ratified
and affirmed in all respects by the Borrower.

     Section 7. Successors. This Amendment shall be binding upon the Borrower
and the Banks and their respective successors and assigns, and shall inure to
the benefit of the Borrower and the Banks and the successors and assigns of the
Banks.

     Section 8. Legal Expenses. As provided in Section 9.2 of the Credit
Agreement, the Borrower agrees to reimburse the Agent, upon execution of this
Amendment, for all reasonable out-of-pocket expenses (including reasonable
attorney' fees and legal expenses of Dorsey & Whitney LLP, counsel for the
Agent) incurred in connection with negotiation, preparation and execution of
this Amendment and all other documents negotiated, prepared and executed in
connection with this Amendment, and in enforcing the obligations of the Borrower
under this Amendment, and to pay and save the Banks harmless from all liability
for any stamp or other taxes which may be payable with respect to the execution
or delivery of this Amendment, which obligations of the Borrower shall survive
any termination of the Credit Agreement.

     Section 9. Counterparts. This Amendment may be executed in several
counterparts as deemed necessary or convenient, each of which, when so executed,
shall be deemed an original, provided that all such counterparts shall be
regarded as one and the same document, and any party to this Amendment may
execute such agreement by executing a counterpart of such agreement.

     Section 10. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW
PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS, THEIR HOLDING COMPANIES AND THEIR AFFILIATES.

     Section 11. Capacity. All agreements and waivers of any of the Banks
hereunder or under any previous amendments to the Credit Agreement shall be
considered to have been made or given by such Bank in both its capacity as a
Bank and its capacity as the Agent or a Co-Agent, as applicable.

                                      -7-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the date and year first above written.

                                       BUCA, INC.

                                       By: /s/ Greg Gadel
                                           -------------------------------------

                                       Title: Chief Financial Officer
                                              ----------------------------------

                                       Address:
                                       Attention:  Greg A. Gadel
                                       1300 Nicollet Avenue
                                       Suite 5003
                                       Minneapolis, MN  55403

                                       Telephone No.:  (612) 288-2382
                                       Telecopier No.:  (612)  827-6446

                                       S-1
                        Signature page to Third Amendment
<PAGE>

                                       U.S. BANK NATIONAL ASSOCIATION, as
                                       Agent and a Bank

                                       By: /s/ Joshua Pirozzolo
                                           -------------------------------------

                                       Title: Commercial Banking Officer
                                              ----------------------------------
                                       Address:
                                       Attention: Joshua R. Pirozzolo  MPFP0602
                                       601 Second Avenue South
                                       Minneapolis, MN 55402-4302

                                       Telephone No.: (612) 973-0520
                                       Telecopier No.:  (612) 973-0823

                                       S-2
                        Signature page to Third Amendment
<PAGE>

                                       BANK OF AMERICA, N.A., as Co-Agent and
                                       a Bank

                                       By: /s/ William Richards
                                           -------------------------------------

                                       Title: Vice President
                                              ----------------------------------

                                       Address:
                                       Attention:  William S. Richards, Jr.
                                       IL1-231-06-13
                                       231 South LaSalle Street
                                       Chicago, IL 60697

                                       Telephone No.:  (312) 828-2731
                                       Telecopier No.:  (312) 828-1974

                                       S-3
                        Signature page to Third Amendment
<PAGE>

                                       FLEET NATIONAL BANK, as Co-Agent and
                                       a Bank

                                       By: /s/ Christopher Holtz
                                           -------------------------------------

                                       Title:  Division Executive
                                              ----------------------------------

                                       Address:
                                       Attention: Christopher M. Holtz
                                       MAD 10009 E
                                       100 Federal Street
                                       Boston, MA 02110

                                       Telephone No.:  (617) 434-7690
                                       Telecopier No.:  (617) 434-0630

                                       S-4
                        Signature page to Third Amendment<PAGE>
                                                             EXHIBIT 10.4

                         THE MONSANTO COMPANY
           NON-EMPLOYEE DIRECTOR DEFERRED COMPENSATION PLAN
                    (AS AMENDED FEBRUARY 25, 2000)

     1.   NAME OF PLAN.  This plan shall be known as the "The Monsanto
Company Non-Employee Director Deferred Compensation Plan" and is
hereinafter referred to as the "Plan."

     2.   PURPOSES OF PLAN.  The purposes of the Plan are to enable
Monsanto Company, a Delaware corporation (the "Company"), to retain
qualified persons to serve as Directors, and to replace the vested
benefits of currently active Directors under the Monsanto Company Non-
Employee Directors Retirement Plan (the "Retirement Plan") with
interests in the equity of the Company or in a deferred cash account.

     3.   EFFECTIVE DATE AND TERM.  The Plan shall be effective as of
the date of the Chemicals Distribution (as defined in Section 4 below)
(the "Effective Date").  The Plan shall remain in effect until
terminated by action of the Board, or until all Participants have
received all amounts to which they are entitled hereunder, if earlier.

     4.   DEFINITIONS.  The following terms shall have the meanings
set forth below:

          "Annual Meeting" means an annual meeting of the shareholders
          of the Company.

          "Beneficiary" has the meaning set forth in Section 7(d).

<PAGE>
<PAGE>

     "Cash Account" has the meaning set forth in Section 6(a).

     "Change of Control" means any of the following events:

     (a)  The acquisition (other than from the Company) by any person,
          entity or "group", within the meaning of Section 13(d)(3) or
          14(d)(2) of the Securities Exchange Act of 1934 (the
          "Exchange Act") (a "Person"), of beneficial ownership
          (within the meaning of Rule 13d-3 promulgated under the
          Exchange Act) of 20% 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, however, that, for purposes of this subsection
          (a), the following acquisitions shall not constitute a
          Change of Control:  (i) any acquisition directly from the
          Company, (ii) any acquisition by the Company, (iii) any
          acquisition by any employee benefit plan (or related trust)
          sponsored or maintained by the Company or any corporation
          controlled by the Company or (iv) any acquisition by any
          corporation pursuant to a transaction which complies with
          clauses (i), (ii) and (iii) of subsection (c) of this
          definition; or

     (b)  Individuals who, as of the date hereof, constitute the Board
          of Directors (as of the date hereof the "Incumbent Board")
          cease for any reason to constitute at least a majority of
          the Board of Directors; provided, however, that any
          individual becoming a director subsequent to the date hereof
          whose election, or nomination for election by the Company's
          shareholders, 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

                                  -2-
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          by or on behalf of a Person other than the Board; or

     (c)  Approval by the stockholders of the Company of a
          reorganization, merger, consolidation, or sale or other
          disposition of all or substantially all of the assets of the
          Company or the acquisition of assets or stock of another
          corporation (a "Business Combination"), or, if consummation
          of such Business Combination is subject, at the time of such
          approval by shareholders, to the consent of any government
          or governmental agency, the obtaining of such consent
          (either explicitly or implicitly by consummation), 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
          and the combined voting power of the then outstanding voting
          securities entitled to vote generally in the election of
          directors, as the case may be, of the corporation resulting
          from such Business Combination (including, without
          limitation, a corporation which 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 any corporation resulting from such Business
          Combination or any employee benefit plan (or related trust)
          of the Company or such corporation resulting from such
          Business Combination) beneficially owns, directly or
          indirectly, 20% or more of, respectively, the then
          outstanding shares of common stock of the corporation
          resulting from such Business Combination or the combined
          voting power of the then outstanding voting securities of
          such corporation 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 of the

                                  -3-
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<PAGE>

          corporation 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 shareholders of the Company of a complete
          liquidation or dissolution of the Company.

     "Change of Control Consideration" means (i) the amount of any
     cash, plus the value of any securities and other noncash
     consideration, constituting the most valuable consideration per
     share of Common Stock paid to any shareholder in the transaction
     or series of transactions that results in a Change of Control or
     (ii) if no consideration per share of Common Stock is paid to any
     shareholder in the transaction or series of transactions that
     results in a Change of Control, the highest reported sales price,
     regular way, of a share of Common Stock in any transaction
     reported on the New York Stock Exchange Composite Tape or other
     national exchange on which such shares are listed or on NASDAQ
     during the 60-day period prior to and including the date of a
     Change of Control.  To the extent that such consideration consists
     all or in part of securities or other noncash consideration, the
     value of such securities or other noncash consideration shall be
     determined by the Committee in good faith.

     "Chemicals" means the Company's newly formed chemicals subsidiary.

     "Chemicals Distribution" means the distribution to the holders of
     Common Stock of the stock of Chemicals.

     The "Committee" means the committee that administers the Plan, as
     more fully defined in Section 13.

     "Common Stock" means the Company's common stock, par value $2.00
     per share.

     "Common Stock Value" means the excess of (i) the average of the
     daily high and low trading prices on the New York Stock Exchange
     for the Monsanto Common Stock with due bills on each of the five
     trading days prior to the date of the Chemicals Distribution over
     (ii) one-fifth of the average of the daily high and low trading
     Prices on the New York Stock Exchange for the

                                  -4-
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<PAGE>

     common stock of Chemicals on a when-issued basis on each of such
     five trading days.

     The "Company" has the meaning set forth in Section 2.

     "Deferral Account" means a bookkeeping account maintained by the
     Company for a Director representing the Director's interest in the
     stock units or cash credited to such account pursuant to Section 6.

     "Deferred Delivery Election" has the meaning set forth in Section
     7(a).

     "Delivery Election" has the meaning set forth in Section 7(a).

     "Director" means an individual who is a non-employee member of the
     Board of Directors of the Company.

     The "Dividend Equivalent" for a given dividend or distribution
     means a number of shares of Common Stock having a Value, as of the
     date such Dividend Equivalent is credited to a Stock Unit Account,
     equal to the amount of cash, plus the fair market value on the
     date of distribution of any property, that is distributed with
     respect to one share of Common Stock pursuant to such dividend or
     distribution; such fair market value to be determined by the
     Committee in good faith.

     The "Effective Date" has the meaning set forth in Section 3.

     "Immediate Payment Election" has the meaning set forth in Section
     7(a).

     The "Initial Amount" has the meaning set forth in Section 6(a).

     The "Interest Rate" means Moody's Baa Bond Index Rate, as in
     effect from time to time.

     "IRA Election" means an election to receive distributions under
     the Plan in annual installments beginning on the Starting Date,
     over a period of years equal to the life expectancy of the
     Participant or joint life expectancy of the Participant and his or
     her spouse (if any), as elected by the Participant, such life
     expectancy to be determined as of the Starting Date.

                                  -5-
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<PAGE>

     "Keogh Election" means an election to receive distributions under
     the Plan in annual installments beginning on the Starting Date,
     over a period of years equal to the life expectancy of the
     Participant or joint life expectancy of the Participant and his or
     her spouse (if any), as elected by the Participant, such life
     expectancy to be determined as of the Starting Date and
     redetermined as of each anniversary thereof.

     "Participant" has the meaning set forth in Section 5.

     "Retirement Plan" has the meaning set forth in Section 2.

     "Single Sum Election" means an election to receive distributions
     under the Plan in a single payment on the Starting Date.

     "Stock Unit Account" has the meaning set forth in Section 6(a).

     "Starting Date" has the meaning set forth in Section 7(a).

     "Term Certain Election" means an election to receive distributions
     under the Plan in annual installments over a specified number of
     years beginning on the Starting Date, provided, that in the case
     of a Stock Unit Account, such number of years may not exceed ten,
     and in the case of a Cash Account, such number of years may not
     exceed the Participant's life expectancy determined as of the
     Starting Date.

     The "Termination Date" for a Participant is the date his or her
     service as a Director terminates for any reason.

     The "Value" of a share of Common Stock as of the last day of a
     given Plan Year shall mean the average (rounded to the nearest
     cent) of the monthly average for each of the full calendar months
     during such Plan Year of the means between the reported high and
     low sale prices of a share of Common Stock on the New York Stock
     Exchange composite tape (or, if the Common Stock is not listed on
     such exchange, on any other national securities exchange on which
     the Common Stock is listed) for each trading day during each such
     calendar month.  If the Common Stock is not traded on any national
     securities exchange, the Value of the Common

                                  -6-

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<PAGE>

     Stock shall be determined by the Committee in good faith.

     "Vested Benefit" has the meaning set forth in Section 6(a).

     5.   ELIGIBLE PARTICIPANTS; INITIAL ELECTIONS.  Each individual
who is a Director on the last business day before the Effective Date and
has a vested benefit in the Retirement Plan as of that date shall be a
participant ("Participant") in the Plan.

     6.   ACCOUNTS; CREDITS.  (a)  Except as provided in Section 7(b)
below, the Company shall maintain a Deferral Account for each
Participant, which shall be a "Stock Unit Account" or a "Cash Account,"
as elected by the Participant on or before August 15, 1997, in
accordance with procedures established by the Committee.  Each
Participant's Deferral Account shall initially be credited with an
amount (the "Initial Amount") having a value on the last business day
before the Effective Date equal to the amount of the Participant's
vested benefit under the Retirement Plan as of the Effective Date (the
"Vested Benefit").  The amounts of such Vested Benefits shall be
determined by Towers Perrin based upon information supplied by the
Company.

     (b)  If a Participant's Deferral Account is a Cash Account the
Initial Amount shall be a cash amount, and shall accrue interest on the
balance therein at the Interest Rate, such interest to be credited at
least monthly.

                                  -7-
<PAGE>
<PAGE>

     (c)  If a Participant's Deferral Account is a Stock Unit Account,
the Initial Amount credited to such account pursuant to such account
pursuant to Section 6(a) shall take the form of stock units representing
shares of Common Stock determined by dividing (i) the amount of the
Participant's Vested Benefit by (ii) the Common Stock Value.  Whenever a
dividend is paid or other distribution made with respect to the Common
Stock, each Stock Unit Account shall be credited with a number of shares
of Common Stock having a Value equal to (i) the number of stock units in
such Stock Unit Account as of the record date for such dividend or
distribution multiplied by (ii) the Dividend Equivalent for such
dividend or other distribution.  Notwithstanding the foregoing, no
amounts shall be credited to any Stock Unit Account as a result of the
Chemicals Distribution, because the amounts initially credited to the
Stock Unit Accounts are being determined based upon the ex-dividend
trading value of the Common Stock with respect to the Chemicals
Distribution.  The stock units credited to the Stock Unit Accounts
pursuant to this Section 6 may represent fractional as well as whole
shares of Common Stock.

     (d)  As soon as practicable after the Effective Date, the
Committee shall cause each Participant to be notified in writing of the
value of his or her Vested Benefit and, in the case of Participants who
have elected Stock Unit Accounts, the

                                  -8-
<PAGE>
<PAGE>

average price described in clause (ii) of the preceding sentence, and
the number of stock units credited to his or her Stock Unit Account.

     7.   DELIVERY OF ACCOUNT BALANCES.  (a)  Each Participant shall
be provided the opportunity to elect, in accordance with procedures
established by the Committee, the manner in which his or her interest in
the Plan will be distributed on or after his or her Termination Date
(each such election, a "Delivery Election").  Such Delivery Election may
call for delivery in a single sum or in installments on or beginning on
the later of (i) the Termination Date or (ii) the date which is six
months after the Delivery Election is made (an "Immediate Payment
Election") or for deferred delivery in a single sum or in installments
(a "Deferred Delivery Election on or beginning on a specified date (in
either case, the date on which delivery is to be made or is to being is
referred to as the "Starting Date").  The Starting Date for a Deferred
Delivery Election must be on or after the third anniversary of the
Termination Date; provided, that in no event shall the Starting Date for
a Deferred Delivery Election be later than the later of (i) the
Participant's 73rd birthday and (ii) the third anniversary of the
Termination Date. Each Delivery Election shall specify whether it is a
Single Sum Election, a Term Certain Election, a Keogh Election, or an
IRA Election; provided, that

                                  -9-
<PAGE>
<PAGE>

Keogh Elections and IRA Elections may only be made in connection with
Deferred Delivery Elections made with respect to Cash Accounts.

     (b)  Notwithstanding any other provision of this Plan, a
Participant who makes an Immediate Payment Election and who ceases to be
a Director and becomes a director of Chemicals in connection with the
Chemicals Distribution shall not be credited with a Deferral Account,
but shall receive a cash lump sum payment equal to the value of his or
her Vested Benefit as soon as practicable after the Effective Date.

     (c)  The stock units in a Participant's Stock Unit Account or the
cash in a Participant's Cash Account, as applicable, shall be delivered
on or beginning on the Starting Date in accordance with the
Participant's Delivery Election.  If the Participant's Deferral Account
is a Stock Unit Account, such delivery shall be made in the form of
stock representing a number of Common Shares equal to the number of
stock units as and when they are to be delivered.  If any such stock
units or cash are to be delivered after the Participant has died or
become legally incompetent, they shall be delivered to the Participant's
Beneficiary or legal guardian, as the case may be, in accordance with
the foregoing; provided, that if a Participant who has made a Keogh
Election dies before beginning to receive or receiving all of his or her
distributions, the entire balance in his or her

                                  -10-
<PAGE>
<PAGE>

Deferral Account shall be distributed to his or her Beneficiary
immediately.  References to a Participant in this Plan shall be deemed
to refer to the Participant's Beneficiary or legal guardian, where
appropriate.

     (d)  Participants shall be provided with the opportunity to
designate, in accordance with procedures to be established by the
Committee, the person or persons ("Beneficiaries") who will receive
distributions of his or her interests in the Plan upon the death of the
Participant (a "Beneficiary Designation").  Once made, a Beneficiary
Designation or Delivery Election may be superseded by another
Beneficiary Designation or Delivery Election (as applicable) or revoked
in writing by the Participant.  However, in order for any initial or
superseding Delivery Election or revocation thereof to be valid, it must
be received by the Committee before the Participant's Termination Date.
In the case of multiple Beneficiary Designations, Delivery Elections
and/or revocations by any Participant, the most recent valid Beneficiary
Designation, Delivery Election or revocation (as applicable) in effect
as of the date of death or Termination Date, as applicable, shall be
controlling. If a Participant does not have a valid Beneficiary
Designation in effect as of the date of his or her death, his or her
Beneficiary shall be his or her estate.  If a Participant does not have
a valid Delivery Election in effect as of his or

                                  -11-
<PAGE>
<PAGE>

her Termination Date, he or she shall be deemed to have made an
Immediate Payment Election.

     8.   SHARE CERTIFICATES; VOTING AND OTHER RIGHTS.  The shares
delivered to a Participant pursuant to Section 7 above shall be issued
in the name of the Participant, and the Participant shall be entitled to
all rights of a shareholder with respect to Common Stock for all such
shares issued in his or her name, including the right to vote the
shares, and the Participant shall receive all dividends and other
distributions paid or made with respect thereto.

     9.   GENERAL RESTRICTIONS.  (a)  Notwithstanding any other
provision of the Plan or agreements made pursuant thereto, the Company
shall not be required to issue or deliver any shares of Common Stock
under the Plan prior to fulfillment of all of the following conditions:

          (i)   Listing or approval for listing upon official notice
     of issuance of such shares on the New York Stock Exchange, Inc.,
     or such other securities exchange as may at the time be a market
     for the Common Stock;

          (ii)  Any registration or other qualification of such shares
     under any state or federal law or regulation, or the maintaining
     in effect of any such registration or other qualification which
     the Committee shall, in its absolute discretion upon the advice of
     counsel, deem necessary or advisable; and

          (iii) Obtaining any other consent, approval, or permit from
     any state or federal governmental agency which the Committee
     shall, in its absolute discretion after receiving the advice of
     counsel, determine to be necessary or advisable.

                                  -12-
<PAGE>
<PAGE>

     (b)  Nothing contained in the Plan shall prevent the Company from
adopting other or additional compensation arrangements for the
Participants.

     10.  NUMBER AND SOURCE OF SHARES AVAILABLE. Subject to adjustment
pursuant to Section 11 below, 75,000 shares of Common Stock may be
issued under the Plan. Shares of Common Stock issuable under the Plan
shall be taken from treasury shares of the Company or purchased on the
open market.

     11.  CHANGE IN CAPITAL STRUCTURE; CHANGE OF CONTROL.  (a)  In the
event that there is, at any time after the Board adopts the Plan, any
change in the Common Stock by reason of any stock dividend, stock split,
combination of shares, exchange of shares, warrants or rights offering
to purchase Common Stock at a price below its fair market value,
reclassification, recapitalization, merger, consolidation, spin-off or
other change in capitalization of the Company, other than the Chemicals
Distribution, appropriate adjustment shall be made in the number and
kind of shares or other property subject to the Plan and the number and
kind of shares or other property held in the Stock Unit Accounts (taking
into account whether any Dividend Equivalent is credited to the Stock
Unit Accounts in connection therewith), and any other relevant
provisions of the Plan by the Committee, whose determination shall be
binding and conclusive on all persons.

                                  -13-
<PAGE>
<PAGE>

     (b)  Without limiting the generality of the foregoing, and
notwithstanding any other provision of this Plan, in the event of a
Change of Control, the Company shall immediately pay to each Participant
in a cash lump sum (i) the Change of Control Consideration multiplied by
the number of stock units in such Participant's Stock Unit Account
immediately before such Change of Control, or (ii) the cash balance in
such Participant's Cash Account, as applicable, and the Plan shall be
terminated.  Notwithstanding the foregoing, if the payment of cash with
respect to Stock Unit Accounts pursuant to the preceding sentence would
make a Change in Control transaction ineligible for pooling-of-interests
accounting under APB No. 16 that but for the nature of such grant would
otherwise be eligible for such accounting treatment, the Committee shall
have the ability to substitute for such cash Common Stock or other
equity securities with a Value equal to the amount of such cash.

     Notwithstanding any other provision of the Plan, with respect to a
"Change of Control" that occurs as a result of the consummation of the
transactions contemplated by the Agreement and Plan of Merger dated as
of December 19, 1999 among Monsanto Company, MP Sub, Incorporated, and
Pharmacia & Upjohn, Inc., the provisions of Section 11(b) of the Plan
shall not apply with respect to any Electing Participant (as defined in
the next sentence), and if one or more Participants are Electing

                                  -14-
<PAGE>
<PAGE>

Participants, the Plan shall not terminate with respect to such Electing
Participant(s) as a result of such a "Change of Control."  An "Electing
Participant" means a Participant who delivers a written notice, electing
to have the foregoing provision of this Amendment apply to himself or
herself, to the Committee no later than 10 business days after the
Change of Control.

     (c)  If the shares of Common Stock credited to the Stock Unit
Accounts are converted pursuant to this Section 11 into another form of
property, references in the Plan to the Common Stock shall be deemed,
where appropriate, to refer to such other form of property, with such
other modifications as may be required for the Plan to operate in
accordance with its purposes.  Without limiting the generality of the
foregoing, references to delivery of certificates for shares of Common
Shares shall be deemed to refer to delivery of cash and the incidents of
ownership of any other property held in the Stock Unit Accounts.

     12.  ADMINISTRATION; AMENDMENT.  (a)  The Plan shall be
administered by a committee consisting of the Chief Financial Officer,
the General Counsel and the Corporate Vice President -- Human Resources
of the Company (or the holder of any successor officer position thereto)
(the "Committee"), which shall have full authority to construe and
interpret the Plan, to establish, amend and rescind rules and
regulations relating to the Plan, and

                                  -15-
<PAGE>
<PAGE>

to take all such actions and make all such determinations in
connection with the Plan as it may deem necessary or desirable,
including without limitation the determination of life expectancies and
other assumptions and information to be used in determining the effect
of Installment Delivery Elections.

     (b)  The Board may from time to time make such amendments to the
Plan as it may deem proper and in the best interest of the Company, and
it may terminate the Plan at any time.

     13.  MISCELLANEOUS.  (a)  Nothing in the Plan shall be deemed to
create any obligation on the part of the Board to nominate any Director
for reelection by the Company's shareholders or to limit the rights of
the shareholders to remove any Director.

     (b)  The Company shall have the right to require, prior to the
issuance or delivery of any cash or shares of Common Stock pursuant to
the Plan, that a Director make arrangements satisfactory to the
Committee for the withholding of any taxes required by law to be
withheld with respect to the issuance or delivery of such cash or
shares, including without limitation by the withholding of shares that
would otherwise be so issued or delivered, by withholding from any other
payment due to the Director, or by a cash payment to the Company by the
Director.

                                  -16-
<PAGE>
<PAGE>

     14.  GOVERNING LAW.  The Plan and all actions taken thereunder
shall be governed by and construed in accordance with the laws of the
State of Delaware.

                                  -17-

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