Document:

QuickLinks
 -- Click here to rapidly navigate through this document
Exhibit 10.10  

        EMPLOYMENT AGREEMENT (this "Agreement"), dated as of May 27, 2003, between BUNGE LIMITED, a Bermuda company
(the "Company"), and ALBERTO WEISSER (the "Executive").  

        WHEREAS, the Executive is currently employed by the Company, and the parties hereto desire to continue such employment on the terms set forth in this Agreement;
and 

        WHEREAS,
the Executive is party to an Employment Agreement (the "2000 Employment Agreement"), dated as of July 1, 2000, with the
Company, and the parties desire to supersede the 2000 Employment Agreement with this Agreement in its entirety. 

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

        1.    EFFECTIVENESS OF AGREEMENT    

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

        2.    EMPLOYMENT AND DUTIES    

        2.1.    General.    The Company hereby agrees to continue to employ the Executive, and the Executive agrees to serve,
as Chief Executive Officer of the Company upon the terms and conditions herein contained. The Executive shall perform such other duties and services for the Company commensurate with the Executive's
position, as may be designated from time to time by the Board of Directors of the Company (the "Board"). The Executive agrees to serve the Company
faithfully and to the best of his ability under the direction of the Board. 

        2.2.    Services.    

        2.2.1.    Exclusive Services.    xcept as may otherwise be approved in advance by the Board, and except during
vacation periods and reasonable periods of absence due to sickness, personal injury or other disability, the Executive shall devote substantially all of his working time throughout the Employment Term
(as defined below) to the services required of him hereunder. During the Employment Term, the Executive shall render his services exclusively to the Company and, as determined by the Company, its
Subsidiaries (as defined below) (such Subsidiaries, together with the Company, the "Bunge Group") and shall use his best efforts, judgment and energy to
improve and advance the business and interests of the Bunge Group in a manner consistent with the duties of his position. For purposes of this Agreement,
"Subsidiary" shall mean (a) a corporation or other entity with respect to which the Company, directly or indirectly, has the power, whether
through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such corporation's board of directors or analogous governing body or (b) any
other corporation or other entity in which the Company, directly or indirectly, has an equity or similar interest. 

        2.2.2.    Board and Community Service.    Notwithstanding anything to the contrary set forth in Section 2.2.1
above, but subject to Section 9, the Executive may (a) serve on any corporate, civic or charitable board upon obtaining the prior written consent of the Board, except that no such
consent shall be required for boards on which the Executive serves as of the Effective Date, (b) engage in charitable activities, (c) perform outside speaking, lecturing or teaching
engagements and (d) manage personal investments, provided that none of the foregoing activities interferes in any material respect with the
performance by the Executive of his duties under this Agreement. 

        2.3.    Term of Employment.    The Executive's employment under this Agreement shall commence as of the Effective Date
and shall continue in effect until the earlier of (a) the termination of the Executive's employment pursuant to the terms of this Agreement or (b) the last day of the month in which the
Executive attains age 65 (such period of employment shall hereinafter be referred to as the "Employment Term"). 

        2.4.    Reimbursement of Expenses.    The Company shall reimburse the Executive for reasonable travel and other
business expenses incurred by him during the Employment Term in the fulfillment of 

 

his
duties hereunder upon presentation by the Executive of an itemized account of such expenditures, in accordance with Company practices. 

        3.    COMPENSATION    

        3.1.    Base Salary.    During the Employment Term, the Executive shall be entitled to receive a base salary
("Base Salary") at a rate of U.S.$1,200,000 per annum, payable in arrears in substantially equal installments in accordance with the Company's payroll
practices, as in effect from time to time. Any adjustments in Base Salary shall be made by the Compensation Committee of the Board (the "Compensation
Committee") in its sole discretion; provided, however, that such Base Salary may
be increased but not decreased. 

        3.2.    Short-Term Annual Bonus.    During the Employment Term, the Executive shall be entitled to
participate in the Company's annual performance bonus plan (the "Short-Term Annual Bonus Plan"), under which the Executive shall be entitled
to receive, subject to the satisfaction of applicable performance criteria, an annual target bonus equal to 100% of his Base Salary, at the annual rate in effect for most of the calendar year to which
such bonus relates. The other terms and conditions of the short-term annual bonus described in this Section 3.2 (the "Short-Term Annual
Bonus") shall be as determined under the Short-Term Annual Bonus Plan. 

        3.3.    Long-Term Equity Incentive.    During the Employment Term, the Executive shall be entitled to
participate in the Bunge Limited Equity Incentive Plan, as amended and restated on March 13, 2003 (such plan, together with any successor or replacement plan(s), shall hereinafter be referred
to as the "Bunge Equity Plan"). For calendar year 2003, the Executive hereby acknowledges that he has received Awards (as defined in the Bunge Equity
Plan) with an aggregate value on the date of grant equal to approximately U.S.$2,000,000. For calendar years following 2003, Awards, if any, granted to the Executive shall be determined by the
Compensation Committee in its sole discretion. The other terms and conditions of such Awards shall be as determined under the terms of the Bunge Equity Plan. 

        4.    EMPLOYEE BENEFITS    

        4.1.    General.    During the Employment Term, the Executive shall be, or, where applicable, continue to be, included
to the extent eligible thereunder in all employee benefit plans, programs or arrangements (including, without limitation, any plans, programs or arrangements providing retirement benefits, profit
sharing, disability benefits, health and life insurance, or paid holidays) that shall be established by the Company for, or made available to, its senior executives. In addition, the Company shall
furnish the Executive with coverage by the Company's customary director and officer indemnification arrangements, subject to applicable law. 

        4.2.    Supplemental Pension.    

        4.2.1.    Eligibility for Pension.    Subject to the provisions of this Section 4.2, if the Executive remains
in the employ of the Company until the last day of the month in which he attains age 55, then the Company shall pay the Executive a supplemental pension (the
"Pension"). The Company shall also pay the Pension to the Executive if his employment with the Company terminates at any time after the Effective Date
as a result of (a) the Executive's Disability (as defined below), (b) the Executive's resignation for Good Reason (as defined below) or (c) the Executive's termination by the
Company without Cause (as defined below). If the Executive should die at any time after the Effective Date, the Executive's Surviving Spouse (as defined below) shall be entitled, in lieu of the
Pension, to the death benefit described in Section 4.2.6. The provisions of this Section 4.2 shall apply notwithstanding anything to the contrary set forth in this Agreement. 

        4.2.2.    Amount of Pension.    The Pension payable to the Executive hereunder shall be a single life annuity
commencing on the first day of the month following the month in which the Executive attains age 65 (the "Normal Retirement Date"), which, when added to
the Executive's Other Retirement 

2

 

Benefits
(as defined below), provides the Executive with an annuity for life equal to 45% of his Average Base and Bonus (as defined below). No actuarial or other adjustment shall be made to the
Pension for commencement after the Normal Retirement Date. 

        4.2.3.    Early Retirement Date.    The Executive may elect to commence the Pension prior to his Normal Retirement
Date as of the first day of any month following the later to occur of (a) the Executive's Date of Termination for any reason, (b) the last day of the Severance Period and (c) the
date on which the Executive attains age 55 (such date hereinafter referred to as the "Early Retirement Date"). In the event that the Executive elects to
commence payment of the Pension as of his Early Retirement Date, the amount of the Pension shall be reduced by 2% per year (or the pro rata portion thereof) for each year from age 60 to prior to age
65 of early commencement and 6% per year (or the pro rata portion thereof) for each year from age 55 to prior to age 60 of early commencement. 

        4.2.4.    Forfeiture of Pension.    No Pension shall be payable hereunder if (a) the Executive resigns without
Good Reason prior to the last day of the month in which he attains age 55, (b) the Executive's employment is terminated by the Company at any time for Cause, (c) the Executive breaches
in any material respect any provision of Section 9.2.1, 9.2.2 or 9.3 or (d) the Executive dies prior to the commencement of the Pension; provided,
however, that, if the Executive resigns at any time without Good Reason during the Change of Control Period (as defined below), he shall be entitled to receive the Pension;  provided
further that, if the Executive dies prior to the commencement of the Pension, the death benefit contemplated by Section 4.2.6 shall
apply. 

        4.2.5.    Other Annuity Form.    The Executive may elect, in accordance with written procedures established by the
Company for this purpose, to have the Pension paid (a) in any annuity form permissible under the Bunge Management Services Inc. Pension Plan (such plan, together with any successor or
replacement plan(s), shall hereinafter be referred to as the "Retirement Plan") over his life and the life of the
person, if any, to whom the Executive is legally married at the time of his death (his "Surviving Spouse"), (b) as a single life annuity with a
10-year term certain payment option or (c) as a 100% qualified joint and survivor annuity with a 10-year term certain payment option. Such election shall be made by the
Executive as soon as practicable after the Effective Date and may be changed at any time by a subsequent election filed with the Company, as long as such subsequent election is filed with the Company
at least 12 months prior to the Executive's termination of employment with the Company (or such lesser period prior to such termination of employment as the Compensation Committee shall
permit). For any annuity made under this Section 4.2 (other than a single life annuity commencing after the Normal Retirement Date), actuarial equivalence shall be made and determined
(a) in accordance with the factors and other relevant assumptions set forth in the Retirement Plan and (b) to the extent actuarial equivalence for an annuity form is not specified in the
Retirement Plan, based on actuarial assumptions reasonably established by the Company's actuary for the Retirement Plan. 

        4.2.6.    Death Benefit.    If the Executive dies and, at the time of his death, the Pension has not been forfeited in
accordance with Section 4.2.4, his Surviving Spouse shall receive one of the following death benefits (each, a "Death Benefit"), subject to the
terms and conditions set forth below: 

        (a)   If
the Executive dies prior to the commencement of the Pension, then his Surviving Spouse shall receive a pension equal to the survivor benefit that would have been
payable to such Surviving Spouse if the Executive had retired as of the later to occur of (x) the date of the Executive's death and (y) the date on which the Executive would have
attained age 55 had he not died. This benefit shall be paid as if the Executive had elected a payment, as of his date of death, in the form of a 100% qualified joint and survivor annuity with a
10-year term certain payment option; provided, however, that the Surviving Spouse may, prior to commencement of payment, make a
one-time irrevocable election to have the Death Benefit determined as if the annuity form deemed elected in accordance with this sentence had been in the form of a 100% qualified joint 

3

 

and
survivor annuity. Such payment shall commence immediately following the Executive's date of death, regardless of whether such payment occurs prior to the Early Retirement Date. 

        (b)   If
the Executive dies after the commencement of the Pension, the survivor benefit payable to the Executive's Surviving Spouse, if any, shall be based on the annuity form
elected by the Executive prior to his death, it being understood that no Death Benefit shall be payable if, prior to his death, the Executive elected a single life annuity. 

        If
the Executive and his Surviving Spouse die simultaneously under circumstances where it is impossible to determine if one predeceased the other, the Executive will be deemed to have
predeceased his Surviving Spouse, and the term certain portion of the Death Benefit shall be payable to the Surviving Spouse's estate. Except as expressly contemplated hereunder, no other benefits
under this Section 4.2 shall be payable to the Executive's Surviving Spouse, beneficiaries or estate, and no consent of the
Executive's Surviving Spouse, if any, shall be required with respect to the form of annuity in which the Pension is paid. 

        4.2.7.    Additional Definitions.    For purposes of this Section 4.2, the terms set forth below shall have the
following meanings: 

        (a)   "Average Base and Bonus" shall mean the sum of (i) the average of the Executive's Base Salary for the
five-year period immediately prior to and including the date on which the Pension commences (the "5-Year Period"), determined,
for any partial year, on an annualized basis, and (ii) the average of the Executive's Short-Term Annual Bonus (excluding any long-term, supplemental or special bonuses)
actually paid to the Executive for the 5-Year Period, determined, for any partial year, on an annualized basis; provided, however, that, if
the Short-Term Annual Bonus has not been paid to the Executive for the last year of the 5-Year Period, the Executive's target Short-Term Annual Bonus shall be used
to calculate the amount contemplated in clause (ii) with respect to such year. 

        (b)   "Other Retirement Benefits" shall mean the retirement benefits payable to the Executive on a single life annuity basis
and commencing on the Normal Retirement Date under the Retirement Plan, the Bunge Management Services Inc. Excess Benefit Plan (including any successor or replacement plan(s) thereto) and any
other U.S. defined benefit plan(s) of the Bunge Group in which the Executive participates, regardless of whether such benefits are paid as of such date or in any other form. 

        4.3.    Vacation.    During the Employment Term, the Executive shall be eligible for 20 business days of paid vacation
each calendar year, which number of days may be increased, but not decreased, on an annual basis in the sole discretion of the Compensation Committee. If the Executive's employment ends for any
reason, the Executive shall only be paid for unused vacation that accrued during the calendar year in which his Date of Termination (as defined below) occurs. 

        5.    TERMINATION OF EMPLOYMENT    

        5.1.    Termination Without Cause; Resignation for Good Reason.    

        5.1.1.    General.    Subject to the provisions of Sections 5.1.2 and 5.1.3, if, prior to the expiration of the
Employment Term, the Executive's employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason, the Company shall, subject to the Executive's execution of
a general release of claims in substantially the form attached hereto as Exhibit A (the
"Release") and expiration of any revocation period set forth therein without revocation of such Release by the Executive: 

        (a)   pay
the Executive an amount (the "Severance Payment") equal to three times  the sum of (i) the highest annual rate of Base Salary paid to the Executive
with respect to the three calendar years immediately preceding the Executive's Date of
Termination and (ii) the average structural 

4

 

(grid-based)
Short-Term Annual Bonus (excluding any long-term, supplemental or special bonuses) actually paid to the Executive for the three calendar years
immediately preceding the Executive's Date of Termination, payable in substantially equal monthly installments for the 36-month period following the Executive's Date of Termination, or
such shorter period as the Board, in its sole discretion, may determine (the "Severance Period"); provided,
however, that, if the Executive's employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason during the Change of Control
Period, clause (ii) of this subsection (a) shall be superseded and replaced with the following clause: "(ii) the target Short-Term Annual Bonus (excluding any
long-term, supplemental or special bonuses) in effect as of the Executive's Date of Termination"; 

        (b)   pay
the Executive his Base Salary, to the extent not yet paid, through and including the Executive's Date of Termination; 

        (c)   pay
the Executive a pro rata portion (through the Date of Termination) of the Short-Term Annual Bonus that
the Executive would have been entitled to receive for the then applicable performance period pursuant to Section 3.2 had the Executive remained employed for the entire performance period. The
Compensation Committee may, in its sole discretion, elect to pay the amount described in this subsection (c) (i) no later than 30 business days following the Executive's Date of Termination, in
which case, such amount shall be calculated in good faith by the Compensation Committee based on the Company's performance results for the last full calendar quarter immediately preceding his Date of
Termination or (ii) at the time bonuses under the Short-Term Annual Bonus Plan are paid to the Company's executives generally, in which case, such amount shall be calculated in good
faith by the Compensation Committee based on the Company's performance results for the calendar year to which the bonus relates. For purposes of calculating the amount described in this subsection
(c), the Executive's performance results shall be determined on a target-level basis; 

        (d)   offer
the Executive continuing coverage under the Company's health and medical insurance plans and programs (at the Executive's sole cost during the period that the
Executive is entitled to coverage under Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the "Code") (relating to
"COBRA" coverage) and, thereafter, determined as if such COBRA coverage continued) until the earlier of (i) the date on which the Executive and
his spouse, if any, are both age 65 and (ii) the date on which the Executive is eligible to receive health, medical or other insurance benefits under a subsequent employer's plan;  provided further
that, if the Executive is eligible to receive health, medical or other insurance benefits under a subsequent employer's plan, the
health, medical and other insurance benefits described herein shall be secondary to those provided under such other plans; 

        (e)   provide
the Executive with accelerated vesting of any unvested benefits in the Company's defined contribution and defined benefit retirement plans, unless such
acceleration is prohibited by law; 

        (f)    consider
the Executive fully vested with respect to his entitlement to receive retiree medical and life insurance benefits that the Company offers to its senior
executives as of the Executive's Date of Termination; provided, however, that at no time prior to the Executive's Date of Termination shall the Company
be obligated by the terms of this subsection (f) to provide, or continue to provide, such benefits to the Executive or any other individual; 

        (g)   deem
any vesting or service under any outstanding stock option, restricted stock or other equity-based awards fully satisfied; 

5

 

        (h)   deem
any Company performance requirements under any outstanding stock option, restricted stock or other equity-based awards to be satisfied to the extent such
performance requirements are satisfied as of the Executive's Date of Termination; and 

        (i)    provide
substantially similar other benefits that are provided to other senior executives of the Company upon termination (the benefits described in this subsection (i),
together with those described in subsections (b) through (h) above, shall hereinafter be referred to as "Severance Benefits"). 

        Subject
to Section 4.2, the Executive shall have no further right to receive any other compensation or benefits after such termination or resignation of employment, except as
determined in accordance with the terms of the Company's benefit plans and programs. 

        5.1.2.    Conditions Applicable to the Severance Period.    If, during the Severance Period, the Executive breaches
any of his obligations under Section 9, the Company may, upon written notice to the Executive, terminate the Severance Period, cease to make any further payments of the Severance Payment and
cease to provide any Severance Benefits, except as required by applicable law. If the Employment Term expires in the manner contemplated by Section 2.3 following the Executive's attainment of
age 65, no Severance Payment or Severance Benefits shall be payable to the Executive. 

        5.1.3.    Death During Severance Period.    Subject to Sections 4.1 and 4.2.6, in the event of the Executive's death
during the Severance Period, payments of the Severance Payment shall continue to be made during the remainder of the Severance Period, and any unpaid bonus payments under Section 5.1.1(c)
shall be paid on the terms set forth therein, to the beneficiary designated in writing for this purpose by the Executive or, if no such beneficiary is specifically designated, to the Executive's
estate. Except for the medical benefits described in Section 5.1.1(d) or as otherwise required by law, the provision of Severance Benefits by the Company shall end on the date of the
Executive's death. 

        5.1.4.    Date of Termination.    For purposes of this Agreement, "Date of
Termination" shall mean (a) with respect to the termination of the Executive's employment without Cause, the date specified in a written notice of termination from the
Company to the Executive and (b) with respect to the termination by the Executive of his employment for Good Reason, the date specified in a written notice of resignation from the Executive to
the Company; provided, however, that no such written notice from the Executive shall be effective unless the cure period specified in the proviso in
Section 5.4 has expired without the Company having corrected, in all material respects, the event or events subject to cure; provided further  that, if no date of termination is specified in the
written notice from the Executive, the Date of Termination shall be the first day following the expiration of such cure
period. 

        5.2.    Termination for Cause; Resignation Without Good Reason.    

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

        5.2.2.    Date of Termination.    For purposes of this Agreement, "Date of
Termination" shall mean (a) with respect to the termination of the Executive's employment for Cause or Disability, the date specified in a written notice of termination
from the Company to the Executive; provided, however, that, in connection with a termination for Cause, no such written notice from the Company shall be
effective unless the cure period specified in the proviso in Section 5.3 has expired without the Executive having corrected, in all material respects, the event or events subject to cure,
(b) with respect to the termination by the Executive of his employment without Good Reason, the later of (i) the date 

6

 

specified
in a written notice of resignation from the Executive to the Company or (ii) 120 days after receipt by the Company of a written notice of resignation from the Executive and
(c) with respect to the termination of the Executive's employment due to death, the date of the Executive's death. 

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

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

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

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

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

provided, however, that, if any such Cause relates to the Executive's obligations under this Agreement, the Company may not terminate the Executive's
employment for Cause unless (i) the Company first gives the Executive notice of its intention to terminate and of the grounds for such termination within 90 days following such event and
(ii) the Executive has not, within 20 days following receipt of such notice, cured such Cause in a manner that is reasonably satisfactory to the Compensation Committee, or in the event
such Cause is not susceptible to cure within such 20-day period, the Compensation Committee reasonably determines that the Executive has not taken all reasonable steps within such
20-day period to cure such Cause as promptly as practicable thereafter. 

        5.4.    Good Reason.    For purposes of this Agreement, "Good Reason"
shall mean any of the following (without the Executive's prior written consent): 

        (a)   a
failure by the Company to pay material compensation due and payable to the Executive in connection with his employment; 

        (b)   a
material diminution of the authority, responsibilities or positions of the Executive from those set forth in Section 2.1; 

        (c)   the
occurrence of acts or conduct on the part of the Company, its officers, representatives or stockholders that prevent the Executive from, or substantially hinder the
Executive in, performing his duties or responsibilities pursuant to Section 2.1; or 

        (d)   if
immediately prior to the Change of Control Period the Executive's principal place of employment is located within the metropolitan New York area, any relocation
during the Change of Control Period at the request of the Company of the Executive's principal place of employment to a location outside of the metropolitan New York area; 

provided, however, that no event or condition described in clauses (a) and (b) of this Section 5.4 shall constitute Good Reason
unless (i) the Executive gives the Company written notice of his objection to such event or condition within 90 days following the occurrence of such event or condition, (ii) such
event or condition is not corrected, in all material respects, by the Company in a manner that is reasonably satisfactory to the Executive within 20 days following the Company's receipt of such
notice (or in the event that such event or condition is not susceptible to correction within such 20-day period, the Executive reasonably determines that the Company has not taken all
reasonable steps within such 20-day period to correct such event or condition as promptly as practicable thereafter) and (iii) the Executive resigns from his employment with the
Company not more than 30 days following the expiration of the 20-day period described in the foregoing clause (ii). 

7

 

        6.    DEATH OR DISABILITY    

        6.1.    Payments and Benefits.    In the event of the Executive's termination of employment with the Company by reason
of his death or Disability, the Executive (or his estate, as applicable) shall be entitled to the following: 

        (a)   the
payment of his Base Salary, to the extent not yet paid, through and including his Date of Termination; and 

        (b)   an
amount equal to that set forth in Section 5.1.1(c). 

Other
benefits shall be determined in accordance with the terms of the Company's equity plans and related award agreements and benefit plans and programs, and, subject to Section 4.2, the
Company shall have no further obligation hereunder, including, without limitation, with respect to any long-term, supplemental or special bonuses. For purposes of this Agreement,
"Disability" means a physical or mental disability or infirmity of the Executive, as determined by a physician of recognized standing selected by the
Company, that prevents (or, in the opinion of such physician, is reasonably expected to prevent) the normal performance by the Executive of his duties as an employee of the Company for any continuous
period of 180 days or for 180 days during any one 12-month period. 

        7.    CHANGE OF CONTROL    

        7.1.    Change of Control.    For purposes of this Agreement, "Change of
Control" shall mean the occurrence of any of the following: 

        (a)   the
acquisition by any Person (as defined below) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange
Act of 1934, as amended, and the applicable rulings and regulations thereunder (the "Exchange Act")) of 35% or more of the common shares of the Company
(the "Common Stock") then outstanding, but shall not include any such acquisition by any employee benefit plan of any member of the Bunge Group, or any
Person or entity organized, appointed or established by any member of the Bunge Group for or pursuant to the terms of any such employee benefit plan; 

        (b)   the
consummation after approval by the shareholders of the Company of either (i) a plan of complete liquidation or dissolution of the Company or (ii) a
merger, amalgamation or consolidation of the Company with any other corporation, the issuance of voting securities of the Company in connection with a merger, amalgamation or consolidation of the
Company, a sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets of another corporation (each, a "Business
Combination"), unless, in each case of a Business Combination, immediately following such Business Combination, all or substantially all of the individuals and entities who
were the beneficial owners of the Common Stock outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding shares of
common stock and more than 50% of 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 entity
resulting from such Business Combination (including, without limitation, an entity 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 Common Stock; or 

        (c)   the
failure for any reason of the Approved Members to constitute at least a majority of the Board. 

        7.2.    Approved Member.    For purposes of this Section 7, "Approved
Members" shall mean the individuals who, as of the Effective Date, constitute the Board and subsequently elected members of the Board whose election is approved or recommended
by at least a majority of such current members 

8

 

or
their successors whose election was so approved or recommended (other than any subsequently elected members 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). 

        7.3.    Person.    For purposes of this Section 7, "Person"
shall mean any person, entity or "group" within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, except that such term shall not include (a) Bunge
International Limited, (b) any member of the Bunge Group, (c) a trustee or other fiduciary holding securities under an employee benefit plan of any member of the Bunge Group,
(d) an underwriter temporarily holding securities pursuant to an offering of such securities or (e) an entity owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of stock of the Company. 

        7.4.    Change of Control Period.    For purposes of this Agreement, "Change of Control
Period" shall mean (a) the period occurring on the date of a Change of Control and continuing for 30 months thereafter and (b) to the extent that the
Executive is terminated without Cause within the 12-month period immediately prior to the date of a Change of Control and there is a reasonable basis to conclude that such termination was
at the request or direction of any person acquiring control of the Company in such Change of Control, the 12-month period immediately prior to the date of such Change of Control. 

        8.    CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY    

        8.1.    Gross-Up Payment.    In the event that any payment, distribution or benefit received, or to be
received, by the Executive pursuant to the terms of this Agreement or of any other plan, arrangement or agreement of any member of the Bunge Group (determined without regard to any additional payments
required under this Section 8) (a "Payment") would be subject to the excise tax imposed by Section 4999 of the Code or any interest or
penalties would be incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, is hereinafter collectively referred to as the
"Excise Tax"), then the Company shall pay to the Executive an additional payment (a "Gross-Up
Payment") in an amount such that, after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without
limitation, any income and employment taxes and the Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise
Tax imposed upon the Payments. 

        8.2.    Gross-Up Payment Calculation.    Subject to the provisions of Sections 8.3 and 10, all
determinations required to be made under this Section 8, including, without limitation, whether and when a Gross-Up Payment is required, the amount of such Gross-Up
Payment, and the assumptions to be utilized in arriving at such determination shall be made by an internationally recognized certified public accounting firm as shall be designated by the Company (the
"Accounting Firm"), subject to the approval of the Executive, which approval shall not be unreasonably withheld. The Accounting Firm shall provide
detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is
requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 8, shall be
paid by the Company to the Executive within five days of the receipt of the Accounting Firm's determination. As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder it is possible that Gross-Up Payments which will not have been made by the Company should have been made (the
"Underpayment"), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to
Sections 8.3 and 10 and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment 

9

 

that
has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 

        8.3.    Claim by the IRS.    The Executive shall notify the Company in writing of any claim by the U.S. Internal
Revenue Service (the "IRS") that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall
be given as soon as practicable, but no later than 10 business days after the Executive is informed in writing of such claim, and shall apprise the Company of the nature of such claim and the date on
which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which the Executive gives such notice to
the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such
period that it desires to contest such claim, the Executive shall: 

        (a)   give
the Company any information reasonably requested by the Company relating to such claim; 

        (b)   take
such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney reasonably selected by the Company; and 

        (c)   cooperate
with the Company in good faith in order to effectively contest such claim; 

provided, however, that the Company shall, subject to applicable law, bear and pay directly all costs and expenses (including additional interest and
penalties) incurred in connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income and employment tax (including
interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 8.3,
the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences
with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner,
and the Executive shall agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company
shall determine, subject, in each instance, to the Company reimbursing the Executive for all reasonable costs and expenses paid or incurred by the Executive following such direction by the Company.
Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder, and the Executive shall be entitled to
settle or contest, as the case may be, any other issue raised by the IRS or any other taxing authority as long as such issue does not affect the Company's payment obligations hereunder. 

        8.4.    Entitlement to Refund.    If, after the receipt by the Executive of an amount advanced by the Company pursuant
to Section 8.3, the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company's complying with the requirements of
Section 8.3) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). 

        9.    CONFIDENTIALITY; NONCOMPETITION; NONSOLICITATION    

        9.1.    Confidentiality.    The Executive agrees with the Company that he shall not at any time, except in the
performance of his obligations to the Company hereunder or with the prior written consent of the Company, directly or indirectly, reveal to any person, entity or other organization (other than the
Bunge Group, or its employees, officers, directors, shareholders or agents) or use for his own benefit any information deemed to be confidential (prior to its disclosure to the Executive) by the Bunge
Group ("Confidential Information") relating to the assets, liabilities, employees, goodwill, business or affairs of any member of the Bunge Group,
including, without limitation, any information concerning 

10

 

past,
present or prospective customers, manufacturing processes, marketing data, or other confidential information used by, or useful to, any member of the Bunge Group and known (whether or not known
with the knowledge and permission of any member of the Bunge Group and whether or not, at any time prior to the Effective Date, developed, devised, or otherwise created in whole or in part by the
efforts of the Executive) to the Executive by reason of his employment by, shareholdings in or other association with any member of the Bunge Group. The Executive further agrees that he shall retain
all copies and extracts of any written Confidential Information acquired or developed by him during any such employment, shareholding or association in trust for the sole benefit of the Bunge Group
and its successors and assigns. The Executive further agrees that he shall not, without the prior written consent of the Company, remove or take from the Bunge Group's premises (or, if previously
removed or taken, he shall, at the Company's request, promptly return) any written Confidential Information or any copies or extracts thereof. Upon the request and at the expense of the Company, the
Executive shall promptly make all disclosures, execute all instruments and papers and perform all acts reasonably necessary to vest and confirm in the Bunge Group, fully and completely, all rights
created or contemplated by this Section 9.1. The term "Confidential Information" shall not include information that is or becomes generally
available to the public other than as a result of a disclosure by, or at the direction of, the Executive. 

        9.2.    Noncompetition and Nonsolicitation.    

        9.2.1.    Noncompetition.    The Executive agrees with the Company that, for so long as the Executive is employed by
the Company and continuing thereafter for the longer of (a) 18 months following the Executive's Date of Termination for any reason or (b) where applicable, the Severance Period
(the "Restricted Period"), he shall not, without the prior written consent of the Company, directly or indirectly, and whether as principal or investor
or as an employee, officer, director, manager, partner, consultant, agent or otherwise, alone or in association with any other person, firm, corporation or other business organization, carry on a
Competing Business (as defined below) in any geographic area in which any member of the Bunge Group has engaged, or engages during the Restricted Period, in a Competing Business (including, without
limitation, any area in which any customer of any member of the Bunge Group may be located). 

        9.2.2.    Nonsolicitation.    As a separate and independent covenant, the Executive agrees with the Company that,
during the Restricted Period, he shall not in any way, directly or indirectly (except in the course of his employment with the Company), for the purpose of conducting or engaging in any Competing
Business, call upon, solicit, advise or otherwise do, or attempt to do, business with any person who is,
or was, during the then most recent 12-month period, a customer of any member of the Bunge Group, or take away or interfere or attempt to take away or interfere with any custom, trade,
business, patronage or affairs of any member of the Bunge Group, or interfere with or attempt to interfere with any person who is, or was during the then most recent 12-month period, an
employee, officer, representative or agent of any member of the Bunge Group, or solicit, induce, hire or attempt to solicit, induce or hire any of them to terminate service with any member of the
Bunge Group or violate the terms of their contracts, or any employment arrangements, with any member of the Bunge Group. 

        9.2.3.    Competing Business.    For purposes of this Section 9.2, "Competing
Business" means any business then engaged in by any member of the Bunge Group; provided, however, that nothing herein shall
limit the right of the Executive to own not more than 1% of any of the debt or equity securities of any business organization that is then filing reports with the Securities and Exchange Commission
pursuant to Section 13 or 15(d) of the Exchange Act. 

        9.3.    Cooperation of the Executive.    During and after the Executive's employment with the Company, the Executive
shall reasonably cooperate with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of 

11

 

the
Company and in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired
while the Executive was employed by the Company or any former or current member of the Bunge Group. The Company shall reimburse the Executive for all reasonable costs and expenses incurred in
connection with his performance under this Section 9.3, including, without limitation, all reasonable attorneys' fees and costs. 

        9.4    Exclusive Property.    The Executive confirms that all confidential information is and shall remain the
exclusive property of the Bunge Group. All business records, papers and documents kept or made by the Executive relating to the business of the Bunge Group shall be and remain the property of the
Bunge Group. 

        9.5.    Certain Remedies.    Without intending to limit the remedies available to the Bunge Group, the Executive
agrees that a breach of any of the covenants contained in this Section 9 may result in material and irreparable injury to the Bunge Group for which there is no adequate remedy at law, that it
will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, any member of the Bunge Group shall be entitled to seek a temporary
restraining order or a preliminary or permanent injunction, or both, without bond or other security, restraining the Executive from engaging in activities prohibited by this Section 9 or such
other relief as may be required specifically to enforce any of the covenants in this Section 9. Such injunctive relief in any court shall be available to the Bunge Group in lieu of, or prior to
or pending determination in, any arbitration proceeding. 

        10.    ARBITRATION    

        10.1.    General Terms.    Except as provided in Section 9.5 above, any future dispute, controversy or claim
between the parties arising from or relating to this Agreement, its breach or any matter addressed by the Agreement shall be resolved through binding, confidential arbitration to be conducted by a
panel of three arbitrators that is mutually agreeable to both the Executive and the Company, all in accordance with the arbitration rules of the American Arbitration Association set forth in its
National Rules for the Resolution of Employment Disputes then in effect (the "AAA's Arbitration Rules"). If the Executive and the Company cannot agree
upon the panel of arbitrators, the arbitration shall be settled before a panel of three arbitrators, one to be selected by the Company, one by the Executive and the third to be selected by the two
persons so selected, all in accordance with the AAA's Arbitration Rules. The arbitration proceeding shall be held in New York City or such other location as is mutually agreed in writing by the
parties. The arbitrators shall base their award on the terms of this Agreement, and the arbitrators shall strictly follow the law and judicial precedents that a United States District Judge sitting in
the Southern District of the State of New York would apply in the event the dispute were litigated in such court. The arbitration shall be governed by the substantive laws of the State of New York
applicable to contracts made and to be performed therein, without regard to conflicts of law rules, and by the arbitration law chosen by the arbitrators, and the arbitrator shall have no power or
authority to order or grant any remedy or relief that a court could not order or grant under applicable law. Judgment upon the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof. Nothing contained in this Section 10.1 shall be construed to preclude the Company from exercising its rights under Section 9.5 above. 

12

  

        10.2.    Costs and Attorneys' Fees.    The Company shall bear the cost of the arbitrators. Costs and expenses
associated with the arbitration that are not otherwise assignable to one of the parties shall be allocated equally between the parties. In every other respect, the parties shall each pay their own
costs and expenses, including, without limitation, attorneys' fees and costs. 

        11.    MISCELLANEOUS    

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

        (a)   if
to the Company: 

Bunge
Limited

Attn: Chief Personnel Officer

50 Main Street, 6th Floor

White Plains, New York 10606

Fax: (914) 684-3458 

        (b)   if
to the Executive: 

Alberto
Weisser

4 Pineview Circle

Purchase, New York 10577

Fax: (914) 686-6352 

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

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

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

13

 

obligations
hereunder, unless the Company obtains the written consent of the Executive at the time of such assumption. 

        11.5.    Entire Agreement.    This Agreement represents the entire agreement of the parties and shall supersede any
and all previous contracts, arrangements or understandings between the Company and the Executive with respect to the subject matter set forth herein, including, without limitation, the 2000 Employment
Agreement; provided, however, that this Agreement shall not supersede any of the Executive's pension entitlements in existence as of the Effective Date
or, subject to Sections 5.1.1(g) and (h), any Awards granted to the Executive under the Bunge Equity Plan that are outstanding as of the Effective Date. This Agreement may be amended at any time by
mutual written agreement of the parties hereto. 

        11.6.    Withholding.    The payment of any amount pursuant to this Agreement shall be subject to applicable
withholding and payroll taxes and such other deductions as may be required under the Company's employee benefit plans, if any. 

        11.7.    Governing Law.    This Agreement shall be governed by, and construed with, the law of the State of New York. 

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

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

(Signature
Page Follows) 

14

 

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

	 	 	BUNGE LIMITED
	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	/s/  MICHAEL BULKIN      
	 	 	 	 	

	 	 	 	 	Name:  Michael Bulkin

Title:    Chair-Compensation Committee
	

 	
 	
EXECUTIVE
	

 	
 	

 	
 	

 	
 	

 
	 	 	/s/  ALBERTO WEISSER      
 Alberto Weisser

15

EXHIBIT A  

 
 

FORM OF RELEASE    
    

        I, Alberto Weisser, hereby understand and agree to the terms of this release (the "Release") in consideration for
certain obligations undertaken by the Company under the Employment Agreement between me and the Company, dated May 27, 2003 (the "Agreement").
Capitalized terms used, but not defined, in this Release will have the meanings assigned to such terms in the Agreement. 

        (a)    General Release.    In consideration of my receipt of the payments and benefits provided to me under the
Agreement, I hereby release and forever discharge the Bunge Group and its respective employees, officers, directors, shareholders and agents (each, a "Released
Party") from any and all claims, actions, causes of action, complaints, charges and grievances (collectively, "Claims"),
including, without limitation, any Claims arising under any applicable federal, state, local or foreign law, that I may have, or in the future may possess, arising from or relating to (i) my
employment relationship with and service as an employee of any member of the Bunge Group and the termination of such relationship or service and (ii) any event, condition, circumstance or
obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that I retain my rights, if any, (x) to seek
indemnification from the Company for any and all costs incurred by me as a result of any liability imposed in connection with my service as an employee, officer or director of the Company or
(y) arising under the Agreement. I further agree that my receipt of the payments and benefits described in the Agreement will be in full satisfaction of any and all Claims for payments or
benefits that I may have against the Bunge Group. 

        (b)    Specific Release of ADEA Claims.    In consideration of my receipt of the payments and benefits provided to me
under this Agreement, I hereby release and forever discharge each Released Party from
any and all Claims that I may have as of the date of this Release arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations
promulgated thereunder ("ADEA"). By signing this Release, I hereby acknowledge and confirm the following: (i) I was advised by the Company in
connection with my termination of employment to consult with an attorney of my choice prior to signing this Release and to have such attorney explain to me the terms of this Release, including,
without limitation, the terms relating to my release of claims arising under ADEA; (ii) I have been given a period of not fewer than [21] days to consider the terms of
this Release and to consult with an attorney of my choosing with respect thereto; (iii) I am providing the release and discharge set forth in this paragraph (b) in exchange for the
consideration provided by the Agreement; and (iv) I have knowingly and voluntarily accepted the terms of this Release. 

        (c)    No Legal Claim.    I hereby agree and represent that I have not and will not commence or join any legal action,
including, without limitation, any complaint to any federal, state or local agency, to assert any Claim against any Released Party. If I commence or join any such legal action against a Released
Party, I will indemnify such Released Party for its reasonable costs and attorneys' fees incurred in defending such action, as well as for any monetary judgment obtained by me against any Released
Party in such action. Nothing in this paragraph (c) is intended to reflect any party's belief that my waiver of Claims under ADEA is invalid or unenforceable under this Agreement, it being the
intent of the parties that such Claims are waived. 

        (d)    Revocation.    I hereby understand and acknowledge that this Release may be revoked by me within the
7-day period commencing on the date that I sign this Release (the "Revocation Period"). In the event of any such revocation by me, all
obligations of the Company remaining under the Agreement will terminate and be of no further force and effect as of the date of such revocation. No such revocation by me will be effective unless it is
in writing and signed by me and received by the Company prior to the expiration of the Revocation Period. 

ACCEPTED AND AGREED:  

	

 Alberto Weisser	
 	

 
	

Dated:	
 	

	
 	

 

QuickLinks

FORM OF RELEASEExhibit 10.11  

BUNGE LIMITED EQUITY INCENTIVE PLAN

(as Amended and Restated)  

        Bunge Limited ("Bunge") hereby establishes an equity compensation plan to be known as the Bunge Limited Equity
Incentive Plan (the " Plan"). The Plan shall become effective on the date it is approved by the Board of Directors of Bunge (the  "Board"),
subject to the approval of Bunge's shareholders within 12 months after its approval by the Board in accordance with Section 14
hereof. Capitalized terms that are not otherwise defined in the text of this Plan are defined in Section 2 below. 

1.     Purposes  

        The purposes of the Plan are to attract, retain and motivate key employees, consultants and independent contractors of the Company; to compensate them for their
contributions to the growth and profits of the Company; to encourage ownership by them of Common Stock in order to align key employee, consultant and independent contractor interests with shareholder
interests; and to link the compensation of key employees, consultants and independent contractors to the overall performance of the Company in order to promote cooperation among the Company's diverse
areas of business. 

2.     Definitions  

        For purposes of the Plan, the following terms shall be defined as follows: 

        "Administrator" means the individual or individuals to whom the Committee delegates authority under the Plan in accordance with
Section 3(d). 

        "Award" means an award made pursuant to the terms of the Plan to an Eligible Individual in the form of Stock Options, Restricted Stock
Units or Other Awards. 

        "Award Agreement" means a written document approved in accordance with Section 3 which sets forth the terms and conditions of an
Award to a Participant. An Award Agreement may be in the form of (i) an agreement between the Company and a Participant which is executed by an officer on behalf of the Company and is signed by
the Participant or (ii) a certificate issued by the Company which is executed by an officer on behalf of the Company but does not require the signature of the Participant. 

        "Board" means the Board of Directors of Bunge. 

        "Bunge" means Bunge Limited, a company incorporated under the laws of Bermuda, and any successor thereto. 

        "Cause" means the termination of a Participant's employment or service with the Company as a consequence of: 

        (i)    the
willful and continued failure or refusal of the Participant to substantially perform the duties required of him or her as an employee, consultant or independent
contractor of Bunge; 

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

        (iii)  any
other willful misconduct by the Participant that is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious
to, Bunge. 

        "Change in Control" shall mean any of the following: 

        (i)    the
acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the
Common Stock then outstanding, but shall not include any such acquisition by any employee benefit plan of the Company, or any Person or 

 

entity
organized, appointed or established by the Company for or pursuant to the terms of any such employee benefit plan; 

        (ii)   consummation
after approval by the shareholders of Bunge of either (A) a plan of complete liquidation or dissolution of Bunge or (B) a merger,
amalgamation or consolidation of Bunge with any other corporation, the issuance of voting securities of Bunge in connection with a merger, amalgamation or consolidation of Bunge or sale or other
disposition of all or substantially all of the assets of Bunge or the acquisition of assets of another corporation (each, a "Business Combination"),
unless, in each case of a Business Combination, immediately following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of the Common
Stock outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock and 50% of 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 entity resulting from such Business Combination (including, without
limitation, an entity which as a result of such transaction owns the Company or all or substantially all of Bunge'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 Common Stock; or 

        (iii)  the
individuals who, as of the effective date of the Plan, constitute the Board, and subsequently elected members of the Board whose election is approved or
recommended by at least a majority of such current members or their successors whose election was so approved or recommended (other than any subsequently elected members 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), cease for any reason to constitute at least a majority of such Board. 

        "Code" means the Internal Revenue Code of 1986, as amended, and the applicable rulings and regulations (including
any proposed regulations) thereunder. 

        "Committee" means the Compensation Committee of the Board, any successor committee thereto or any other committee appointed from time to
time by the Board to administer the Plan. The Committee shall consist of at least two individuals who are not and have never been employees of the Company and who shall serve at the pleasure of the
Board. 

        "Common Stock" means shares in the capital of Bunge, including common shares. 

        "Company" means, individually and collectively, Bunge and its Subsidiaries and any successors thereto. 

        "Deferral Election" has the meaning set forth in Section 7(c). 

        "Deferral Value" means, with respect to an Award of Stock Options, (x) the difference between the Fair Market Value of a Share on
the Vesting Date and the exercise price of such Stock Option multiplied by (y) the number of Shares underlying the portion of such Stock Option that the Participant has elected to defer, with
the product subject to reduction for any applicable withholding taxes. Deferral Value means, with respect to an Award of Restricted Stock Units, (x) the Fair Market Value of a Share on the
Vesting Date multiplied by (y) the number of Shares underlying the portion of such Award of Restricted Stock Units that the Participant has elected to defer, with the product subject to
reduction for any applicable withholding taxes. 

        "Disability" means, with respect to any Award other than an Incentive Stock Option, long-term disability, as defined under
Bunge's long-term disability insurance plan or such other applicable plan, as the Committee, in its sole discretion, may determine. With respect to any Incentive Stock Option, Disability
means permanent and total disability within the meaning of Section 22(e)(3) of the Code. 

2

 

        "Eligible Individuals" means the individuals described in Section 6 who are eligible for Awards under the Plan. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the applicable rulings and regulations
(including any proposed regulations) thereunder. 

        "Fair Market Value" of a share of Common Stock as of any date means: 

        (i)    if
the Common Stock is listed on an established stock exchange or exchanges (including for this purpose, the NASDAQ National Market), (a) the average of the
highest and lowest sale prices of the stock quoted for such date as reported in the Transactions Index of each such exchange, as published in The Wall Street Journal  and determined by the Committee, or,
if no sale price was quoted in any such Index for such date, then as of the next preceding date on which such a sale price was quoted or
(b) the value of a share of Common Stock based upon such other averaging method that the Committee, in its sole discretion, shall determine; 

        (ii)   if
the Common Stock is not then listed on an exchange or the NASDAQ National Market, (a) the average of the closing bid and asked prices per share for the stock
in the over-the-counter market as quoted on The NASDAQ Small Cap or OTC Electronic Bulletin Board, as appropriate, on such date or (b) the value of a share of Common
Stock based upon such other averaging method that the Committee, in its sole discretion, shall determine; or 

        (iii)  if
the Common Stock is not then listed on an exchange or quoted in the over-the-counter market, an amount determined in good faith by the
Committee; provided, however, that when appropriate, the Committee, in determining Fair Market Value of the Common Stock, may take into account such
factors as it may deem appropriate under the circumstances. 

        Notwithstanding
the foregoing, the Fair Market Value of Common Stock for purposes of grants of Incentive Stock Options shall be determined in compliance with applicable provisions of the
Code. 

        "Incentive Stock Option" means a Stock Option that is an "incentive stock option" within the meaning of Section 422 of the Code and
designated by the Committee as an Incentive Stock Option in an Award Agreement. 

        "Nonqualified Stock Option" means a Stock Option that is not an Incentive Stock Option. 

        "Option Term" has the meaning set forth in Section 8(e). 

        "Other Award" means any form of Award other than a Stock Option or Restricted Stock Units authorized under Section 11 of the Plan. 

        "Participant" means an Eligible Individual to whom an Award has been granted under the Plan. 

        "Performance-Based Restricted Stock Units" mean Restricted Stock Units with respect to which the vesting is linked to the satisfaction of
performance criteria. 

        "Permitted Transferee" has the meaning set forth in Section 12(a). 

        "Person" means any person, entity or "group" within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act,
except that such term shall not include (i) Bunge International Limited, (ii) the Company, (iii) a trustee or other fiduciary holding securities under an employee benefit plan of
the Company, (iv) an underwriter temporarily holding securities pursuant to an offering of such securities, or (v) an entity owned, directly or indirectly, by the shareholders of Bunge
in substantially the same proportions as their ownership of stock of Bunge. 

        "Plan Limit" has the meaning set forth in Section 5(a). 

3

 

        "Restricted Stock Units" mean an Award to receive a specified number of Shares, or the value thereof, upon the completion of the
applicable vesting period, subject to the terms and conditions as set forth in Sections 9 and 10 hereof and in the applicable Award Agreement. 

        "Retirement" means the termination of a Participant's employment with the Company after such Participant's 65th birthday and in accordance
with the applicable retirement policies of the Company with which the Participant was employed. 

        "Shares" means shares comprising the Common Stock. 

        "Stock Option" means an Award to purchase Shares granted to an Eligible Individual pursuant to Section 8 hereof, which Award may be
either an Incentive Stock Option or a Nonqualified Stock Option. 

        "Subsidiary" means (i) a corporation or other entity with respect to which Bunge, directly or indirectly, has the power, whether
through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such corporation's board of directors or analogous governing body or
(ii) any other corporation or other entity in which Bunge, directly or indirectly, has an equity or similar interest; provided, however, that for
purposes of any Award of Incentive Stock Options, a Subsidiary shall be defined as any corporation as to which Bunge, directly or indirectly through an unbroken chain of corporations, owns more than
50% of the total combined voting power of all classes of stock issued by such corporation. 

        "Vesting Date" means the date with respect to which any Award or portion of an Award becomes vested and nonforfeitable. 

3.     Administration of the Plan  

        (a)    Power and Authority of the Committee.    The Plan shall be
administered by the Committee, which shall have full power and authority, subject to the express provisions hereof: 

        (i)    to
select Participants from the Eligible Individuals; 

        (ii)   to
make Awards in accordance with the Plan and to issue, allot and purchase Shares; 

        (iii)  to
determine the number of shares of Common Stock subject to each Award or the cash amount payable in connection with an Award; 

        (iv)  to
determine the terms and conditions of each Award, other than the terms and conditions that are expressly required under the terms of the Plan; 

        (v)   to
specify and approve the provisions of the Award Agreements delivered to Participants in connection with their Awards; 

        (vi)  to
construe and interpret any Award Agreement delivered under the Plan; 

        (vii) to
prescribe, amend and rescind rules and procedures relating to the Plan; 

        (viii) to
vary the terms of Awards to take account of tax, securities law and other regulatory requirements of foreign jurisdictions; 

        (ix)  subject
to the provisions of the Plan and subject to such additional limitations and restrictions as the Committee may impose, to delegate to one or more officers of
the Company some or all of its authority under the Plan; 

        (x)   to
employ such legal counsel, independent auditors and consultants as it deems desirable for the administration of the Plan and to rely upon any opinion or computation
received therefrom; and 

4

 

        (xi)  to
make all other determinations and to formulate such procedures as may be necessary or advisable for the administration of the Plan. 

        (b)    Plan Construction and Interpretation.    The Committee shall
have full power and authority, subject to the express provisions hereof, to construe and interpret the Plan. 

        (c)    Determinations of Committee Final and Binding.    All
determinations by the Committee in carrying out and administering the Plan and in construing and interpreting the Plan shall be final, binding and conclusive for all purposes and upon all persons
interested herein. 

        (d)    Delegation of Authority.    The Committee may, but need not,
from time to time delegate some or all of its authority under the Plan to an Administrator consisting of one or more members of the Committee or of one or more officers of the Company;  provided, however,
that the Committee may not delegate its authority (i) to make Awards to Eligible Individuals who are officers of the Company
who are delegated authority by the Committee hereunder or (ii) under Sections 3(b) and 13 of the Plan. Any delegation hereunder shall be subject to the restrictions and limits that the
Committee specifies at the time of such delegation or thereafter. Nothing in the Plan shall be construed as obligating the Committee to delegate authority to an Administrator, and the Committee may at
any time rescind the authority delegated to an Administrator appointed hereunder or appoint a new Administrator. At all times, the Administrator appointed under this Section 3(d) shall serve in
such capacity at the pleasure of the Committee. Any action undertaken by the Administrator in accordance with the Committee's delegation of authority shall have the same force and effect as if
undertaken directly by the Committee, and any reference in the Plan to the Committee shall, to the extent consistent with the terms and limitations of such delegation, be deemed to include a reference
to the Administrator. 

        (e)    Liability of Committee.    No member of the Committee shall be
liable for any action or determination made in good faith, and the members of the Committee shall be entitled to indemnification and reimbursement in the manner provided in Bunge's
bye-laws as they may be amended from time to time. In the performance of its responsibilities with respect to the Plan, the Committee shall be entitled to rely upon information and advice
furnished by the Company's officers, the Company's accountants, the Company's counsel and any other party the Committee deems necessary, and no member of the Committee shall be liable for any action
taken or not taken in reliance upon any such advice. 

        (f)    Action by the Board.    Anything in the Plan to the contrary
notwithstanding, any authority or responsibility, which, under the terms of the Plan, may be exercised by the Committee may alternatively be exercised by the Board. 

4.     Effective Date and Term  

        The Plan was adopted by the Board on April 2, 2001 and received shareholder approval of the original plan in June 2001 and this amended and restated
Plan on May 30, 2003. In no event shall any Awards be made under the Plan after the tenth anniversary of the date of shareholder approval. 

5.     Shares of Common Stock Subject to the Plan  

        (a)    General.    Subject to adjustment as provided in
Section 13 hereof, the total number of shares of Common Stock that may be issued pursuant to Awards under the Plan (the "Plan Limit") shall not
exceed, in the aggregate, 10% of the issued Common Stock outstanding at any such time; provided, however, that subject to adjustment as provided in
Section 13 hereof, the number of shares subject to Incentive Stock Options granted under the Plan shall not exceed 5% of the Common Stock outstanding as of the date shareholder approval
adopting the Plan was obtained. Shares available under this Plan shall be authorized but unissued Shares. The number of Shares subject to any Award of Performance-Based Restricted Stock Units that,
upon vesting, the Participant becomes entitled to receive in the form 

5

 

of
cash instead of Shares will be considered available for future Awards under the Plan at the time the number of such Shares is determinable. In addition, as of the date of any Deferral Election by a
Participant under Section 7(c) below, the number of Shares underlying the corresponding Award, or any portion thereof, subject to such Deferral Election will be considered available for future
Awards under the Plan as long as the corresponding Deferral Value of such Award is settled at the end of the applicable deferral period by a cash payment to the Participant. 

        (b)    Rules Applicable to Determining Shares Available for
Issuance.    For purposes of determining the number of shares of Common Stock that remain available for issuance, the following Shares shall be added back to the Plan
Limit and again be available for Awards: 

        (i)    The
number of Shares tendered to pay the exercise price of a Stock Option or Other Award; 

        (ii)   The
number of Shares acquired by the Company under Section 8(f) or Section 11 below in satisfaction of some or all of the exercise price of a Stock Option
or Other Award or in satisfaction of any tax withholding requirement; 

        (iii)  The
number of Shares subject to Awards that expire unexercised or that become forfeited; and 

        (iv)  The
number of Shares underlying an Award, or any portion thereof, subject to a Deferral Election as long as the corresponding Deferral Value of such Award is settled at
the end of the applicable deferral period by a cash payment to the Participant. 

6.     Eligible Individuals  

        Awards may be granted by the Committee to individuals ("Eligible Individuals") who (a) are officers,
employees, independent contractors or consultants of the Company or (b) the Committee anticipates will become a person described in Section 6(a) above; provided,
however, that Incentive Stock Options may be granted only to employees of the Company. Members of the Committee will not be eligible to receive Awards under the Plan. An
individual's status as an Administrator will not affect his or her eligibility to participate in the Plan. 

7.     Awards in General  

        (a)    Types of Award and Award Agreement.    Awards under the Plan
may consist of Stock Options, Restricted Stock Units or Other Awards. Any Award described in Sections 8 through 11 of the Plan may be granted singly or in combination or tandem with any other Award,
as the Committee may determine. Awards may be made in combination with, in replacement of, or as alternatives to grants of rights under any other employee compensation plan of the Company, including
the plan of any acquired entity, or may be granted in satisfaction of the Company's obligations under any such plan. 

        (b)    Terms Set Forth in Award Agreement.    The terms and provisions
of an Award shall be set forth in a written Award Agreement approved by the Committee and delivered or made available to the Participant as soon as practicable following the date of the Award. The
vesting, exercisability, payment and other restrictions applicable to an Award shall be in accordance with the terms of the Plan unless the Committee, in its sole discretion, determines that other
terms shall apply to any given Award, which alternative terms shall be set forth in the applicable Award Agreement. Notwithstanding the foregoing, the Committee may accelerate (i) the vesting
or payment of any Award, (ii) the lapse of restrictions on any Award or (iii) the date on which any Stock Option or Other Award first becomes exercisable. The terms of Awards may vary
among Participants, and the Plan does not impose upon the Committee any requirement to make Awards subject to uniform terms. Accordingly, the terms of individual Award Agreements may vary. 

6

 

        (c)    Right to Elect to Defer Value of Awards Prior to Vesting
Date.    The Committee, in its sole discretion, may permit any Participant to elect to defer receipt of the value of all or any portion of an Award of Stock Options
or Restricted Stock Units in accordance with the terms of this Section 7(c) (a "Deferral Election"). Any Deferral Election must be made by a
Participant within the requisite time as specified under the terms of the applicable deferred compensation plan and the deferral election form. Under any Deferral Election, a Participant will be given
the opportunity to irrevocably elect to defer into a deferred compensation plan sponsored by the Company an amount equal to the Deferral Value of a whole number of Shares subject to such Award. The
Deferral Value will be credited automatically, without any further action on the part of the Participant, to the Participant's deferred compensation account on the Vesting Date of any Award, or
portion thereof, that is subject to a Deferral Election. Accordingly, if an Award of Stock Options is subject to a Deferral Election, the Deferral Value of such Stock Options will be credited to the
Participant's deferred compensation plan account as of the Vesting Date, and the exercise provisions otherwise applicable to Stock Options will not apply. Any Deferral Value credited to a deferred
compensation plan will be subject to the terms of the applicable plan. 

8.     Stock Options  

        The terms of this Section 8 are subject to the terms and provisions set forth above in Section 7(c). 

        (a)    Terms of Stock Options Generally; Vesting.    A Stock Option
shall entitle the Participant to whom the Stock Option was granted to purchase a specified number of Shares during a specified period at a price that is determined in accordance with
Section 8(b) below. Stock Options may be either Nonqualified Stock Options or Incentive Stock Options. Unless otherwise specified in the applicable Award Agreement, Stock Options shall become
one-third vested on the first anniversary of the date of grant and shall vest with respect to an additional one-third on each of the second and third such anniversaries. 

        (b)    Exercise Price.    The exercise price per Share purchasable
under a Stock Option shall be fixed by the Committee at the time of grant or, alternatively, shall be determined by a method specified by the Committee at the time of grant;  provided, however, that (except with regard to the first series of grants under the Plan) the exercise price per share shall be no less than 100% of the
Fair Market Value per share on the date of grant (or if the exercise price is not fixed on the date of grant, then on such date as the exercise price is
fixed); and provided further that, except as provided in Section 13 below, the exercise price per Share applicable to a
Stock Option may not be adjusted or amended, including by means of amendment, cancellation or the replacement of such Stock Option with a subsequently awarded Stock Option. 

        (c)    Adjustments.    Notwithstanding Section 8(b) above, in
the event of an extraordinary dividend, the Committee, in its sole discretion, may adjust the exercise price of, and number of Shares subject to, Stock Options then outstanding under the Plan;  provided, however,
that any such adjustment shall not increase the aggregate intrinsic value of any Award and the ratio of the exercise price to the
Fair Market Value of each Share subject to such Award shall not be reduced. 

        (d)    Termination of Employment or Service.    The terms of this
Section 8(d) shall apply unless the Committee, in its sole discretion, determines that alternative terms shall be included in any Award Agreement in which case the terms in such Award Agreement
shall govern the rights of the Participant. Notwithstanding the terms of this Section 8(d), in no event shall any Stock Option be exercisable after the end of the applicable Option Term. 

        (i)    Termination for Cause. In the event that a Participant's employment or service with the Company is terminated for Cause,
all unexercised Stock Options (both Incentive Stock Options and Non-Qualified Stock Options) held by such Participant, whether vested or unvested, shall lapse and become void on the date
of such termination. 

7

 

        (ii)   Retirement, Death and Disability. In the event of a Participant's termination of employment or service due to such
Participant's Retirement, death or Disability, all unvested Stock Options (both Incentive Stock Options and Non-Qualified Stock Options) shall become immediately vested and exercisable.
Thereafter, all vested Non-Qualified Stock Options shall remain exercisable by the Participant (or by the Participant's beneficiary, as applicable) until the third anniversary of the date
of the Participant's termination of employment or service. All vested Incentive Stock Options shall remain exercisable until the first anniversary of the Participant's termination of employment or
service, except in the event of a termination due to Retirement, in which case Incentive Stock Options shall remain exercisable for a period of 90 days after the date of termination. Any
unexercised Stock Options will thereafter lapse and become void. 

        (iii)  Early Retirement and Termination by the Company Without Cause. In the event of a Participant's termination of
employment due to such Participant's early retirement prior to age 65 (as defined under the Company's applicable retirement policies), or in the event of the Participant's termination by the Company
other than for Cause, any unvested Stock Options (both Incentive Stock Options and Non-Qualified Stock Options) held by such Participant that would have become vested at any time during
the 12-month period following the date of his or her termination of employment, had such employment continued, shall become immediately vested and exercisable. Any remaining unvested Stock
Options (both Incentive Stock Options and Non-Qualified Stock Options) shall immediately lapse and become void. Thereafter, all vested Incentive Stock Options shall remain exercisable by
the Participant until the end of the 90th day after such Participant's termination of employment. All vested Non-Qualified Stock Options shall remain exercisable by the Participant until
the end of the 90th day after such Participant's termination of employment. Any unexercised vested Stock Options will thereafter lapse and become void. 

        (iv)  Participant's Resignation. In the event that a Participant resigns from his or her employment with the Company for any
reason, such Participant's unvested Stock Options (both Incentive Stock Options and Non-Qualified Stock Options) shall immediately lapse and become void. Any vested Stock Options (both
Incentive Stock Options and Non-Qualified Stock Options) shall remain exercisable by the Participant until the end of the 90th day after such Participant's termination of employment. Any
unexercised vested Stock Options will thereafter lapse and become void. 

        (v)   Committee Determinations. The date of termination of employment or service for any reason shall be determined in the sole
discretion of the Committee. The Committee, in its sole discretion, may permit any Incentive Stock Option to convert into a Non-Qualified Stock Option as of a Participant's termination of
employment for purposes of providing such Participant with the benefit of the extended exercise period applicable to Non-Qualified Stock Options. 

        (e)    Option Term.    The term of each Stock Option (the  "Option
Term") shall be fixed by the Committee and shall not exceed ten years from the date of grant. 

        (f)    Method of Exercise.    Subject to the provisions of the
applicable Award Agreement, the exercise price of a Stock Option may be paid in cash or previously owned whole Shares or a combination thereof and, if the applicable Award Agreement so provides, in
whole or in part through the acquisition by the Company of Shares issued to a Participant upon the exercise of a Stock Option, in accordance with applicable law, with a value equal to the exercise
price. In accordance with the rules and procedures established by the Committee for this purpose and subject to applicable law, the Stock Option may also be exercised through "cashless exercise"
procedures approved by the Committee involving a broker or dealer approved by the Committee that affords Participants the opportunity to sell immediately some or all of the shares underlying the
exercised portion of the Stock Option in order to generate sufficient cash to pay the Stock Option exercise price and/or to satisfy withholding tax obligations related to the Stock Option. 

8

 

9.     Restricted Stock Units  

        The terms of this Section 9 are applicable to Awards of Restricted Stock Units other than Performance-Based Restricted Stock Units and are subject to the
terms and provisions set forth above in Section 7(c). 

        (a)    Awards Generally.    An Award of Restricted Stock Units shall
consist of a right to receive one or more Shares upon the completion of the applicable vesting period (described in Section 9(b) below) for no consideration other than the provision of services
(or such minimum payment as may be required under applicable law) or for such other consideration as the Committee may specify in connection with the grant. The terms of this Section 9 shall
apply to Awards of Restricted Stock Units (other than Performance-Based Restricted Stock Units) unless the Committee, in its sole discretion, determines that alternative terms shall be included in any
Award Agreement, in which case the terms in such Award Agreement shall govern the rights of the Participant. 

        (b)    Vesting.    Unless otherwise specified in the applicable Award
Agreement, an Award of Restricted Stock Units shall vest and shall become nonforfeitable on the fourth anniversary of the date of grant. In the event that a Participant's employment or service is
terminated by the Company for Cause or as a consequence of the Participant's resignation for any reason, the Participant shall forfeit any right to the Award of Restricted Stock Units as of the date
of such termination. In the event that the Participant's employment or service terminates for any other reason, the Participant shall become immediately vested on the date of termination in a portion
of the Award of Restricted Stock Units equal to the result of the following formula: 

        (Y÷X)
× R, rounded down to the nearest whole number of Shares, where 

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

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

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

        The
terms of this Section 9(b) shall apply unless the Committee, in its sole discretion, determines that alternative terms shall be included in any Award Agreement in which case
the terms in such Award Agreement shall govern the rights of the Participant. 

        (c)    Issuance of Shares.    Issuance of Shares in settlement of a
vested Restricted Stock Unit Award shall be made as soon as practicable following the Vesting Date. 

        (d)    No Rights as Shareholder.    Except as otherwise provided by
the Committee in the applicable Award Agreement, a Participant shall have no rights as a shareholder with respect to any Restricted Stock Unit Award until the Shares in settlement of a vested
Restricted Stock Unit Award have been issued to the Participant following the applicable Vesting Date, and subject to Section 13(c) and Section 9(e) below, no adjustment shall be made
for dividends or distributions or other rights in respect of any Share for which the record date is prior to the date on which the Participant shall become the registered holder. 

        (e)    Dividend Equivalent Payments.    Unless the Committee
determines otherwise, if the Company pays any cash or other dividend or makes any other distribution in respect of the Shares underlying an Award of Restricted Stock Units, the Company will maintain a
bookkeeping record to which such amount of the dividend or distribution in respect to such Shares will be credited to an account for the Participant and paid at the time the Award is settled in whole
Shares. 

9

 

10.   Performance-Based Restricted Stock Units  

        The terms of this Section 10 are applicable only to Awards of Performance-Based Restricted Stock Units and are subject to the terms and provisions set
forth above in Section 7(c). 

        (a)    Awards Generally.    An Award of Performance-Based Restricted
Stock Units shall vest based on the attainment of performance goals over a period of time that the Committee, in its sole discretion, shall determine. Performance goals, the period of time during
which such performance goals shall be measured, any applicable vesting formula or other elements applicable to the performance goals shall be set forth in the applicable Award Agreements. 

        (b)    Permitted Adjustments.    The Committee, in its sole
discretion, may equitably adjust any performance goals in order to take into account the occurrence of extraordinary events such as material acquisitions
and divestitures, changes in the capital structure of the Company and extraordinary accounting charges. In addition, the Committee, in its sole discretion, may unilaterally adjust, to the extent of up
to plus or minus 20%, the number of Shares underlying a Performance-Based Restricted Stock Unit Award that has vested based upon the attainment of performance goals, as set forth in the corresponding
Award Agreement. 

        (c)    Termination of Employment or Service.    In the event that a
Participant's employment or service is terminated by the Company for Cause or as a consequence of the Participant's resignation for any reason, any unvested Awards of Performance-Based Restricted
Stock Units to such Participant shall lapse and become void as of the date of such termination. In the event that the Participant's employment or service terminates for any other reason, such
Participant's Awards of Performance-Based Restricted Stock Units shall continue to be subject to the applicable terms of vesting and, if such terms are met, shall vest on the Vesting Date on a
pro-rata basis from the date of grant until the date of the Participant's termination of employment or service. Notwithstanding the terms of this Section 10(c), the Committee may,
in its sole discretion, accelerate the vesting of any Performance-Based Restricted Stock Unit Award at the time of an event described herein. The terms of this Section 10(c) shall apply unless
the Committee, in its sole discretion, determines that alternative terms shall be included in any Award Agreement in which case the terms in such Award Agreement shall govern the rights of the
Participant. 

        (d)    Issuance of Shares; Payment of Awards.    Settlement of a
Performance-Based Restricted Stock Unit Award shall be made as soon as practicable following the Vesting Date or, at such other time as the Committee shall determine, in either (1) whole
Shares, (2) cash equal to the Fair Market Value of the underlying Shares on the Vesting Date or (3) any combination of (1) and (2), as determined by the Committee, in its sole
discretion, and set forth in the applicable Award Agreement. 

        (e)    No Rights as Shareholder.    Except as otherwise provided by
the Committee in the applicable Award Agreement, a Participant shall have no rights as a shareholder with respect to any Performance-Based Restricted Stock Unit Award until the Shares in settlement of
a vested Performance-Based Restricted Stock Unit Award have been issued to the Participant following the Vesting Date, and subject to Section 13(c) and Section 10(f) below, no adjustment
shall be made for dividends or distributions or other rights in respect of any Share for which the record date is prior to the date on which the Participant shall become the registered holder. 

        (f)    Dividend Equivalent Payments.    Unless the Committee
determines otherwise, if the Company pays any cash or other dividend or makes any other distribution in respect of the Shares underlying an Award of Performance-Based Restricted Stock Units, the
Company will maintain a bookkeeping record to which such amount of the dividend or distribution in respect to such Shares will be credited to an account for the Participant and paid in whole Shares at
the time the Award is settled. 

10

 

11.   Other Awards  

        The Committee shall have the authority to specify the terms and provisions of other forms of equity-based or equity-related Awards not described above which the
Committee determines to be consistent with the purpose of the Plan and the interests of the Company, which Awards may provide for cash payments based in whole or in part on the value or future value
of Common Stock, for the acquisition or future acquisition of Common Stock, or any combination thereof. Other Awards shall also include cash payments (including the cash
payment of dividend equivalents) under the Plan which may be based on one or more criteria determined by the Committee which are unrelated to the value of Common Stock and
which may be granted in tandem with, or independent of, Awards of Stock Options, Restricted Stock Units or Performance-Based Restricted Stock Units under the Plan. 

12.   Certain Restrictions  

        (a)    Transfers.    Unless the Committee determines otherwise, no
Award shall be transferable other than by will or by the laws of descent and distribution or pursuant to a domestic relations order; provided, however,  that the Committee may, in its discretion
and subject to such terms and conditions as it shall specify, permit the transfer of an Award (other than an Award of any Incentive
Stock Option) for no consideration to a Participant's family members or to one or more trusts or partnerships established in whole or in part for the benefit of one or more of such family members
(collectively, "Permitted Transferees"). Any Award transferred to a Permitted Transferee shall be further transferable only by will or the laws of
descent and distribution or, for no consideration, to another Permitted Transferee of the Participant. 

        (b)    Lock-up Periods.    Each Participant shall agree to
be bound by the applicable terms of any lock-up agreement between the Company and any underwriter that restricts or prohibits transactions in Shares for any period of time. 

        (c)    Exercise.    During the lifetime of the Participant, a Stock
Option or similar-type Other Award shall be exercisable only by the Participant or by a Permitted Transferee to whom such Stock Option or Other Award has been transferred in accordance
with Section 12(a). 

13.   Recapitalization or Reorganization  

        (a)    Authority of the Company and Shareholders.    The existence of
the Plan, the Award Agreements and the Awards granted hereunder shall not affect or restrict in any way the right or power of the Company or the shareholders of the Company to make or authorize any
adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants
or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or
exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise. 

        (b)    Change in Control.    In addition to the alternatives described
in Section 13(c) below, in the event of a Change in Control, the Committee in its sole discretion may take such measures as it deems appropriate with respect to any outstanding Awards, which
measures may include, without limitation, the acceleration of vesting, the rollover of outstanding Awards into awards exercisable for or subject to the acquirer's securities, the cash out of vested
Awards or any combination of the foregoing; provided, however, that unless the Committee, in its sole discretion, determines otherwise, in the event of
a Change in Control all outstanding Awards of Stock Options and Restricted Stock Units shall become fully vested immediately prior to the consummation of such Change in Control transaction; and  provided further,
that Performance-Based Restricted Stock Unit Awards shall become vested according to the assumption that the applicable performance
goals have been met at the target level. 

11

 

        (c)    Change in Capitalization.    The number and kind of shares
authorized for issuance under Section 5(a) above, shall be equitably adjusted in the event of a stock split, subdivision, bonus issue, stock dividend, recapitalization, reorganization, merger,
amalgamation, consolidation, division, extraordinary dividend, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock at a
price substantially below Fair Market Value, or other similar corporate event affecting the Common Stock in order to preserve, but not increase, the benefits or potential benefits intended to be made
available under the Plan. In addition, upon the occurrence of any of the foregoing events, the number of outstanding Awards and the number and kind of shares subject to any outstanding Award and the
purchase price per share, if any, under any outstanding Award shall be equitably adjusted (including by payment of cash to a Participant) in order to
preserve the benefits or potential benefits intended to be made available to Participants granted Awards. Such adjustments shall be made by the Board, whose determination as to what adjustments shall
be made, and the extent thereof, shall be final. Unless otherwise determined by the Board, such adjusted Awards shall be subject to the same vesting schedule and restrictions to which the underlying
Award is subject. 

14.   Amendments  

        The Board may at any time and from time to time alter, amend, suspend or terminate the Plan in whole or in part; provided, however,  that any amendment which under the requirements of any applicable law or stock exchange rule must be approved by the shareholders of the Company shall not be effective unless
and until such shareholder approval has been obtained in compliance with such law or rule; and provided further, that, except as contemplated by
Sections 8(b), 8(c) and 13(c) above, the Board may not, without the approval of the Company's shareholders, increase the maximum number of shares issuable under the Plan or reduce the
exercise price of a Stock Option. No termination or amendment of the Plan may, without the consent of the Participant to whom an Award has been granted, adversely affect the rights of such Participant
under such Award. Notwithstanding any provision herein to the contrary, the Board shall have broad authority to amend the Plan or any Award under the Plan to take into account changes in applicable
tax laws, securities laws, accounting rules and other applicable state and federal laws. 

15.   Miscellaneous  

        (a)    Tax Withholding.    The Company may require any individual
entitled to receive a payment in respect of an Award to remit to the Company, prior to such payment, an amount sufficient to satisfy any federal, state or local tax withholding requirements. The
Company shall also have the right to deduct from all cash payments made pursuant to or in connection with any Award any federal, state or local taxes required to be withheld with respect to such
payments. In the case of an Award payable in Shares, the Company may, in its sole discretion, permit such individual to satisfy, in whole or in part, such obligation to satisfy any federal, state or
local taxes by directing the Company to repurchase Shares that were issued to such individual in accordance with, and subject to, all applicable laws and pursuant to any such rules as the Committee
may establish from time to time. 

        (b)    No Right to Grants or Employment.    No Eligible Individual or
Participant shall have any claim or right to receive grants of Awards under the Plan. Nothing in the Plan or in any Award or Award Agreement shall confer upon any employee, consultant or independent
contractor of the Company any right to continued employment or service with the Company or interfere in any way with the right of the Company to terminate the employment or service of any of its
employees, consultants or independent contractors at any time, with or without cause. 

        (c)    Other Compensation.    Nothing in this Plan shall preclude or
limit the ability of the Company to pay any compensation to a Participant under the Company's other compensation and benefit plans and programs. 

12

 

        (d)    Other Employee Benefit Plans.    Payments received by a
Participant under any Award made pursuant to the Plan shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan or similar arrangement
provided by the Company, unless otherwise specifically provided for under the terms of such plan or arrangement or by the Committee. 

        (e)    Unfunded Plan.    The Plan is intended to constitute an
unfunded plan for incentive compensation. Prior to the payment or settlement of any Award, nothing contained herein shall give any Participant any rights that are greater than those of a general
creditor of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or
payments in lieu thereof with respect to awards hereunder. 

        (f)    Securities Law Restrictions.    The Committee may require each
Eligible Individual purchasing or acquiring Shares pursuant to a Stock Option or other Award under the Plan to represent to and agree with the Company in writing that such Eligible Individual is
acquiring the Shares for investment and not with a view to the distribution thereof. All certificates for Shares delivered under the Plan shall be subject to such stock-transfer orders and other
restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any exchange upon which the Common Stock is then
listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. No
Shares shall be issued hereunder unless the Company shall have determined that such issuance is in compliance with, or pursuant to an exemption from, all applicable federal, state securities laws and
Bermuda laws and regulations. 

        (g)    Award Agreement.    Except as expressly provided herein, in the
event of any conflict or inconsistency between the Plan and any Award Agreement, the Plan shall govern, and the Award Agreement shall be interpreted to minimize or eliminate any such conflict or
inconsistency. 

        (h)    Expenses.    The costs and expenses of administering the Plan
shall be borne by the Company. 

        (i)    Application of Funds.    The proceeds received from the Company
from the sale of Common Stock or other securities pursuant to Awards will be used for general corporate purposes. 

        (j)    Applicable Law.    Except as to matters of federal law, the
Plan and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State of New York. 

        (k)    Stated Periods of Time.    In the event that any period of
days, months or years set forth in this Plan ends on a date that is Saturday, Sunday or a public holiday in the United States, the end of such period shall be the first business day following such
date. 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]