Document:

Long-Term Incentive Program 2011 - 2013 Terms

 EXHIBIT 10.22 
 CONFIDENTIAL TREATMENT 
 Portions of this exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934. Such Portions are marked “[*]” in this document; they have been filed separately with the
Commission. 
 CHIQUITA BRANDS INTERNATIONAL, INC. 

LONG-TERM INCENTIVE PROGRAM 
 2011—2013 TERMS 
 1. General. Chiquita Brands International,
Inc. (the “Company”) has established a Long-Term Incentive Program (the “LTIP”) under the Company’s Stock and Incentive Plan (the “Stock Plan”). These 2011-2013 Terms (the “Terms”) set forth the terms of
Awards to be granted for the three-year period 2011-13 under the LTIP. Awards so granted are intended to be “performance-based compensation” for purposes of Section 162 (m) of the Internal Revenue Code. Except as otherwise
provided in these Terms, all Awards shall be subject to the terms and conditions of, and entitled to all applicable rights and benefits provided in, the LTIP and the Stock Plan. All capitalized terms not otherwise defined in these Terms shall be as
defined in the LTIP and the Stock Plan. 
 2. Eligibility for Awards.  

 

	 	a.	Each Participant listed on Exhibit A shall be eligible for an Award under these Terms (an “Award”) for the period commencing January 1, 2011 and
ending December 31, 2013 (the “Performance Period”). Such Awards shall be determined in accordance with Exhibit B based on achievement of the applicable Performance Measures set forth therein. 

 

	 	b.	If a Participant’s employment is terminated for Cause or due to the Participant’s resignation during the Performance Period, the Participant shall not be
entitled to any Award for that Performance Period. If a Participant’s employment terminates during the Performance Period for any reason other than for Cause or due to the Participant’s resignation, the Participant may nonetheless be
entitled to an Award to the extent provided in Section B-2.5 of the Stock Plan. 

 3. Performance Measures. A
Participant shall be entitled to receive an Award only if the Committee has determined that the applicable Performance Measures for the Performance Period have been achieved. Such determination shall be made as soon as practicable after the end of
the Performance Period. 
 4. Determination and Distribution of Awards.  

 

	 	a.	All Awards shall be denominated in Shares of Common Stock of the Company and paid as described below. At the beginning of the Performance Period each Participant
shall be granted a Financial Performance Award Opportunity equal to a maximum of 200% of the number of Target Award Shares set forth opposite such Participant’s name on Exhibit A. The number of Shares of Common Stock, if any, earned by each
such Participant after the end of the Performance Period shall equal the Participant’s Target Award Shares multiplied by the applicable Percent of Target Award that corresponds to the Performance Measure achievements calculated by the
Committee as set forth on Exhibit B. The Committee shall have the discretion to reduce actual Awards based on Company performance and such other factors as it determines to be appropriate. 

 

	 	b.	Awards of Shares of Common Stock shall be delivered to Participants as soon as practicable after the date on which the determination described in paragraph 3
above has been made. A portion of each earned Award with a value substantially equal to the estimated amount of taxes to be withheld or payable in connection with the Award shall be paid in cash unless otherwise determined by the Committee.

 5. Additional Participants. Each person who becomes an “executive officer” (as such term is
defined Rule 3b-7 under the Securities Exchange Act of 1934, or any successor provision) of the Company after January 1, 2011 and prior to January 1, 2013 shall be eligible to become a Participant eligible for an Award under the LTIP
and these Terms. If the Committee elects to make such person a Participant in the LTIP at that time, the Committee shall establish a number of Target Award Shares applicable to such Participant within 30 days after he or she becomes an
“executive officer” on the following basis: 
  

	 	•	 	 For a Participant who becomes an “executive officer” prior to July 1, 2011, the number of Target Award Shares shall be determined as if
he or she were an eligible Participant at the beginning of the Performance Period. 

	 	•	 	 For a Participant who becomes an “executive officer” on or after July 1, 2011 and prior to January 1, 2013, the number of Target
Award Shares shall be (a) the number determined as if he or she were an eligible Participant at the beginning of the Performance Period, reduced by (b) 1/36th for each full month that elapsed from the beginning of the Performance Period until such Participant became an
“executive officer.” 

 The Committee shall also have the discretion to add additional Participants who are not
“executive officers” on the same basis as applies to “executive officers.” 
 6. Amendment. The Committee
may amend the provisions of these Terms and the attached Exhibits to reflect corporate transactions involving the Company (including, without limitation, any acquisition, divestiture, stock dividend, stock split, extraordinary cash dividend,
recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares); provided that such amendment may not be adopted on a date or in a manner which would adversely affect the treatment of the Award as
Performance-Based Compensation. 
 7. Approval. The provisions included in these 2011-2013 Terms were approved on
February 14, 2011. 

 2011-2013 LTIP 

Exhibit A 
  

					
	 LTIP Participants
	  	Target Award Shares	 
		
	 Fernando Aguirre
	  	 	170,301	  
	 Michael J. Burness
	  	 	[*]	  
	 Kevin R. Holland
	  	 	33,320	  
	 Joseph M. Huston
	  	 	[*]	  
	 Brian W. Kocher
	  	 	[*]	  
	 Manuel Rodriguez
	  	 	[*]	  
	 Michael B. Sims
	  	 	35,541	  
	 James E. Thompson
	  	 	[*]	  
	 Tanios Viviani
	  	 	29,618	  
	 Waheed Zaman
  

[*]
	  	 	[*]	  

 Exhibit B

 Performance Measures 
 Cumulative earnings per share 
  

									
	 Threshold
	  	$	[*]	  	  	 	0	%
			
	 Target
	  	$	[*]	  	  	 	100	%
			
	 Maximum
	  	$	[*]	  	  	 	200	%

 Straight-line interpolation between points.

 Relative Total Shareholder Return 
  

					
	 < 25th percentile
	  	 	0	%
		
	 25th percentile
	  	 	25	%
		
	 50th percentile
	  	 	100	%
		
	 75th percentile
	  	 	175	%
		
	 > 75th percentile
	  	 	200	%

 Straight-line interpolation between the 25th and
75th percentile. 
 Cumulative free cash flow 
  

									
	 Threshold
	  	$	[*]	  	  	 	0	%
			
	 Target
	  	$	[*]	  	  	 	100	%
			
	 Maximum
	  	$	[*]	  	  	 	200	%

 Straight-line interpolation between points.Form of RSA and Agreement for employees who may attain "Retirement"

 EXHIBIT 10.37 
 CHIQUITA BRANDS INTERNATIONAL, INC. 
 STOCK AND INCENTIVE PLAN

 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 Congratulations! You have been granted a restricted stock unit award under the Chiquita Stock and Incentive Plan (the “Plan”). 
 GRANT: Chiquita Brands International, Inc., a New Jersey corporation (the “Company”), hereby awards to you (the “Grantee” named below) restricted stock units representing shares of the
Company’s Common Stock (“Shares”), subject to the forfeiture provisions and other terms of this Agreement. The Shares will be issued at no cost to you on the date[s] set forth below, provided that you have a vested right to such
Shares as described below. Please read this Agreement carefully and return an executed copy as requested below. Unless otherwise defined in this Agreement, capitalized terms have the meanings specified in the Plan. 

 

							
	 Grantee:
	 	 No. of Shares:
	 	 Grant Date:
	 	 Vesting Date[s]:

VESTING AND DELIVERY OF SHARES: [All of the Shares will vest on [date]] or [The Shares will vest between the Grant Date and [last vesting date] with [%
or number of shares] vesting on [dates]] or, if earlier, upon a Separation of Service as described in Section 5.2 of the Plan within one year after a Change in Control of the Company (the “Vesting Date”); subject, however, to the
forfeiture and recoupment provisions set forth below. If you Separate from Service because of your death, Disability or Retirement, all the Shares subject to this award will vest on the date of your Separation from Service. On [the][each] Designated
Payment Date or as soon as reasonably practicable thereafter, the Company will deliver to you a certificate representing the Shares which vested on such date, unless you are a key employee and the Plan requires that issuance of the Shares be
postponed until the Specified Employee Delayed Payment Date, in which case Shares will be delivered on that date or as soon as administratively practicable thereafter. A “Separation from Service” generally means your termination of
employment with the Company and all of its Subsidiaries. [The] [A] “Designated Payment Date” is generally defined in the Plan as [the][each] Vesting Date or, if earlier, (a) the date you Separate from Service because of your death or
Disability or (b) the first payroll date following your Separation from Service because of your Retirement (or promptly thereafter). The “Specified Employee Delayed Payment Date” is generally defined in the Plan as the date that is
six (6) months and one (1) day following the date of your Separation from Service (or, if earlier, the date of your death). 
 NO
RIGHTS AS SHAREHOLDER PRIOR TO VESTING: Prior to the date Shares are issued to you, you will have no rights as a shareholder of the Company with respect to the Shares subject to this award. 
 FORFEITURE OF SHARES; RECOUPMENT: In the event you Separate from Service for any reason (other than as a result of your death, Disability, Retirement or a Separation of Service as described in
Section 5.2 of the Plan within one year after a Change in Control of the Company) prior to [the] [any] Vesting Date, then all unvested Shares subject to this award will be forfeited as of the date of your Separation from Service and any rights
with respect to such forfeited Shares will immediately cease. 
 The Company also has the right, under certain circumstances, as described in
Section 13.4 of the Plan, to cancel all or part of this award and/or to require you to return to the Company all or part of the Shares issued to you and/or the proceeds from the sale or other disposition of any such Shares. 

CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION: In consideration of your receipt of this award, you agree as follows: 

(a) During your employment with the Company or by any of its Subsidiaries, and after the termination of your employment for any reason, voluntary or
involuntary, you will hold in a fiduciary capacity for the sole benefit of the Company all information, knowledge or data relating to the Company or any of its Subsidiaries and their respective businesses and investments, including investments in
joint ventures, which information, knowledge or data the Company or any of its Subsidiaries considers to be proprietary, 

 
confidential, or not public knowledge (including but not limited to trade secrets) and that you obtain or have previously obtained during your employment by the Company or any of its Subsidiaries
(“Proprietary, Confidential or Non-Public Information”). During your employment with the Company or by any of its Subsidiaries, and after the termination of your employment for any reason, voluntary or involuntary, you will not directly or
indirectly use, communicate, divulge or disseminate any Proprietary, Confidential or Non-Public Information for any purpose not authorized by the Company or any of its Subsidiaries, or for any purpose not related to the performance of your work for
the Company or any of its Subsidiaries. At any time requested by the Company or any of its Subsidiaries, and in any event immediately upon the termination of your employment for any reason, voluntary or involuntary, you shall return all copies of
all documents, materials or information in any form, written or electronic or otherwise, that constitute, contain, refer or relate to any Proprietary, Confidential or Non-Public Information. 
 (b) During your employment with the Company or any of its Subsidiaries and for a period of two years after the termination of your employment with the Company or any of its Subsidiaries for any reason,
voluntary or involuntary, you will not, without the written consent of the Company, directly or indirectly, engage in, invest in or participate in any business or activity conducted by any company listed or described in Exhibit A, attached hereto
(the “Competing Business”), whether as an employee, officer, director, partner, joint venturer, consultant, independent contractor, agent, representative, shareholder (other than as a holder of less than five percent (5%) of any class
of publicly traded securities of any such Competing Business) or in any other capacity. 
 (c) During your employment with the Company or any of
its Subsidiaries and for a period of one year after the termination of your employment with the Company or any of its Subsidiaries for any reason, voluntary or involuntary, you will not, without the written consent of the Company, directly or
indirectly, solicit, entice, persuade or induce, or attempt to solicit, entice, persuade or induce (i) any customer, supplier, distributor or other person or entity that has a business relationship, contractual or otherwise, with the Company or
any of its Subsidiaries (or any of their respective joint ventures) to direct or transfer away from the Company or any of its Subsidiaries (or such joint ventures) or eliminate, interfere with, disrupt, reduce or modify to the detriment of the
Company or any of its Subsidiaries (or such joint ventures) any business, patronage or source of supply, or (ii) any person to leave the employment of the Company or any of its Subsidiaries (or any such joint ventures) (other than persons
employed in a clerical, non-professional or non-managerial position). 
 (d) You understand and agree that the restrictions set forth above,
including, without limitation, the duration and scope of such restrictions, are reasonable and necessary to protect the legitimate business interests of the Company and its Subsidiaries. You further agree that the Company will be entitled to seek
and obtain injunctive relief against you in the event of any actual or threatened breach of such restrictions, and you hereby consent to the exercise of personal jurisdiction and venue in a federal or state court of competent jurisdiction located in
Hamilton County, Ohio, and you agree not to initiate any legal action relating to the subject matter hereof in any other forum. You understand and agree that this Agreement shall be construed and enforced in accordance with the laws of the State of
Ohio applicable to contracts executed in and to be performed in that State. If any provision of this Agreement is determined to be unenforceable or unreasonable by any Court, then such provision will be modified or omitted only to the extent
necessary to make such provision and the remaining provisions of this Agreement enforceable. 
 TAXES: You must pay all applicable U.S. federal,
state, local and foreign taxes resulting from the grant of this award and the issuance of the Shares. The Company has the right to withhold all applicable taxes due from future earnings (including salary, bonus or any other payments) or, at your
request, will withhold those taxes by reducing the number of Shares otherwise deliverable under this award. In advance of [the][each] date on which the Shares become issuable, you may elect to pay the withholding amounts due by delivering to the
Company a number of the Shares that you own that have a fair market value on that date equal to the amount of the payroll withholding taxes due. 
 CONDITIONS: This award is intended to comply with Section 409A of the Internal Revenue Code. It is to be governed by and subject to the terms and conditions of the Plan, as amended from time to time,
which contains important provisions of this award and forms a part of this Agreement. A copy of the Plan is being provided to you, along with a summary of the Plan. If there is any conflict between any provision of this

 
Agreement and the Plan, this Agreement will control, unless the provision is not permitted by the Plan, in which case the provision of the Plan will apply. Your rights and obligations under this
Agreement are also governed by and are subject to applicable U.S. laws and foreign laws. 
 AGREEMENT: To acknowledge your agreement to the
terms and conditions of this award, please sign and return one copy of this Agreement to the Law Department, Attention: Terri Suter. 
  

									
	CHIQUITA BRANDS INTERNATIONAL, INC.	 		 	Complete Grantee Information below:
			
	 	 		 	 
	Kevin R. Holland, Senior Vice President and Chief People Officer	 		 	Home Address (including country)
				
	By:	 	 	 		 	 
			
		 		 	 
			
	Date Agreed To:	 		 	 
		 		 	U.S. Social Security Number (if applicable)

  

 EXHIBIT A 
 To be approved and attached at the time of the award.

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