Document:

Exhibit 10.15

 

BUNGE
LIMITED

NON-EMPLOYEE
DIRECTORS EQUITY INCENTIVE PLAN

 

AWARD
AGREEMENT

 

-
Notice of Director Option Grant -

 

Effective as of the Date of Grant set forth below, the
Optionee named below (who is a Non-Employee Director) is hereby awarded a
nonqualified stock option to purchase the number of Shares set forth below (the
“Director Option”)
under the Bunge Limited Non-Employee Directors Equity Plan (the “Plan”), subject to the terms and
conditions of the Plan and this Award Agreement (this “Award
Agreement”). This Award Agreement consists of this Notice of
Director Option Grant (the “Grant Notice”) and the attached Terms and Conditions
applicable to Director Option Grants (the “Terms and Conditions”). Defined terms not
explicitly defined in this Award Agreement but defined in the Plan shall have
the same definitions as in the Plan.

 

Optionee Information:

 

	
  Name:

  	
   

  	
  Address:

  

 

Summary of Director Option Terms:

 

	
  Date of Grant:

  	
   

  	
  Shares subject to the
  

  Director Stock Option:

  
	
  Vesting Schedule: See Terms and Conditions.

  	
   

  	
  Exercise Price per Share:
  U.S.$               .

  
	
  Expiration Date:
Ten (10) years from the Date of
  Grant, unless earlier terminated as provided herein.

  

 

The Optionee and Bunge Limited, a company organized
under the laws of Bermuda, and any successor thereto (“Bunge”),
agree that this Director Option is granted under and subject to the terms and
conditions of the Plan and this Award Agreement, and that this Director Option
is granted for no consideration other than the Optionee’s services. The
Optionee acknowledges that he or she has reviewed the Plan and this Award
Agreement in their entirety and has had an opportunity to obtain the advice of
counsel and a qualified tax advisor prior to executing this Award Agreement. The
Optionee hereby agrees to comply with the terms and conditions of the Plan and
this Award Agreement and accepts as binding, conclusive and final all decisions
or interpretations of the Board upon any questions relating to the Plan and
this Award Agreement.

 

The Optionee indicates
acceptance of this Director Option, subject to the terms and conditions set
forth in the Plan and the Award Agreement, by signing this Grant Notice and
returning it to the undersigned representative of Bunge no later than                        ,
2005. If a signed copy of this Grant Notice is not received by such date, this
Award shall be void and of no force and effect.

 

	
  BUNGE LIMITED

  	
  OPTIONEE

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Name:

  	
  Flávio Sá Carvalho

  	
  [NAME]

  
	
  Title:

  	
  Chief Personnel Officer

  	
   

  
							

 

 

BUNGE
LIMITED

NON-EMPLOYEE
DIRECTORS EQUITY INCENTIVE PLAN

 

AWARD
AGREEMENT

 

-
Terms and Conditions Applicable to Director Options Grants -

 

1.                                      Grant.
Subject to the terms of this Award Agreement, Bunge hereby grants the Optionee,
a Non-Employee Director, a Director Option as of the Date of Grant.

 

2.                                      Vesting.

 

(a)                                 Vesting;
Accelerated Vesting; Forfeiture. Except as hereinafter provided, the Optionee
may exercise the Director Option only with respect to the portion thereof
that has vested. The Director Option shall vest and become exercisable
as of the date of January 1st first occurring after the Date of Grant (the
“Vesting Date”),
provided that the Optionee has continued
to serve as a member of the Board until such Vesting Date. Notwithstanding the
preceding sentence, the Director Option shall be considered fully vested and
exercisable upon the termination of the Optionee’s service on the Board by
reason of Retirement, death, Permanent Disability or by reason of failure by
the shareholders to reelect the Optionee. Any Director Options that are
otherwise unvested at the time of a termination of the Optionee’s service on
the Board shall lapse and become void.

 

(b)                                 Termination
of Service. Following termination of the Optionee’s service on the Board,
the Optionee (or the Optionee’s estate, personal representative or beneficiary,
as the case may be) shall have the right, subject to the other terms and
conditions of the Plan, to exercise the Director Option, to the extent vested
in accordance with Section 2(a):

 

(i)                                     at
any time within three years after the date of termination of service, if such termination
was by reason of Retirement, death, Permanent Disability or by reason of failure
by the shareholders to reelect the Optionee, or

 

(ii)                                  in
all other cases, at any time within one year after the date of termination of service;

 

subject,
in all cases, to earlier expiration of the Director Option on the Expiration
Date.

 

(c)                                  Notice
of Exercise. Subject to the limitations set
forth in this Award Agreement, the Optionee may exercise the Director
Option, once vested, by submitting a written notice in the form attached
hereto as Exhibit A to Bunge at its corporate headquarters (or by
following such other procedures as Bunge may from time to time indicate in
writing to the Optionee). Subject to Sections 7(d) and 7(e) of the
Plan, the exercise date (the “Exercise Date”) shall be the date on which the Secretary
of Bunge receives a written notice of exercise, duly completed and submitted by
the Optionee (or his or her beneficiary, if applicable), relating to the
Director Option, if such notice is received by 5:00 p.m. (New York City
time). If such notice is received after 5:00 p.m. on such date, the
Exercise Date shall be the following business day. The Optionee shall deliver,
or arrange for delivery, to Bunge, at the time of giving the notice, payment in
a form permissible under Section 3 of this Award Agreement for the
full amount of the Exercise Price.

 

(d)                                 Issuance
of Shares. After receiving a proper notice of exercise, Bunge shall cause
to be issued the Shares as to which the Director Option has been exercised.

 

2

 

(e)                                  Director
Options Not Transferable. The Optionee may not
transfer, pledge, assign or otherwise dispose of the Director Option except by
will or the laws of descent and distribution or pursuant to a domestic
relations order, subject to the Board’s discretion to permit certain limited
transfers under Section 8 of the Plan.

 

(f)                                   Period
of Exercise. Subject to the limitations of this Award Agreement, the
Director Option shall be exercisable until the Expiration Date. Any Director
Option that has not been exercised by 5:00 p.m. (New York City time) on
the Expiration Date shall expire and be automatically cancelled.

 

(g)                                  Withholding
Taxes. Bunge shall require the Optionee, prior to delivery of any Shares
upon exercise, to remit to Bunge an amount sufficient to satisfy any U.S.
federal, state, local and/or foreign income tax or other applicable payroll tax
withholding requirements. Bunge may, in its sole discretion, permit the
Optionee, after the delivery of Shares to the Optionee, to satisfy any U.S.
federal, state, local and/or foreign income taxes or other applicable payroll
taxes by directing Bunge to repurchase Shares that were issued to the Optionee
in accordance with all applicable laws and pursuant to any such rules as
the Board may establish from time to time.

 

3.                                      Payment
for Shares. In order to exercise any
Director Option, the Optionee may tender payment in the following forms:

 

(a)                                 Cashless
Exercise. Subject to such rules and procedures as may be adopted by the
Committee, and subject to applicable law all or part of the Exercise Price and any withholding taxes may be
paid by the delivery (on a form prescribed by the Company) of an irrevocable
direction:

 

(i)                                     to a securities broker to sell Shares and to
deliver all or part of the sales proceeds to Bunge; or

 

(ii)                                  to pledge Shares to a securities broker or
lender, as security for a loan, and to deliver all or part of the loan
proceeds to Bunge.

 

(b)                                 Cash. All or part of the Exercise Price may be paid in cash or
cash equivalents.

 

(c)                                  Currently
Owned Shares. Subject to all applicable law and in Bunge’s sole discretion,
all or any part of the Exercise Price may be paid by surrendering whole
Shares that are already owned by the Participant. Such Shares shall be
surrendered to Bunge in good form for transfer and shall be valued at
their Fair Market Value on the date when the Nonqualified Stock Option is
exercised. The Participant shall not surrender Shares in payment of the
Exercise Price if such action would cause Bunge to recognize compensation
expense (or additional compensation expense) with respect to the Nonqualified
Stock Option for financial reporting purposes.

 

(d)                                 Cash/Share
Combination. Subject to all applicable law and in Bunge’s sole discretion,
all or any part of the Exercise Price may be paid through a
combination of the alternatives above.

 

4.                                      Market
Standoff Agreement. The Optionee, if requested by Bunge and an
underwriter of Common Stock (or other securities) of Bunge, agrees not to sell
or otherwise transfer or dispose of any Common Stock (or other securities) of
Bunge held by the Optionee during the period

 

3

 

requested by the
underwriter managing any public offering of Common Stock (or other securities)
of Bunge following the effective date of a registration statement of Bunge
filed under the U.S. Securities Act of 1933, as amended, provided
that all similarly situated officers and directors of Bunge are required to
enter into similar agreements. Such agreement shall be in writing in a form satisfactory
to Bunge and such underwriter. Bunge may impose stop-transfer instructions
with respect to the shares (or other securities) subject to the foregoing
restriction until the end of such period.

 

5.                                      Share
Ownership Guidelines. The
Optionee agrees to comply with the conditions and restrictions imposed by such
guidelines with respect to any Shares obtained in connection with the exercise
of any Director Option.

 

6.                                      General
Terms.

 

(a)                                 Plan
Document Controls. In the event of any conflict between the provisions of
this Award Agreement and those of the Plan, the provisions of the Plan shall
control.

 

(b)                                 Applicable
Law. This Award Agreement shall be governed by and subject to the laws of
the State of New York and to all applicable laws and to the approvals by any
governmental or regulatory agency as may be required.

 

(c)                                  Validity. The invalidity or unenforceability of any provision of this Award
Agreement shall not affect the validity or enforceability of any other
provision of this Award Agreement, which shall remain in full force and effect.
The parties intend that any offending provision shall be enforced to the
fullest extent to which it is enforceable, that any unenforceable portion
thereof be severed from this Award Agreement, and that this Award Agreement, as
modified to sever any such unenforceable portion, be enforced to the fullest
extent permitted by law.

 

(d)                                 Notices.
All notices and other communications provided for herein shall be in writing
and shall be delivered by hand, telecopy or facsimile transmission or sent by
certified or registered mail, return receipt requested, postage prepaid,
addressed, if to the Optionee, to the attention of the Optionee at the mailing
address set forth on the Grant Notice (or to such other address as the Optionee
shall have specified to Bunge in writing) and, if to Bunge, to it at its
principal offices which are currently located at 50 Main Street, 6th Floor,
White Plains, New York 10606, attention Chief Personnel Officer. All such
notices shall be conclusively deemed to be received and shall be effective, (i) if
delivered by hand, upon receipt, (ii) if sent by telecopy or facsimile
transmission, upon confirmation of receipt by the sender of such transmission
or (iii) if sent by registered or certified mail, on the fifth day after
the day on which such notice is mailed.

 

(e)                                  Waiver.
The waiver by either party of compliance with any provision of this Award
Agreement by the other party shall not operate or be construed as a waiver of
any other provision of this Award Agreement, or of any subsequent breach of
such party of a provision of this Award Agreement.

 

(f)                                   Board
Decisions Final. Any dispute or disagreement which shall arise under, or as
a result of, or pursuant to, or in connection with, the interpretation or
construction of the terms of this Award Agreement or the Director Option
granted hereunder shall be determined by the Board or its designee, and any
such determination (including, without limitation, any determination of Fair
Market Value) and any other determination by the Board under or pursuant to
this Award Agreement and any interpretation by the Board of the terms of the
Director Option shall be final and binding on all persons affected thereby; provided, however,
that any member of the Board shall recuse himself or herself from

 

4

 

participating in any determination by the Board
pursuant to this Section 6(f) with respect to any dispute or
disagreement in which such member has a financial or other material interest.

 

(g)                                  Amendments.
The Board or its designee shall have the power to alter or amend the terms of
this Award Agreement as set forth herein from time to time, in any manner
consistent with the provisions of Section 10 of the Plan, and any
alteration or amendment of the terms of the Director Option by the Board or its
designee shall, upon adoption, become and be binding on all persons affected
thereby without requirement for consent or other action with respect thereto by
any such person; provided, however, that, except as contemplated by Section 10
of the Plan, no such alteration or amendment may, without the consent of the
Optionee, adversely affect the rights of the Optionee under this Award
Agreement. Notwithstanding any provision herein to the contrary, the Board or
its designee shall have the broad authority to amend this Award to take into
account changes in applicable tax laws, securities laws, accounting rules and
other applicable state and Federal laws.

 

(h)                                 Entire
Agreement; Headings. This Award Agreement and the other related documents
expressly referred to herein set forth the entire agreement and understanding
between the parties hereto. The headings of sections and subsections herein are
included solely for convenience of reference and shall not affect the meaning
of any of the provisions of this Award Agreement.

 

(i)                                     Counterparts.
The Grant Notice to this Award Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

 

(j)                                    No
Right to Re-election. Neither this Award Agreement nor the Director Option
granted hereunder shall be deemed to create any obligation on the part of
the Board to nominate any of its members for re-election by Bunge’s
shareholders, nor confer upon the Optionee the right to remain a member of the
Board for any period of time, or at any particular rate of compensation.

 

(k)                                 Securities
Laws Compliance. No Shares shall be issued or transferred under this Award
Agreement unless the Board or its designee determines that such issue or
transfer is in compliance with all applicable U.S. federal, state and/or
foreign securities laws and regulations and Bermuda laws and regulations.

 

(l)                                     Change
in Control. Upon a Change in Control, the Optionee’s Options shall be
subject to Section 11(b) of the Plan.

 

5

 

Exhibit A

 

BUNGE
LIMITED

NON-EMPLOYEE
DIRECTORS EQUITY INCENTIVE PLAN

NOTICE OF EXERCISE

 

The undersigned Optionee
hereby elects to exercise the Director Option with respect to the number of
Shares set forth below:

 

1.                                      Participant
Information

 

	
  Participant:

  
	
  Social Security Number:

  
	
  Daytime Phone Number:

  

 

2.                                      Details of Exercise.

 

	
  Date of

  Grant

  	
   

  	
  Number of Options to be

  Exercised

  	
   

  	
  Per Share Exercise

  Price (US $ )

  	
   

  	
  Total Exercise Cost

  (US $ )

  	
   

  	
  Method of Payment of Exercise Cost

  (select from methods “a” through “d”

  in section 4 below)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

3.                                Exercise
Information.

 

Exercise
my Director Option upon receipt of this Notice of Exercise.

 

Exercise my Director Option when a Bunge common share attains a price
of $             
on the New York Stock Exchange Composite Index.

 

4.                                      Method
of Payment of Exercise Cost. (Indicate form of payment)

 

a.              Cashless Exercise:

 

Subject
to Bunge’s approval and applicable laws, I irrevocably elect to have a
securities broker sell Shares and to deliver all or part of the sales
proceeds to Bunge pursuant to the Bunge cashless exercise program.

 

Sell         of the Shares

 

Sell only enough Shares to satisfy the Total Exercise
Cost and/or tax withholding.

 

b.              Check:

 

I
enclose a cashier’s check in the amount of the Total Exercise Cost and/or tax
withholding.

 

c.               Currently Owned Shares:

 

Subject to the approval of Bunge and applicable
laws, I elect to surrender Shares that I already own to satisfy the
Total Exercise Cost and/or tax withholding. The effectiveness of this Notice of
Exercise is contingent upon Bunge’s receipt of such Shares.

 

d.              Cash/Share
Combination:

 

Subject to the approval of Bunge and applicable laws,
I elect to satisfy the Total Exercise Cost and/or tax withholding through a
combination of the above alternatives, as described below:

 

 

5.                                Tax Information.

 

I am subject to U.S. income taxes.

 

I am not subject to U.S. income taxes.

 

Tax Consequences.
I UNDERSTAND THAT I MAY SUFFER
ADVERSE TAX CONSEQUENCES AS A RESULT OF THE EXERCISE OF THE DIRECTOR OPTION. I
REPRESENT THAT I HAVE CONSULTED WITH MY TAX CONSULTANT(S) IN CONNECTION WITH
SUCH EXERCISE AND THAT I AM NOT RELYING ON BUNGE FOR ANY TAX ADVICE.

 

6.                                Service Status.

 

I am currently a director to Bunge.

 

A-1

 

My services as a director of Bunge terminated on                                                       .

 

I
acknowledge and agree that the terms of the Award Agreement (which is hereby
incorporated by reference) under which the Director Option was granted govern
the terms and conditions applicable to the Director Option and the exercise
thereof.

 

 

	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  Signature of Participant

  

 

 

This is to verify our
receipt and acceptance of this Notice of Exercise and full payment of the Total
Exercise Cost.

 

 

	
   

  	
  BUNGE LIMITED

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  Authorized Signature

  
				

 

A-2Exhibit 10.21

 

BUNGE U.S. SERP

 

Effective January 1, 2004

 

I.              Purpose of Plan

 

The purpose of the
Bunge U.S. SERP (“Plan”) is to provide pension benefits for certain employees
of Bunge Limited (“Company”) and its subsidiaries (each a “Participating
Employer”) whose pension benefits under the Bunge U.S. Pension Plan (“Pension
Plan”) are or will be limited pursuant to the Code and the provisions of the
Pension Plan based on the definition of compensation used for benefit accrual
purposes therein.

 

II.            Participation in
the Plan

 

An employee of the
Company or one of its subsidiaries who is designated by the Board of Directors
of the Company as a participant in this Plan (a “Participant”) shall be
eligible to participate in this Plan. 
Individuals eligible to participate in the Plan and the effective date
of their participation shall be set forth in Exhibit A hereto, which shall be
updated from time to time as appropriate based on the action of the Board of
Directors of the Company.  In no event
shall an employee of the Company or one of its subsidiaries who is not entitled
to benefits under the Pension Plan be eligible for a benefit under this Plan.

 

III.           Excess Benefit
Payable

 

Each participant
in the Pension Plan who is a Participant under this Plan (and such Participant’s
spouse, if any, in the event of such Participant’s death prior to the
commencement of benefits under the Pension Plan) shall be paid a supplemental
pension benefit equal to the excess, if any, of (a) over (b), where (a) and (b)
are calculated as follows:

 

(a)                                  the
benefit which would have been paid to such Participant (or such Participant’s
surviving spouse) under the Pension Plan, determined (1) as if the definition
of compensation under the Pension Plan included 100% of

 

 

bonuses and (2) as if the Pension Plan was
administered without regard to the limitations imposed by Section 415 of the
Code and/or Section 401(a)(17) of the Code; over

 

(b)                                 the
amount of the benefits payable to such Participant under the Pension Plan
and/or the Bunge Excess Benefit Plan or their successor plans.

 

The Company or its
subsidiary, as appropriate, shall pay such supplemental pension benefit to a
Participant, or to such Participant’s surviving spouse, coincident with and in
the same distribution form and manner as the payment of his or her Pension Plan
benefit.  Such distribution shall be
calculated using the same actuarial factors and assumptions as are used to
determine payments under the Pension Plan.

 

IV.           Miscellaneous

 

(a)           This Plan may be terminated or
amended at any time by the Compensation Committee of the Board of Directors of
the Company; provided that, no such amendment or termination may cause a
reduction in any Participant’s benefit accruals previously earned under the
Plan.  If the Pension Plan terminates
with respect to the employees of the Company or one of its subsidiaries, any
supplemental benefits accrued to the date of termination of the Pension Plan
which are payable to such employees in accordance with this Plan shall be
payable to them in accordance with all of the terms and conditions applicable
to such employee’s benefits under the Pension Plan in the event of its
termination (except that he or she shall not be entitled to any payment under
this Plan from the trust maintained under the Pension Plan), but only to the
extent the Compensation Committee of the Board of Directors of the Company
terminates this Plan, as of the date the Pension Plan terminates, in accordance
with regulations promulgated under Code Section 409A.  Notwithstanding any provisions to the
contrary, the Compensation Committee of the Board of

 

2

 

Directors of the Company
may amend the Plan at any time to the extent necessary to comply with Code
Section 409A and the regulations thereunder.

 

(b)           To the maximum extent permitted by
law, no right to payment or any other interest of a Participant under this Plan
shall be assignable or subject to attachment, execution, or levy of any kind.

 

(c)           Nothing in this Plan shall be
construed as giving any employee the right to continued employment with a
Participating Employer.

 

(d)           Benefits payable under this Plan by a
Participating Employer shall not be funded and shall be made only out of the
general funds of such Participating Employer. 
A Participant’s or surviving spouse’s right to receive benefits under
this Plan from a Participating Employer shall be no greater than the right of
any unsecured general creditor of such Participating Employer.

 

(e)           This Plan shall be administered by
the Pension Plan Committee, as defined in the Pension Plan, which shall have
all authority, powers and discretion with respect to this Plan as such
Committee shall, from time to time, have with respect to the Pension Plan.  Such decisions shall be conclusive and
binding on all parties and shall not be subject to further review.  The Board of Directors of the Company may, at
any time, replace the Pension Plan Committee 
with such other persons, committee or entity as the administrator for
the Plan.

 

(f)            Except to the extent pre-empted or
superseded by ERISA, the provisions of this Plan shall be construed,
administered and enforced according to the internal and substantive laws (and
not to the conflict of laws provisions) of the State of New York.

 

(g)           Notwithstanding any other provisions
of this Plan, if the Compensation Committee of the Board of Directors of the
Company determines in its sole discretion that the employment of a Participant
with a Participating Employer has been terminated because of the Participant’s
commission of any act of fraud or any act of dishonesty, or any criminal act,
or that a Participant

 

3

 

committed any such act to
the detriment of a Participating Employer whether the Participant’s employment
was terminated on that account or not, then any amounts credited to the
Participant’s account shall be forfeited and, if already paid, shall be subject
to recoupment.

 

(h)           The Participating Employer shall be
entitled to deduct from any amounts being credited under this Plan to a
Participant’s account under this Plan or from any other compensation payable by
the Participating Employer to such Participant, all applicable federal, state
or local taxes required to be withheld with respect to the amounts being
credited.  Any taxes imposed on any
distribution from this Plan shall be the sole responsibility of the Participant
or other person entitled to receive same, and the Participating Employer shall
be entitled to deduct from any such distribution any federal, state or local
taxes required to be withheld with respect to such distribution.

 

(i)            All records and accounts for this
Plan shall be maintained by the Pension Plan Committee and shall be conclusive
and binding upon the Participating Employer and Participants and their
beneficiaries under this Plan and shall not be subject to further review.

 

4

 

EXHIBIT A

 

BUNGE U.S. SERP

 

	
  Participant

  	
   

  	
  Effective
  Date

  
	
   

  	
   

  	
   

  
	
  Flavio Sá Carvalho

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  William Wells

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  Archibald Gwathmey

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  Andrew J. Burke

  	
   

  	
  1/1/04

  
	
   

  	
   

  	
   

  
	
  Carl L. Hausmann

  	
   

  	
  1/1/04

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